Dublin – The global legal cannabis market size is expected to reach USD 134.4 billion by 2030 and 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 products 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.
Based on 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, positive attitudes of the medical fraternity toward CBD-based medicines are further propelling the segment’s 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.
North America dominated the market with a revenue share of over 65.0% in 2021 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 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.
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.
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Global Legal Cannabis Market Variables, Trends & Scope
3.1 Market Segmentation
3.2 Penetration and Growth Prospect Mapping
3.3 Market Dynamics
3.3.1 Market Driver Analysis
3.3.2 Market Restraint Analysis
3.4 Global Legal Cannabis Industry: History Of Medical Use Of Cannabis
3.5 Global Legal Cannabis Industry: History Of Industrial Use Of Cannabis
3.6 Global Legal Cannabis Industry: Number Of Clinical Trials, by Region
3.7 Global Legal Cannabis Industry: Legalization Timeline
3.7.1 Legalization Landscape (Timeline)
3.7.2 U.S. Legalization Landscape
3.7.3 Global Legal Cannabis Regulatory Scenario, by Country
220.127.116.11.3 Regulatory Bodies Involved
18.104.22.168 The Netherlands
22.214.171.124 Czech Republic
3.8 Global Legal Cannabis Industry: Consumption Pattern Analysis, by Region
3.8.1 Consumption Pattern Analysis, by Region
3.8.2 Estimated Number Of Cannabis Users From 2016 To 2026, by Country
3.8.3 Estimated Number Of Medical Marijuana Users From 2016 To 2026, by Country
3.9 Global Legal Cannabis Industry: Potential Trade Opportunity
3.9.1 Trade Opportunity Analysis, by Region
3.9.2 Global Legal Cannabis Trade Route
3.9.3 Global Hemp Trade Route
3.9.4 Countries Importing and Exporting Medical Cannabis (Flower)
3.9.5 Countries Importing and Exporting Hemp Seeds
3.9.6 Countries Importing and Exporting Hemp Seed Oil
3.10 Global Legal Cannabis Industry: Seed To Shelf Story
3.10.1 Section Description
126.96.36.199 Cultivators and Growers
188.8.131.52 Manufacturers and Producers
184.108.40.206 Wholesalers and Distributors
3.10.2 Supply Chain Analysis
220.127.116.11 Profit Margin Estimation
3.11 Global Legal Cannabis Industry: Country Case Studies
18.104.22.168 Legalization Of Cannabis
22.214.171.124 Reason For Legalization
126.96.36.199 Scenario After Legalization and Consumer Attitudes
188.8.131.52 Competitive Landscape Post Legalization
3.11.4 South Africa
Chapter 4 Global Legal Cannabis Market: Source Estimates & Trend Analysis
4.1 Segment Dashboard
4.2 Global Legal Cannabis Market: Source Movement Analysis, (USD Million) 2021 & 2030
184.108.40.206 Oil and Tinctures
220.127.116.11 Hemp CBD
18.104.22.168 Industrial Hemp
Chapter 5 Global Legal Cannabis Market: Derivative Estimates & Trend Analysis
5.1 Segment Dashboard
5.2 Global Legal Cannabis Market: Derivative Movement Analysis, USD Million, 2021 & 2030
Chapter 6 Global Legal Cannabis Market: End-Use Estimates & Trend Analysis
6.1 Segment Dashboard
6.2 Global Legal Cannabis Market: End-Use Movement Analysis, USD Million, 2021 & 2030
6.2.1 Medical Use
22.214.171.124 Medical Use Market Estimates and Forecasts, 2016 – 2030 (USD Million)
126.96.36.199 Chronic Pain
188.8.131.52 Depression and Anxiety
184.108.40.206 Multiple Sclerosis
220.127.116.11 Amyotrophic Lateral Sclerosis
18.104.22.168 Post Traumatic Stress Disorder (Ptsd)
6.2.2 Recreational Use
6.2.3 Industrial Use
Chapter 7 Global Legal Cannabis Market: Competitive Analysis
7.1 Company Market Position Analysis
7.2 Strategic Framework
Chapter 8 Global Legal Cannabis Market: Regional Estimates & Trend Analysis: by Source, Derivative, and End Use
8.1 Regional Market Snapshot
8.2 Global Legal Cannabis Market: Regional Movement Analysis, USD Million, 2021 & 2030, USD Million
Chapter 9 Competitive Landscape
- Gw Pharmaceuticals, plc
- Aurora Cannabis, Inc.
- Aphria, Inc. (Prior to Merger With Tilray)
- Cronos Group
- Sundial Growers, Inc.
- Insys Therapeutics, Inc.
- the Scotts Company LLC
- Vivo Cannabis Inc.
- Cara Therapeutics Inc.
(This information is primarily sourced from Research and Markets. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).