Legal Marijuana Market: Global Industry Analysis and Forecast (2021-2029)

Legal Marijuana Market was valued at US$ 17.48 Bn in 2021. The Legal Marijuana Market size is estimated to grow at a CAGR of 28.43 % over the forecast period.
Legal Marijuana Market Overview:
Marijuana which are actually used for medical purpose that are legal those are also called medical marijuana or cannabis. Medical Marijuana is a drug which is used for the treatment of chronic disease, cancer, Parkinson and other neurological disease.



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The report explores the Legal Marijuana Market's segments (Compound, Product Type, Application). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). The MMR market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2020. The report investigates the Legal Marijuana Market’s drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Legal Marijuana Market's contemporary competitive scenario.
Legal Marijuana Market Dynamics:
Cannabis sativa is the type of cannabis plant used to make marijuana, which is a psychoactive narcotic drug that is smoked, vaped, or consumed for leisure or medical reasons. While marijuana is legal in certain nations, it is still prohibited in many others. Since marijuana became widely forbidden in the late 1930s, it is illegal to possess marijuana in many countries. Making marijuana use, distribution, ownership, and sale legal entails giving it legal status, especially for medical use.

Legalizing marijuana plants and associated products for medical purposes, such as the treatment of chronic pain and nausea, is referred to as legalizing medical marijuana. It is used to treat a range of medical disorders, including epilepsy and pain management, among others. Cannabis Sativa and Cannabis indica, which are indigenous to the western hemisphere and central and south Asian regions, respectively, are the two types of medical marijuana that are commonly used today.

Market Drivers:

The legalization of marijuana for both recreational and medical purposes, as well as the growing popularity of these treatments to treat chronic diseases, are the main factors driving the legal marijuana sector. The market for legal marijuana is anticipated to experience significant development as a result of changes to federal regulations in the U.S.

The legal marijuana market is generally expanding as a result of research and development and clinical trial efforts. The legal marijuana market is expected to expand as more cannabis-based illnesses are commercialized. Additionally, as the world's population ages, geriatric patients are more likely to develop chronic conditions that necessitate frequent visits to the doctor. These factors are all contributing to the demand for medical marijuana. Increased adult marijuana use is anticipated to boost the industry during the anticipated time frame.

Numerous healthy compounds can be discovered in marijuana, and chronic diseases are becoming more prevalent in the population. The qualities of medical marijuana, which include alleviating nausea and vomiting, lowering chronic pain, and enhancing appetite during chemotherapy, are what are causing the legal marijuana market to continue to expand. In addition, the prevalence of tetrahydrocannabinol compounds, which are utilized to treat men disorders, in marijuana is another factor anticipated to support the growth of the legal marijuana market.

Numerous THC- and CBD-based medications for the treatment of muscular spasms and neuropathic pain have received approval or are now the subject of clinical trials. As medical marijuana is increasingly acknowledged as a viable alternative to more conventional treatments, the market is growing as disease incidence rises. Government policy changes are also anticipated to increase demand for marijuana that is legal. A number of fresh start-ups are making investments in manufacturing, testing, and R&D for cannabis. The privatization of cannabis retail businesses is something many Canadian provinces are looking forward to.

Market Restraints:

The expected barriers to the growth of the legal marijuana market include increased talkativeness, occasional laughter, and moments of meditative dreaminess, stupor, and tiredness. In addition, strict government restrictions on marijuana use are a major obstacle to the growth of the legal marijuana market because of the drug's short- and long-term health impacts.

Market Opportunities:

Cannabis is becoming legal in North America, Europe, and South America, and the Asia-Pacific area offers enormous potential for its introduction and legalization. China, which is already a significant market for industrial hemp, is anticipated to grow to be a significant market for industrial cannabis in the near future. Many influential participants in the sector are anticipating great opportunity as they watch the legislative developments in the Asia Pacific area. Several nations in the region could be prospective high-capacity, low-cost producers.

Market Challenges:

Due to marijuana's harmful side effects, which could hurt the medicinal marijuana business, some nations have established rigorous restrictions and regulations governing its use. Additionally, it is anticipated that marijuana use for recreational purposes will have a detrimental effect on people's health, which could hinder the cannabis industry throughout the assessment period. Nevertheless, the Asia Pacific region's move toward legalising cannabis could present a significant development opportunity for the industry.

There is a misconception that it always makes feel drunk, regardless of THC levels. Because it is believed that it should only be absorbed via smoking, it is not widely accepted as a medicinal treatment. In contrast, it can be taken as tablets, vaped, eaten, dabbed, or applied as a patch. Effective marketing tactics are required for the proper positioning of cannabis-based medical goods in order to overcome these obstacles.

Covid19 Impact:

The COVID-19 outbreak has hampered operations in the healthcare industry. The illness has compelled a number of enterprises, including a number of areas of healthcare, to temporarily suspend their operations. The medical marijuana industry is additionally experiencing a brief period of negative growth, which can be attributed to a number of factors, including a drop in product demand from significant end-users, limited operations in the majority of industries, insufficient funding for research and academic institutions, a disrupted supply chain, and difficulties in providing necessary/post-sales services. For instance, the coffee shops in the Netherlands were first shuttered but were later recognized as necessary companies.

Operations in the cannabis industry's supply chain have been affected by the COVID-19 epidemic. Due to strict lockdowns everywhere, there is less marijuana available at dispensaries. Additionally, the export industry has been hurt by the COVID-19's introduction. The import and export industry has been harmed by the disruption of the distribution network brought on by lockdowns in important countries. Nevertheless, it is anticipated that more people will use cannabis as a medication as the prevalence of illnesses calling for marijuana therapy rises.
Legal Marijuana Market Segment Analysis:
Based on Product Type, concentrates segment is expected to dominate the market with highest CAGR during the forecast period. These concentrates are available as tinctures, ingestible oils, and dabbing. In most nations around the world, the oils and tinctures are widely used to treat a variety of chronic illnesses. These oils are applied topically to alleviate insomnia and to lessen tension. Additionally, cancer-related nausea and the feeling of vomiting are treated using medical cannabis and its derivatives. The large portion of the world's population that uses this oil, which is popular, may help the legal marijuana market flourish.



Based on the Compound, Tetrahydrocannabinol (THC)-dominant segment is expected to dominate the market with highest CAGR during the forecast period. Its extensive spectrum of therapeutic effects, including analgesic, antianxiety, antibacterial, anticancer, antidepressant, antiemetic, anti-inflammatory, antinausea, and antispasmodic, are primarily responsible for this.

Based on the Application, Medical segment is dominating the market with highest CAGR of during the forecast period. The significant market share of this sector is mostly attributable to the rising demand for marijuana as a pain reliever for a range of medical ailments, including cancer, AIDS, seizures, and other disorders, as well as the expansion of marijuana research globally. But over the forecast period, the recreational application segment is anticipated to increase quickly.
Legal Marijuana Market Regional Insights:
The North America dominated the market with highest share in 2021. The North America is expected to witness significant growth at a CAGR of XX% through the forecast period. The widespread usage of marijuana for medical, adult-use, and recreational purposes, North America is expected to experience significant growth. Growing public knowledge of marijuana's potential medical benefits is anticipated to be a key driver of market expansion in North America's legal marijuana industry. Additionally, it is anticipated that measures to promote marijuana growing in several U.S. counties will result in positive growth for the legal marijuana market.

The area economy has grown as a result of progressive governmental policies and the country's legalisation of marijuana for both medical and adult use. The presence of significant legalised marijuana farmers and producers in the region, the legalisation of marijuana for personal use, greater retail commerce, and the regional growth of retail outlets are additional factors that affect the local industry. Throughout the projected period, it is anticipated that the legal marijuana market in Europe will expand steadily.

An increase in R&D activities for drug discovery using medical cannabis, an increase in the incidence of chronic diseases like cancer and osteoarthritis, and an increase in awareness about the advantages associated with medical cannabis, Asia-Pacific presents lucrative opportunities for players operating in the medicinal marijuana market, thereby registering the fastest growth rate during the forecast period.

The objective of the report is to present a comprehensive analysis of the Legal Marijuana Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Legal Marijuana Market dynamic, structure by analyzing the market segments and projecting the Legal Marijuana Market size. Clear representation of competitive analysis of key players by Vehicle Compound, price, financial position, Compound portfolio, growth strategies, and regional presence in the Legal Marijuana Market make the report investor’s guide.
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Global Legal Marijuana Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US$ 17.48 Bn.


Forecast Period 2022 to 2029 CAGR:
28.43 %
Market Size in 2029:
US$ 100.75 Bn.


 Segments Covered:
by Compound
• Tetrahydrocannabinol (THC)-dominant
• Cannabidiol (CBD)-dominant
• Balanced THC & CBD


by Application
• Medical
• Recreational


by Product Type
• Flowers
• Concentrates
• Other Product Types (capsules, topicals, edibles, and beverages)



Legal Marijuana Market by Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
Legal Marijuana Market Key Players
• Canopy Growth Corporation
• Aurora Cannabis
• Aphria, Inc.
• Tilray
• ABcann Medicinals, Inc.
• The Cronos Group
• Maricann Group, Inc.
• Organigram Holding, Inc.
• Lexaria Corp.
• GW Pharmaceuticals
• United Cannabis Corporation
• Tikun Olam, Ltd.
• Organigram Holdings, Inc.
• Cresco Labs
• Indiva
• Hexo Corp.
• Ecofibre Limited
• Curaleaf Holdings
• Harvest Health and Recreation
• Green Thumb Industries
• TerrAscend

Frequently Asked Questions:

1] What segments are covered in the GlobalLegal Marijuana Market report?
Ans. The segments covered in the Legal Marijuana Market report are based on Compound, Product Type, Application.

2] Which region is expected to hold the highest share in the Legal Marijuana Market?
Ans. Asia-Pacific region is expected to hold the highest share in the Legal Marijuana Market.

3] What is the market size of the Legal Marijuana Market by 2029?
Ans. The market size of the Legal Marijuana Market by 2029 is expected to reach US$ 100.75 Bn.

4] What is the forecast period for the Legal Marijuana Market?
Ans. The forecast period for the Legal Marijuana Market is 2022-2029.

5] What was the market size of the Legal Marijuana Market in 2021?
Ans. The market size of the Legal Marijuana Market in 2021 was valued at US$ 17.48 Bn.