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Legal Marijuana Market Size, Analysis 2028 | Industry Report

Legal Marijuana Market Analysis Report By Marijuana Type, By Product Type, By Medical Application And Segment Forecasts From 2021 To 2028

Report ID: MN17617099  |  Published: September 2021  |  No of Pages: 100
Format: Electronic (PDF)  |  Industry: Pharmaceuticals  |  Publisher: Grand View Research

Synopsis

The global legal marijuana market was prized by USD 9.1 billion in 2020. It is estimated to witness a 26.7% CAGR from 2021 to 2028.

Drivers

The increasing demand for legal marijuana, because of the rising number of nations, legalizing the usage of cannabis is one of the most important factors, powering the enlargement of the market. As a result of the latest legalizations in diverse nations, the utilization of medicinal marijuana, intended for diverse sicknesses is increasing its momentum, globally.

US legal marijuana market

The patients affected by chronic sicknesses, like Alzheimer's, Parkinson's, cancer, along with several neurological complaints, are dole out with medicinal marijuana. The requirement for cannabis oil is speedily growing, particularly between the nations that have legalized medicinal marijuana. Latest decisions regarding food in Europe will additionally support the expansion of CBD isolates, during the approaching years. Likewise, the kids eating cannabis are being approved with mere oil, because it has revealed marvelous benefits for the healing of complaints, similar to epilepsy.

Governor Phil Murphy endorsed three statements for the corroboration of leisure cannabis used for adults having age 21 years and above in New Jersey, the U.S., in February 2021. This is more likely to increase the prospects of the market, during the near future.

Attributable to the alterations in government strategy, the demand for legal marijuana is anticipated to speedily increase. A number of fresh startups are taking on R&D activities, testing of cannabis, along with the production. These factors are expected to propel the legal marijuana market, during the forecast period.

Effect of Covid-19

The eruption of the Covid-19 pandemic has disturbed the administration of the supply chain for cannabis products. As a result of the stringent lockdown imposed globally, the distribution of cannabis in dispensaries has been abridged. Additionally, the pandemic has knocked the export trade. The interruption in the supply chain sourced because of the lockdowns in major nations has influenced export, in addition to the import business.

Product Type Insight

The oil section held a 51.1% revenue share and led the legal marijuana market, in 2020. The rising use of marijuana or cannabis oil, along with the corroboration of leisure marijuana in nations, similar to Chile, Colombia, the U.S., Uruguay, and Canada, are powering the section. Besides, the sensitivity of cannabis and the benefits of its end products are fairly sound. In Canada, the medical stores themselves inform persons regarding the side effects as well as benefits of smoking marijuana, along with the sensible restrictions of the person’s body.

Therefore, the increasing alertness regarding the benefits of cannabis oil in a contrast to flowers would increase the demand for the section. Moreover, this section is likely to observe the highest enlargement, during the forecast period. Oils taken out from the cannabis are utilized for the curing of vomiting and nausea, generated by cancer. The cannabinoids existing in the oil assist to recover complaints regarding sleep as well as lessen anxiety and stress.

Marijuana Type Insight

The adult-use sector held a 54.6% revenue share and led the legal marijuana market, in 2020. It is estimated to observe major expansion, during the forecast period. The corroboration of cannabis for adult utilize is one of the most important issues pushing the demand for legal marijuana.

During the forecast period, the medical sector is likely to develop at a stable speed. Rising corroboration of cannabis for medicinal reason, greater alertness regarding the medicinal benefits of cannabis, and increasing demand for plant-sourced healing in administration of pain; these are a few input factors, impelling the sector.

Medical Application Insight

The chronic pain division held 44.8% share and led the legal marijuana market, in 2020. The diverse categories of chronic pain comprise face pain, headache, cancer pain, neurogenic pain, neck pain, low back pain, and arthritis pain. The usage of medicinal marijuana lessens the pain. Since, the growing figure of people getting informed regarding the benefits of cannabis utilization, the market is anticipated to speedily develop, during the forecast period.

Global legal marijuana market

The mental disorders division is projected to appear like the highest rising division, during the forecast period, because of the greater number of citizens affected by a variety of mental sicknesses. There is a growth in the acceptance of cannabis as well as its products between the patients affected by mental complaints, for example, anxiety, due to their antipsychotic result on the nervous arrangement.

Regional Insight

North America held 79.6% revenue share and led the global legal marijuana market, in 2020. The enlargement of the local market has been backed by the liberal policy adopted by the government and the corroboration of marijuana used for adults (leisure) in addition to medicinal usage, moderately in Canada and the U.S.

The corroboration of marijuana for adult use, geological growth of retail stores, the existence of major manufacturers as well as marijuana cultivators, within the region, and rising retail trade are the few factors, steering the provincial market.

Israel, Germany, Australia, Colombia, Mexico, and the U.K., are the additional hopeful markets for marijuana. These nations have initiated home-grown manufacture, and so these are the minor markets, likely to turn into feasible during the near future. As a result of alterations in government policies, the demand in the market is, moreover, anticipated to speedily increase.

A number of fresh startups are undertaking the research & development activities along with the production of cannabis. The number of users, for which marijuana is recommended, is anticipated to upsurge in this manner unlocking the fresh revenue means for the companies, in diverse nations. Ultimately, this is estimated to power the enlargement of the market.

Companies

Since the substantial number of Asian as well as European nations has made use of marijuana for medicinal purposes legalized; the market is increasing by a fast speed. The companies are likely to take advantage by means of raising their attendance in the regional market and strengthen their market share. Moreover, a variety of pricing, regulatory, and quality standards are influencing across-the-border business.

Some of the companies for the legal marijuana market are:

    • Organigram Holding, Inc.
    • The Cronos Group
    • Tilray
    • Aurora Cannabis
    • Lexaria Corp.
    • Maricann Group, Inc.
    • ABcann Medicinals, Inc.
    • Aphria, Inc.
    • Canopy Growth Corporation

Report Scope

Report Attribute

Details

The market size value in 2021

USD 13.5 billion

The revenue forecast in 2028

USD 70.6 billion

Growth Rate

CAGR of  26.7% from 2021 to 2028

The base year for estimation

2020

Historical data

2014 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Marijuana type, product type, medical application, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; Italy; Netherlands; Croatia; Poland; Czech Republic; Switzerland; Spain; Australia; New Zealand; Thailand; Uruguay; Colombia; Mexico; Chile; Argentina; Israel

Key companies profiled

Canopy Growth Corporation; Aurora Cannabis; Aphria, Inc.; Tilray; ABcann Medicinals, Inc.; The Cronos Group; Maricann Group, Inc.; Organigram Holding, Inc.; Lexaria Corp.

Customization scope

Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. 


Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2014 to 2028. For the purpose of this study, Million Insights has segmented the global legal marijuana market report on the basis of marijuana type, product type, medical application, and region:

• Marijuana Type Outlook (Revenue, USD Million, 2014 - 2028)
    • Medical
    • Adult Use

• Product Type Outlook (Revenue, USD Million, 2014 - 2028)
    • Flower
    • Oil

• Medical Application Outlook (Revenue, USD Million, 2014 - 2028)
    • Chronic Pain
    • Mental Disorders
    • Cancer
    • Others

• Regional Outlook (Revenue, USD Million, 2014 - 2028)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
        • Italy
        • Netherlands
        • Croatia
        • Poland
        • Czech Republic
        • Switzerland
        • Spain
    • Asia Pacific
        • Australia
        • New Zealand
        • Thailand
    • Latin America
        • Uruguay
        • Colombia
        • Mexico
        • Chile
        • Argentina
    • Middle East & Africa
        • Israel

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