The global legal marijuana market size is expected to reach USD 70.6 billion by 2028, according to a new report by Grand View Research, Inc. This market is expected to expand at a CAGR of 26.7% from 2021 to 2028. Increased legalization of marijuana for medical and adult-use and the growing adoption of these products for the treatment of chronic diseases are the key factors driving the market for legal marijuana.
The adult-use segment dominated the market with a revenue share of 54.6% in 2020 and is expected to expand at a significant CAGR over the forecast period owing to the high demand among millennials and patients who do not qualify for medical cannabis. Medical marijuana is expected to grow at a stable rate throughout the forecast period owing to the legalization in various markets as compared to the adult use of marijuana.
Based on product type, the oil segment accounted for the largest revenue share in 2020. With its rich medical properties and the increasing patient population, the governments of many countries are either decriminalizing or approving its usage. This is expected to boost the growth of the oil segment.
In 2020, the chronic pain segment accounted for the largest revenue share owing to the increase in awareness and a rise in social acceptance of medical use of cannabis. The mental disorder segment is estimated to witness the fastest growth over the forecast period owing to the rising patient population suffering from stress and anxiety.
North America accounted for the largest revenue share of 79.6% in 2020 owing to the early legalization of medical and recreational cannabis in the region and the large customer pool. However, the COVID-19 pandemic has caused lockdowns all around the world, deflating the supply of raw materials and disrupting the manufacturing, and in turn, the supply chain of cannabis products across the globe.
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