The global legal marijuana market size is projected to reach USD 102.2 billion by 2030, progressing at a substantial compound annual growth rate (CAGR) of 25.5% during the forecast period. The primary factor driving the industry growth is the rapid rate of government legalization of marijuana across the globe, in both medical and recreational terms. This has paved the way for a number of start-ups to launch innovative marijuana-based products for consumers, particularly for the Millennials and Gen Xers. Furthermore, marijuana has been proven to be very effective in treating chronic conditions, which has driven the product demand from the medical and healthcare sector.
Marijuana has been notable for addressing various health issues, including chemotherapy-induced nausea, chronic pain, Alzheimer’s, Parkinson’s, AIDS, migraine, multiple sclerosis, epilepsy, glaucoma, diabetes, and mental health conditions such as PTSD anxiety, and depression. With a significant chunk of the global population suffering from one or more of these disorders, it is expected that alternative forms of medication such as medical marijuana will become more popular and widely available in the coming years, especially as various public and private organizations are focusing on changing government perception with regards to marijuana. For instance, the US FDA has begun accepting marijuana derivatives in prescribing for diseases where it has been found to be useful.
The market has been segmented on the basis of the type of legal marijuana, the application areas, and the region. The product is available in flower form, as well as oil and tinctures, with the latter being the more significant contributor to the industry revenue. This is because, in recent years, a significant proportion of patients are preferring the oil form as compared to flowers. Additionally, oil and tinctures are considered to be the sole form of administration to children, as they cannot be suggested to utilize flowers for smoking. The adult use of marijuana is expected to be boosted by the changing consumer perception towards the recreational use of the product, with countries such as the US and Canada having legalized this use in varying degrees.
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Legal Marijuana Market Report Highlights
• A large number of studies have been conducted to determine the efficacy of marijuana for different indications, such as cancer, arthritis, diabetes, stress, and chronic pain; many of these studies have provided positive findings, which has helped in enhancing the perception of marijuana among consumers
• With regards to product type, the oil and tinctures segment held the dominant share of more than 50.0% in 2021 and is further expected to advance at the fastest CAGR through 2030. The oil is useful in addressing conditions such as nausea and vomiting, as well as sleep disorders, anxiety, and stress
• The medical application segment led the market with the highest revenue share of more than 80.0% in 2021, as medicinal marijuana has witnessed high demand from patients as well as Millennials; these products have become more easily available and economical in recent years to address their need
• The North American region is spearheading the growth of the industry, while countries in Europe and South America have also been steadily providing approval to the sales of marijuana, although with certain restrictions and for specific reasons. On the other hand, Asia Pacific economies have been more eager to provide legal status to cannabis, as a means to address the health issues observed in a significant proportion of the regional population
• While there have been a number of established companies operating in this space, in recent years, the emergence of several start-ups has been observed, which is a reflection of more relaxed and inclusive norms by governments. As such, R&D investments have become more vital in terms of developing innovative products
• In September 2022, Tilray announced that the Italian Ministry of Health has provided approval for the import and distribution of the company’s THC25 oral medical cannabis solution for its FL Group S.R.L. division in Italy. Similar initiatives by other companies are expected to rapidly expand the industry growth in the coming years
Legal Marijuana Market Report Segments
Legal Marijuana Product Type Outlook (Revenue, USD Million, 2016 - 2030)
• Oil and Tinctures
Legal Marijuana Application Outlook (Revenue, USD Million, 2016 - 2030)
• Chronic Pain
• Depression and Anxiety
• Multiple Sclerosis
• Amyotrophic Lateral Sclerosis
• Post-traumatic Stress Disorder (PTSD)
• Adult Use
Legal Marijuana Regional Outlook (Revenue, USD Million, 2016 - 2030)
• North America
• Czech Republic
• Asia Pacific
• New Zealand
• Latin America
List of Key Players in the Legal Marijuana Market
• Aurora Cannabis
• Canopy Growth Corporation
• Maricann Group, Inc.
• Aphria, Inc.
• The Cronos Group
• ABcann Medicinals, Inc.
• Lexaria Corp.
• Organigram Holding, Inc.
• GW Pharmaceuticals
• United Cannabis Corporation
• Tikun Olam, Ltd.