The global Legal Marijuana Market is estimated to be valued at Us$ 15.5 Bn in 2022 and is expected to exhibit a Cagr Of 13.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The legal marijuana market refers to the cultivation, manufacturing, and distribution of marijuana products that are legally approved for medical or recreational use. The market is witnessing significant growth due to the growing acceptance of marijuana as a medicinal and recreational product.
The advantages of legal marijuana include its potential to alleviate symptoms associated with various medical conditions such as chronic pain, cancer, epilepsy, and multiple sclerosis. Moreover, the legalization of marijuana in several countries and states has opened up new opportunities for market players, leading to the expansion of cultivation facilities and the development of innovative marijuana-based products.
The increasing need for alternative treatment options and the rising awareness about the potential health benefits of marijuana are driving the demand for legal marijuana products across the globe.
Market Key Trends:
One key trend shaping the legal marijuana market is the legalization of marijuana for recreational use. Several countries, including Canada, Uruguay, and certain states in the United States, have legalized the recreational use of marijuana. This has resulted in a surge in the demand for marijuana products, leading to the growth of the market. The legalization of recreational marijuana not only expands the consumer base but also creates new business opportunities for market players.
Additionally, the market is witnessing a shift towards the development of cannabis-infused products. Manufacturers are innovating and introducing a wide range of marijuana-infused products such as edibles, beverages, topicals, and concentrates. These products offer convenience and discretion to consumers and provide a different consumption experience compared to traditional smoking methods
Segment Analysis:
The legal marijuana market can be segmented into medical and recreational use. The medical segment is expected to dominate the market in terms of revenue during the forecast period. This can be attributed to the increasing acceptance of marijuana for medical purposes and the growing number of countries legalizing its use for medical treatments. Medical marijuana is increasingly being prescribed for conditions such as chronic pain, cancer, multiple sclerosis, and epilepsy, among others. Moreover, the wide range of therapeutic benefits associated with medical marijuana, including pain relief, appetite stimulation, and managing neurological disorders, is also contributing to the dominance of this segment.
Key Takeaways:
The global Legal Marijuana Market is expected to witness high growth, exhibiting a CAGR of 13.0% over the forecast period from 2023 to 2030. This can be attributed to the increasing legalization of marijuana for medical and recreational purposes in various countries. The growing acceptance of marijuana as a legal drug, coupled with the increasing awareness about its therapeutic benefits, is driving the market growth. Additionally, the rising number of countries legalizing the use of marijuana for medical treatments is expected to further propel market growth.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the legal marijuana market. This can be attributed to the increasing legalization of marijuana for both medical and recreational use in several states of the US and Canada. The presence of a well-regulated market, the rise of cannabis tourism, and the increasing number of dispensaries and retail stores are contributing to the dominance of this region. Moreover, the growing awareness about the potential benefits of marijuana and the increasing demand for cannabis-infused products are driving the market growth in this region.
Some of the key players operating in the legal marijuana market include Tilray, Aphria, Inc., Wayland Group Corp., Aurora Cannabis, Canopy Growth Corporation, and GW Pharmaceuticals, Plc., among others. These players are focusing on strategic partnerships, acquisitions, and product innovations to gain a competitive edge in the market. With the increasing demand for legal marijuana products, these key players are expanding their production capacities and widening their product portfolios to cater to the growing consumer needs. Additionally, the players are also focusing on research and development activities to introduce new formulations and innovations in the market.
Marijuana is one of the most abused drugs in the world.The commercial marijuana industry exists on a state-by-state basis, and all medical and recreational programs are technically in violation of federal drug laws.
The U.S. Department of Justice issued some guidelines in recent years that helped the marijuana industry gain traction, but these are not legally binding and could theoretically be nullified at any time.A medicinal cannabis product refers to a product which includes cannabis, and its chemical components (cannabinoids), that can be used for curing, or alleviating the symptoms of disease, ailment or injury.The two main cannabinoids that have been identified for therapeutic application are the psychoactive 9-tetrahydrocanabinol (THC) and non-psychoactive Cannabidiol (CBD).Download FREE Sample of this Report @ https://www.grandresearchstore.com/report-sample/global-legal-marijuana-2019-2024-884The global average price of Legal Marijuana is in the decreasing trend, from 11.92 USD/g in 2012 to 7.5 USD/g in 2016.
With the situation of global economy, prices will be in decreasing trend in the following five years.The classification of Legal Marijuana includes Classical Media & Salts, Serum-free MediaStem Cell Media, and the proportion of Classical Media & Salts in 2016 is about 50.07%, and the proportion is in decreasing trend from 2012 to 2017.Market competition is not intense.
Medicine Man, Canopy Growth, Aphria, Aurora Cannabis Inc. and mCig Inc are the leaders of the industry, and they hold key technologies and patents, with high-end customers; have been formed in the monopoly position in the industry.According to this study, over the next five years the Legal Marijuana market will register a 28.0% CAGR in terms of revenue, the global market size will reach US$ 35000 million by 2024, from US$ 7970 million in 2019.
In particular, this report presents the global market share (sales and revenue) of key companies in Legal Marijuana business, shared in Chapter 3.This report presents a comprehensive overview, market shares, and growth opportunities of Legal Marijuana market by product type, application, key manufacturers and key regions and countries.This study considers the Legal Marijuana value and volume generated from the sales of the following segments:Segmentation by product type: breakdown data from 2014 to 2019, in Section 2.3; and forecast to 2024 in section 11.7.IndoorGreenhouseSegmentation by application: breakdown data from 2014 to 2019, in Section 2.4; and forecast to 2024 in section 11.8.RecreationalMedicalThis report also splits the market by region: Breakdown data in Chapter 4, 5, 6, 7 and 8.AmericasUnited StatesCanadaMexicoBrazilAPACChinaJapanKoreaSoutheast AsiaIndiaAustraliaEuropeGermanyFranceUKItalyRussiaSpainMiddle East & AfricaEgyptSouth AfricaIsraelTurkeyGCC CountriesThe report also presents the market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market.
The key manufacturers covered in this report: Breakdown data in in Chapter 3.Medicine ManCanopy GrowthAphriaAurora Cannabis Inc.mCig IncIn addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key manufacturers and the market as a whole.
