Rising number of countries legalizing use of cannabis and increasing changes in government policies in order to support use of cannabis for medicinal use are key factors driving market growth
The global legal marijuana market size is expected to reach USD 98.57 Billion in 2028 and register a CAGR of 22.4% over the forecast period, according to the latest report by Reports and Data. Various countries across the globe have legalized cannabis, this coupled with increasing changes in government policies to support use of cannabis for medicinal use are some key factors expected to drive market revenue growth over the forecast period. In addition, rising number of research and development and clinical trial activities in the field globally is expected to contribute to revenue growth of the market going ahead.
Marijuana usage as a recreational use is banned in in various countries worldwide. As a result of long-fought legalization initiatives, several countries including Uruguay and Canada, and various states in the United States, already had legalized the cultivation, sale, and use of marijuana for medicinal and recreational uses. Increasing cannabis legalization could have a diverse range of effects on society and economy of countries where it is legal. Marijuana legalization enables the government to control production and sales on an application basis, ensuring that cannabis industry contributes to GDP of the country. Marijuana consumers now consider purchasing cannabis more frequently following legalization than before. Simultaneously, more customers are considering purchasing recreational marijuana more frequently. Additionally, recreational marijuana businesses' R&D activities are expected to increase as the number of countries which have legalized marijuana continue to rise, thereby, bolstering legal marijuana industry growth. However, high risk of respiratory problems and cognition-related effects are expected to restrain market growth to a certain extent over the forecast period.
Key companies profiled in the report include
CanniMed Therapeutics Inc., Canopy Growth Corporation, Cannabis Sativa, Inc., GW Pharmaceuticals Plc, Aphria Inc., Medical Marijuana, Inc., Lexaria Corporation, OrganiGram Holdings Inc., Tilray Inc., and Cronos Group Inc.
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The report is an investigative study that determines market growth and market scope on the basis of market trends, consumer behavior shifts, consumption and production patterns, product portfolio offered by the market, growth rate, drivers and constraints, financial positions, and existing challenges and limitations of the Legal Marijuana market.
The report discusses in detail the global production capacity, demand and supply ratio, market dynamics, and comprehensive analysis of the competitive landscape. It provides an industry-wide analysis of the market share of each players along with their business portfolio, production and manufacturing capacity, product portfolio, business expansion plans, financial standing, and strategic alliances such as mergers and acquisitions, joint ventures, and collaborations, among others.
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The regional bifurcation of the market analyzes key market segments such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The report discusses in detail the market growth, market size, revenue growth, market share, production and consumption, demand and supply, current and emerging trends, and technological developments in each region.
The key geographical regions analyzed in the market report are:
- North America (U.S.A., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- AsiaPacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Legal Marijuana Market Segmentation based on Types:
Product Type Outlook (Revenue, USD billion; 2018-2028)
- Marijuana Flower
Strain Outlook (Revenue, USD billion; 2018-2028)
- Balanced CBD and THC
Legal Marijuana Market Segmentation based on Application:
Application Outlook (Revenue, USD billion; 2018-2028)
- Mental Disorders
- Chronic Pain
Species Outlook (Revenue, USD billion; 2018-2028)
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Some Key Highlights from the Report:
- Marijuana flower segment is expected to account for largest revenue share during the forecast period due to a growing weed industry as a result of an increase in tobacco smokers across the world, which is raising demand for marijuana flowers.
- THC-dominant segment is expected to register robust revenue growth over the forecast period due to growing usage of THC-dominant marijuana strains for the treatment of glaucoma, muscular spasticity, low appetite, insomnia, chronic pain, anxiety, and nausea.
- Medical segment is expected to register considerable revenue growth between 2021 and 2028. Growth of the segment is attributed to the increasing demand for marijuana to relieve pain in various health conditions such as cancer, seizures, AIDS, and other diseases.
- North America is expected to account for largest revenue share over the forecast period. Enlightened government regulations, as well as full legalization of marijuana for recreational and medical usages in the U.S., Mexico, and Canada have bolstered market growth in this region.
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