Market Definition
Since the early 1900s, marijuana has been regulated as a drug in the United States, with laws prohibiting its use, sale, and cultivation. In recent years, however, a number of states have legalized marijuana for medical or recreational use. This change in policy has led to a new industry of legal marijuana businesses, which are developing innovative technologies to support the cultivation, sale, and use of marijuana.
Market Outlook
The Legal Marijuana Market size was USD 18.5 Billion in 2022 and is anticipated to reach USD 75.4 Billion in 2032, growing at a rate of 15.1% from 2023 to 2032.
The legal marijuana market is growing rapidly as more and more states legalize the use of marijuana for medicinal and recreational purposes. The market is expected to continue to grow in the coming years as more states legalize marijuana and as the stigma surrounding marijuana use continues to dissipate.
Some of the key trends in the legal marijuana market include:
1. Increased demand for high-quality marijuana: As the legal marijuana market grows, there is an increasing demand for high-quality marijuana. This is especially true for medical marijuana patients who need a consistent and potent product.
2. More sophisticated cultivation methods: As the demand for high-quality marijuana increases, growers are using more sophisticated cultivation methods to produce better yields. This includes using hydroponic systems and LED lighting.
3. Increased use of marijuana concentrates: Marijuana concentrates are becoming increasingly popular as they offer a more potent and efficient way to consume marijuana. This is especially true for medical marijuana patients who need a high dose of THC.
4. Development of new delivery methods: There is a growing demand for new and innovative ways to consume marijuana. This includes the development of new delivery methods such as cannabis-infused edibles and topicals.
5. Expansion of the retail market: As the legal marijuana market grows, so does the retail market. More and more dispensaries are opening up across the country, making it easier for consumers to access marijuana.
6. Growth of the online market: The online market for legal marijuana is also growing rapidly. This is due to the fact that it is easier and more convenient to purchase marijuana online.
7. Increase in investment: As the legal marijuana market continues to grow, so does investment in the industry. This is leading to the development of new products and businesses.
8. Increased scientific research: As marijuana becomes more mainstream, there is an increase in scientific research being conducted on the plant. This is leading to a better understanding of the plant and its potential medical applications.
The therapeutic applications of marijuana are expected to drive the market growth. The plant contains more than 100 active cannabinoids, which are responsible for its therapeutic effects. These cannabinoids interact with the endocannabinoid system of the human body, which is responsible for regulating various physiological and cognitive processes. The therapeutic benefits of marijuana include pain relief, anti-inflammatory, anti-anxiety, and anti-seizure properties.
The recreational use of marijuana is another key driver of the legal marijuana market. The use of marijuana for recreation is legal in several countries including Canada, Uruguay, and some states in the US. The recreational use of marijuana is associated with several benefits such as stress relief, increased creativity, and improved sleep. In addition, the legalization of recreational marijuana is expected to drive the market growth.
The increasing investments in the marijuana industry are expected to drive the market growth. Several companies are investing in the research and development of marijuana-based products. In addition, the increasing number of mergers and acquisitions in the marijuana industry is expected to drive the market growth.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
Market Segmentation
The Legal Marijuana Market is segmented by product type, species, strain, application, and region. By product type, the market is divided into flower, oil, and tinctures. Based on the species mode the market is bifurcated into cannabis indica, cannabis sativa, and cannabis hybrid. By strain, it is categorized as THC-dominant, CBD-dominant, and Balanced THC & CBD. Whereas on the basis of the application, it is segmented into medical and adult use. Region-Wise the market is segmented by North America, Europe, Asia-Pacific, and the rest of the world.
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Major Players
The Legal Marijuana Market report includes players such as Canopy Growth Corporation (Canada), Aurora Cannabis (Canada), Tilray (Canada), Green Organic Dutchman Holdings Ltd. (Canada), The Cronos Group (Canada), MedReleaf Corp. (Canada), Hydropothecary (Canada), Maricann Group Inc. (Canada), Emblem Cannabis Corp. (Canada), and Organigram Holdings Inc. (Canada), among others.
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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
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