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The legal marijuana market is expected to expand at a CAGR of a 5.8% over the forecast period from 2023 to 2032, at such growth rate, the market is likely to attain valuation of USD 34.9 billion by end of forecast period.
The legal marijuana industry is expanding quickly, driven by a wide range of elements that together define its environment. One major factor contributing to the growing acceptability of marijuana's usage for both medical and recreational purposes is the way that society views the drug. The legal marijuana industry adapts to the changing needs and interests of customers by offering a wide variety of goods, including medical cannabis, CBD-infused products, and recreational marijuana, as legalization efforts gain traction throughout the world.
Technological developments in product creation, extraction, and cultivation improve the productivity and quality of legal marijuana goods. Technological advancements in agriculture, including automated systems and hydroponics, have led to higher yields and more stable product quality. Furthermore, improvements in extraction techniques enable the production of concentrated marijuana products, including edibles, tinctures, and oils.
Economic reasons play a major role in the legal marijuana market's growth. Because it creates jobs and provides significant money from taxes and auxiliary services, the industry is a desirable target for economic growth. Growing legal markets draw investments and support a varied ecosystem of companies involved in the marijuana sector, which helps to boost regional economies. Changes in regulations mostly shape the legal cannabis business. Cannabis is now legal to grow, distribute, and use thanks to the progressive removal of restrictive laws in some areas. Governments are implementing more lenient regulations as they become aware of the financial advantages, tax income, and employment opportunities linked to the legal marijuana sector.
The legal marijuana business is being impacted by social and cultural changes that are altering attitudes and views about cannabis. The growing acceptability of cannabis products is attributed to a number of factors, including a focus on health and alternative medicine as well as an increased understanding of the possible medicinal advantages of marijuana. The mainstreaming and cultural normalization of marijuana use both aid in the growth of the user population.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | 5.8% Base Year 2021 Forecast Period 2023-2032 Historical Data 2020 Forecast Units Value (USD Billion Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Segments Covered By Form, Applications, and Region Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW) Key Vendors Canopy Growth Corporation (US), GBSciences Inc.(Nevada), CanniMed Ltd (Canada), Cannabis Sativa Inc (Nevada), GW Pharmaceuticals Plc (US), Aphria (Ontario), Pfizer Inc. (US), Emerald Health Therapeutics Inc. (Victoria, BC), Medical Marijuana Inc (US), MediPharm Labs (US) Key Market Opportunities Expanding authorization of marijuana Key Market Drivers Expanding awareness about the benefits of Medical Marijuana, Expanding sanctioning of marijuana in a few nations for clinical designs |
Legal Marijuana Market Highlights:
Global Legal Marijuana Market Overview
The Legal Marijuana Market is anticipated to reach USD 34.9 Billion by 2032 at 5.8% CAGR during the forecast period 2024-2032.
The legal marijuana industry has been rapidly expanding backed by the surging number of countries worldwide legalizing products infused with cannabis. Thanks to the surge in legalizations across different nations, medical marijuana is being used extensively to treat numerous ailments. Patients affected by chronic ailments including Alzheimer's, cancer, Parkinson's, and various neurological diseases, are being treated using medical marijuana. Other than this, the use of cannabis oil has risen considerably over the years, particularly in countries that have legalized marijuana. Also, children affected by disorders such as epilepsy are encouraged to use cannabis-infused oil, since it shows remarkable properties during treatment.
Having said that, the COVID-19 outbreak has substantially disrupted the entire supply chain of cannabis product developers. Given the lockdown worldwide, supply of marijuana in dispensaries has gone down, while the export business has been hit as well. These factors are touted to have a negative effect on the worldwide market.
On the other hand, legal marijuana could witness escalating demand in the near future, owing to the rise in favorable government policies. Numerous startups are entering segments including cannabis testing, manufacturing, and R&D. Meanwhile, in Canada, various provinces are working on privatizing cannabis retail stores. These factors will present a series of lucrative opportunities to the top brands in the years to come.
Covid-19 Analysis
The rise of COVID-19 is relied upon to hinder the marijuana business during the estimated time frame attributable to the inconvenience of the lockdown in different nations. On the other hand, the clinical business has seen a blast during the COVID-19 period. In any case, the COVID-19 pandemic has caused lockdowns from one side of the planet to the other, emptying the stock of crude materials and upsetting the assembling, and thusly, the store network of marijuana items the globe. The development of the marijuana market is probably going to hamper because of the developing spotlight on making the antibody.
Legal Marijuana Market Trends
Drivers
Expanding awareness about the benefits of Medical Marijuana is likely to boost the legal marijuana Market development in the recent year. Furthermore, the expanding sanctioning of marijuana in a few nations for clinical designs are expected to offer rewarding freedoms to drug organizations, which may drive the marijuana market during the estimated time frame. Furthermore, marijuana can give relaxation from having constant agony, and rest troubles are probably going to upgrade the interest for medical marijuana, which may support the medical marijuana business development in the coming time frame. Besides, the development of the marijuana business to forestall disease is probably going to flood the interest for natural leaves that can fuel the exchange during the coming time frame.
Challenges
Rigid approval procedures are considered a significant challenge that may restrict the growth of the legal marijuana market. In addition, the presence of exacting endorsement strategies in administrative assortments of different nations is probably going to represent a critical test in legal marijuana states growth. Also, the presence and accessibility of worldwide brands and their difficulties looked because of enormous or rivalry between the local and national brands is likely to affect the growth of the legal marijuana industry.
Opportunities
Expanding authorization of marijuana is expected to offer a significant opportunity for legal marijuana Market Expansion. The developing sanctioning and approval of medical and legal marijuana in different nations is relied upon to offer rewarding business sector openings in the coming time frame. In addition, the expanding mindfulness about the advantages is expected to improve requests can also give different freedoms to extend the legal marijuana market.
Restraints
The burden of stringent rules and regulations is the major restraining factor in the Market Growth of Marijuana. Furthermore, different nations have forced exacting principles and guidelines in regards to the use of cannabis inferable from its result, which can hamper the medical marijuana market during the forecasted time span. Moreover, the utilization of marijuana for sporting design is required to welcome an adverse consequence on human wellbeing that can effectively block the marijuana market development.
Cumulative Growth Analysis
The development in the legitimization of marijuana in various countries is a superb determinant invigorating business sector germination. The adequacy of marijuana for helpful targets is increasing force worldwide because of current authorizations in different countries. Restorative hemp is utilized to relentless prescription infections, like danger, arthropathy, and neurological ailments, like pressure, alarm assaults, and many other problems. The high transcendence of malignancy is expected to be fundamental conditions urging the necessity for legal marijuana.
Legal Marijuana Market Segment Insights
Legal Marijuana Type Insights
Based on item type, buds/cannabis blossom represented the biggest portion of the worldwide legal marijuana market in 2021. However, the enormous portion of this section is predominantly credited to the presence of a huge number of tobacco smokers. In any case, marijuana separate is required to observe a fast development during the estimated time frame from 2022 to 2030.
Legal Marijuana Insights
Because of the application, the legal marijuana market is portioned into three significant fragments, specifically clinical, sporting, and beautifying agents and others. Medical application fragment represented the biggest portion of the worldwide legal marijuana market in 2021. The huge portion of this section is chiefly ascribed to expanding the request of pot for diminishing torment in different ailments like malignant growth, AIDS, seizures, and different infections; and developing exploration on restorative cannabis across the globe. In any case, the sporting application fragment is relied upon to observe a quick development during the estimated time frame. This development is principally credited to the development of a number of purchasers after legitimization and developing a pattern of burning-through legal marijuana as a replacement to liquor.
Legal Marijuana Strains Insights
Based on strains, the legal marijuana market is divided into three significant sections, specifically THC-prevailing, CBD-predominant, and Balanced THC and CBD. THC-predominant section represented the biggest portion of the worldwide legal marijuana industry in 2021, which is fundamentally ascribed to its wide-range therapeutic properties like pain-relieving, anti-anxiety, antibacterial, anticancer, stimulant, antiemetic, mitigating, antinausea, and antispasmodic.
Legal Marijuana Regional Insights
Among the areas, North America is overwhelming the legal marijuana market with more than eighty percent of the worldwide portion of the overall industry. It is projected to arrive at more than USD 3.6 billion by 2030. The line is projected to observe the most noteworthy development rate during the estimated time frame 2022-2030. The sanctioning of marijuana in different nations is supporting the legal marijuana market development at a worldwide level. Also, the uses of legal marijuana are expanding attributable to the related advantages, which have been driving the development of the market from the most recent couple of years.
Key Players
The key players of the Legal Marijuana Market are:
- Canopy Growth Corporation (US)
- GBSciences Inc.(Nevada)
- CanniMed Ltd (Canada)
- Cannabis Sativa Inc (Nevada)
- GW Pharmaceuticals Plc (US)
- Aphria (Ontario)
- Pfizer Inc. (US)
- Emerald Health Therapeutics Inc. (Victoria, BC)
- Medical Marijuana Inc (US)
- MediPharm Labs (US)
Recent Developments
March 2022
Verano Holdings, the Cannabis multistate operator, has received an additional USD 100 million under its credit agreement to strategic initiatives and fund expansion. The primary asset in the acquisition will be the vertical medical marijuana business based in New York, which is one of the only licensed operations in that state.
March 2022
HYTN Innovations Inc. has confirmed that via a manufacturing and sales agreement with Promethean BioPharma, the company has successfully created, and exported cannabis nano-emulsions that feature its proprietary Elevation Technology in the medical cannabis market in Australia.
Report Outlook
Market overview highlights the global recognition of marijuana federally Legal Analysis Overview
- Analysis based upon COVID 19
- Explanation upon the Market Dynamics
- Value chain analysis for the marijuana market research Report.
- Market segmentation overview
- The regional analysis of legal marijuana industry analysis
- Competitive landscape analysis
- Recent Developments of legal marijuana industry Forecast
The report highlights the legal marijuana market growth development includes its revenue hike's growth potential by the end of the forecast years.
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