Legal Marijuana Market Share, Size, Trends, Industry Analysis Report By Application; By Type (Medical, Adult Use); By Product (Buds, Oils & Concentrates, Tinctures); By Compound; By Mode Of Delivery (Capsules, Concentrates, Edibles, Others); By Region, Segment Forecast, 2022 - 2030
- Published Date:Jun-2022
- Pages: 101
- Format: PDF
- Report ID: PM1697
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Summary
The global legal marijuana market was valued at USD 13.23 billion in 2021 and is expected to grow at a CAGR of 25.0% during the forecast period. Increasing legalizing of marijuana, growing therapeutic uses of marijuana, a rising elderly population with demand for chronic illness treatment, and technical developments in production are the primary reasons fueling the development of the legal marijuana market.
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Marijuana, often known as cannabis, is a natural psychotropic plant extract. Cannabis can be used medicinally or recreationally. It is utilized in medicine to treat illnesses caused by chemotherapy, chronic pain, muscular spasms, and other conditions. An extensive study is being carried out to identify its medicinal uses and advantages. It has a high market value due to its widespread recreational usage. For the most part, the cannabis sector has been hampered by regulatory constraints. However, given recent trends and countries legalizing medicinal and adult use, the industry is expected to grow significantly.
The COVID-19 outbreak has hampered cannabis industry supply chain operations. The supply of marijuana at dispensaries has decreased due to stringent lockdowns worldwide. Furthermore, the COVID-19 emergence has harmed the export industry. The distribution network disruption caused by lockdowns in key nations has impacted the import and export industry. Nevertheless, the number of individuals using cannabis as a medication is projected to rise as the frequency of diseases requiring marijuana as therapy increases.
Market Dynamics
Growth Drivers
The primary reasons propelling the legal marijuana industry include legalizing marijuana for medicinal and recreational use and the rising usage of these therapies to cure chronic conditions. On account of the improvements in federal laws in the U.S., the market for legal marijuana is projected to witness significant growth.
Several new companies are entering the fields of research & development, cannabis testing, and production. Many jurisdictions in Canada are moving forward with commercializing cannabis retail businesses. Many provinces that formerly picked a single provider are now soliciting bids from many vendors. These factors are expected to improve the state of legal marijuana markets across the globe.
For instance, in February 2021, Gov Phil Murphy approved three measures legalizing recreational cannabis for people 21 or older in New Jersey, the U.S. This is likely to increase commercial viability in the following months. Furthermore, growing design and development studies and creative product delivery options are expected to provide significant opportunities in the market over the forecast period.
Stringent regulatory structures are expected to limit market expansion throughout the projection period. The goods provided by the leading market participants have to adhere to various regulatory criteria across the regions. Varying nations worldwide have different legalization rules for diverse uses, and the demanding regulatory standards for sale and manufacturing pose a significant challenge for the market players.
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Report Segmentation
The market is primarily segmented based on type, product, application, compound, mode of delivery, and region.
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Type |
Product |
Application |
Compound |
Mode of Delivery |
By Region |
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Insight by Product
The oil segment dominated the global industry in 2021 and is expected to maintain its dominance over the forecast period. The category is being driven by the legalizing of commercial marijuana and the rising use of legal marijuana or cannabis oil in nations such as the United Us, Colombia, Canada, Uruguay, and Chile.
Insight by Compound
In 2021, the Tetrahydrocannabinol (THC)-dominant segment is expected to dominate the market owing to its wide-ranging therapeutic qualities such as painkiller, antibacterial, antianxiety, anticancer, antidepressants, antiemetic, antinausea, anti-inflammatory, and antitumor.
Geographic Overview
North America dominated the legal marijuana market in 2021 and is expected to maintain its dominance throughout the forecast period. Progressive government rules and the relative marijuana regulation for medicinal and adult use in the U.S. have expanded the regional industry. Other forces influencing the regional industry include the presence of important legalized marijuana farmers and producers in the territory, the marijuana legalization for individual use, increased retail trade, and the regional development of retail outlets.
Due to its numerous medicinal uses, the legalization of marijuana in Europe and Latin America is expected to spur development. Furthermore, the recent legalization of cannabis for medical is expected to provide industry participants with lucrative potential.
Competitive Landscape
Companies operating in the market for legal cannabis have to ensure strict compliance with rules, regulations, and guidelines prescribed by regulatory agencies, and these differ from country to country. The lack of uniformity in these guidelines proves tedious, especially for multinational corporations. Moreover, these regulations are ambiguous, negatively contributing to the overall market growth.
Major market players operating in the global legal marijuana market include ABcann Medicinals, Inc., Aphria, Inc., Aurora Cannabis, Cannabis Sativa, Inc., Canopy Growth Corporation, GW Pharmaceuticals, plc., Lexaria Corp, Maricann Group, Inc., Organigram Holding, Inc., The Cronos Group, Tikun Olam, Ltd., Tilray, and United Cannabis Corporation. These leading market participants are pursuing strategies such as collaboration and investing in research & development for product innovation.
Legal Marijuana Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 13.23 Billion |
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Revenue forecast in 2030 |
USD 82.79 Billion |
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CAGR |
25.0% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD million and CAGR from 2022 to 2030 |
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Segments covered |
By Type, By Product, By Application, By Compound, By Mode of Delivery, and By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key Companies |
ABcann Medicinals, Inc., Aphria, Inc., Aurora Cannabis, Cannabis Sativa, Inc., Canopy Growth Corporation, GW Pharmaceuticals, plc., Lexaria Corp, Maricann Group, Inc., Organigram Holding, Inc., The Cronos Group, Tikun Olam, Ltd., Tilray, and United Cannabis Corporation. |
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- Segmentation analysis
- Industry outlook
- Competitive landscape
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