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.
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Legal Marijuana Market Report Highlights
- Based on marijuana type, the adult-use segment accounted for the largest share of 54.6% in 2020 owing to high demand among millennials and patients who do not qualify for medical cannabis
- In 2020, the oil product type segment accounted for the largest revenue share of 51.1% owing to the low price and ease of accessibility of flowers compared to other products
- By medical application, the mental disorders segment is expected to witness the fastest growth over the forecast period owing to the high number of people suffering from various mental disorders
Key Companies & Market Share Insights
Marijuana products provide various medical benefits to the users, which has increased their adoption for the treatment of various chronic conditions. Hence, they are gaining traction within a short time. Moreover, competition in the global market is high because companies are focused on increasing their product offerings, entering new markets, and gaining new consumers.
The market is expanding at a rapid pace as a large number of European and Asian countries have legalized the medical use of marijuana. The first movers in the market are expected to capitalize by increasing their regional presence and consolidating their market share. Various regulatory, quality and pricing norms are also impacting cross-border trade. Some prominent players in the global legal marijuana market include Canopy Growth Corporation, Aurora Cannabis, Aphria, Inc., Tilray, ABcann Medicinals, Inc., The Cronos Group, Maricann Group, Inc., Organigram Holding, Inc., Lexaria Corp.
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