The global legal cannabis market size is expected to reach USD 134.4 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 25.3% from 2022 to 2030. The increased legalization across different nations of the usage of cannabis-derived products has gained a lot of popularity. Medical cannabis-based has been used in the treatment of various indications like epileptic seizures, nausea related to chemotherapy, anxiety, and other brain-related diseases. Several studies are being conducted for CBD sproducts in various indications. The medical fraternity has slowly increased acceptance of medical cannabis as well as marijuana and its derivatives owing to its legalization by the governments. Some countries like Canada, the U.S., and Uruguay have legalized its recreational use along with medicinal use. Adult use and recreational use of marijuana is readily available in some of the countries’ markets, thereby increasing adoption and market growth. The COVID-19 pandemic has impeded the growth of the market. Supply chain disruptions and a surge in panic buying scenarios led to the increase in the demand-supply gap, thereby affecting the market growth. However, it is expected to grow post-pandemic with the increased support from governments and ever-increasing demand.
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Legal Cannabis Market Report Highlights
- The market growth can be attributed to the increasing legalization of cannabis across the globe
- The marijuana source segment dominated the market in 2021 owing to the increasing adoption of marijuana for medical as well as adult use
- The CBD derivative segment dominated the market in 2021 owing to the increasing number of countries sanctioning the use of CBD for medical as well as other purposes
- By end use, the medical use segment dominated the market in 2021 owing to the rising geriatric population and increasing demand for cannabis for various medical purposes such as the management of chronic pain, mental disorders, chemotherapy-induced nausea and vomiting, and neurological disorders
- North America dominated the market in 2021 owing to the growing demand and positive attitude toward cannabis in this region
The cannabis market is composed of legal cultivators and producers, consumers, independent industrial standards bodies, ancillary products and services, regulators, and researchers concerning cannabis and its derivative, hemp. According to a new report from a UN body. The UK is the world’s largest producer and exporter of legal cannabis for medical & scientific use and produced 95 tons of legal cannabis in 2016. In the U.S., the National Cannabis Industry Association (NCIA) is the only national trade association advancing the interests of the responsible cannabis industry. Though it soon will become legal for adults to possess and ingest cannabis, it could take a couple more months before they can legally buy it. In U.S., 21 states, Guam, the Northern Mariana Islands, D.C., and U.S. Virgin Islands have legalized its use. Voters in Arizona, Montana, New Jersey, and South Dakota approved measures to regulate cannabis for non-medical adult use. It is now legal for individuals of 21 years and above to possess up to three ounces of cannabis and up to 24 grams of concentrated cannabis for personal use in New York. whereas medical marijuana use is now legal in 37 U.S. states. The cannabis industry can be considered a multibillion-dollar component of a larger pharmaceutical industry.
Based on the source, the marijuana segment accounted for the largest revenue share of over 70.0% in 2021 and is expected to exhibit the fastest growth rate during the forecast period. Marijuana is easily available and consumers are becoming more aware of its therapeutic properties alongside the more traditional recreational uses. It has been seen to reduce stress and relieve pain, thereby improving sleep irregularities. The decriminalization and legalization of marijuana usage have resulted in a marked reduction in illegal activities surrounding marijuana. CBD is quite potent when it comes to derivatives of the cannabis plant, thus it has emerged as the largest derivative segment with a revenue share of over 65.0% in 2021. The adoption of CBD-based products is increasing rapidly owing to the non-psychoactive nature of the derivative, thereby fueling market growth. In addition, the medical fraternity’s positive attitudes toward CBD-based medicines further propel the segment growth. In addition, the others segment is anticipated to grow at the fastest rate during the forecast period owing to rising awareness and acceptance regarding the derivatives, along with increasing geographies sanctioning the use of various cannabinoids for medical and other purposes.
Legal Cannabis Market Insights By Demographics
North America dominated the market with a largest revenue share owing to increasing acceptance of cannabis for medical purposes across the region and changing consumer perception toward cannabis. In addition, the presence of prominent cannabis companies in the North American region is boosting the market growth. Moreover, the Asia region is anticipated to grow at the fastest rate owing to the increasing number of countries sanctioning the use of cannabis, mainly for medical purposes. Japan is set to become a substantial consumer of medicinal cannabis. China has been growing hemp, a part of the cannabis plant used to make fibers, and is frequently used in beauty products. Growing demand among the consumers has resulted in the overall market growth, another reason for the same could be the increased rate of legalization.
Competitive Analysis By Major Producers
The companies are turning to expansion in their product portfolios as well as expansion through mergers and acquisitions of small players in the industry. Some prominent players in the global legal cannabis market include:
- Canopy Growth Corporation
- GW Pharmaceuticals, plc
- Aurora Cannabis, Inc.
- Aphria, Inc.
- Cronos Group
- Tilray
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Legal Cannabis Market Segmentation
Grand View Research, Inc. has segmented the global legal cannabis market on the basis of source, derivative, end use, and region.
- Legal Cannabis Source Outlook (Revenue, USD Million, 2016 – 2030)
- Legal Cannabis Derivative Outlook (Revenue, USD Million, 2016 – 2030)
- Legal Cannabis End-use Outlook (Revenue, USD Million, 2016 – 2030)
- Legal Cannabis Regional Outlook (Revenue, USD Million, 2016 – 2030)
- List of Key Players of Legal Cannabis Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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