Global Legal Marijuana Market Size Projected to Rack Up USD 70.7 Billion By 2028
NEW YORK – Zion Market Research study, Legal Marijuana industry accrued revenue of about US$ 10.1 billion in 2020 and is anticipated to garner earnings of approximately US$ 70.7 billion by 2028. Moreover, Legal Marijuana market is prognosis to record CAGR of nearly 27.1% in 2021-2028.
Growth of legal marijuana market over assessment timeline is owing to rise in legalization of marijuana for medicinal use in large number of countries. In addition to this, marijuana is utilized for treating chronic ailments such as Cancer and Parkinson. Apparently, massive demand for marijuana for treating patients suffering from neurological disorders will generate new growth avenues for legal marijuana industry over forecasting period. In addition to this, massive popularity of cannabis oil for treating children having disorders such as epilepsy will embellish growth of legal marijuana market in years to come. Furthermore, supportive laws pertaining to licensing use of marijuana in countries such as Canada and the U.S. will steer elevation in growth of legal marijuana industry over forecasting period.
Medical Marijuana Segment To Record Rapid Growth Over 2021-2028:
Expansion of medical marijuana segment over assessment period is owing to awareness about healthcare benefits about marijuana during treatment of pain. In addition to this, many nations have legalized use of medicinal marijuana, thereby enlarging growth scope of medical marijuana. Rise in demand for medical marijuana and its prescription depending on doctor’s physician, the product is likely to penetrate across more countries post legalization of its use. This, in turn, is projected to boost growth of segment over forecasting timespan.
Report Scope:
Report Attribute | Details |
Market size value in 2020 | USD 10.1 Billion |
Revenue forecast in 2028 | USD 70.7 Billion |
Growth Rate | CAGR of almost 27.1% 2021-2028 |
Base Year | 2020 |
Historic Years | 2016 – 2020 |
Forecast Years | 2021 – 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Companies Covered | CV Sciences, Aurora Cannabis, Growth Corporation, Tilray, Maricann Group, Inc., Meadow Care, Bhang Corporation, Organigram Holdings, Inc., IRIE CBD, The Cronos Group, ABcann Medicinals, Inc., Folium Biosciences, Tikun Olam, Elixinol, and CBD American Shaman. |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. https://www.zionmarketresearch.com/buynow/su/legal-marijuana-market |
The Global Legal Marijuana Market is segmented as follows:
Legal Marijuana Market By Application Outlook (2021-2028)
- Chronic Pain
- Mental Disorders
- Cancer
Legal Marijuana Market By Type Outlook (2021-2028)
- Medical Marijuana
- Recreational Marijuana
Legal Marijuana Market By Region Outlook (2021-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
List of Key Players of Legal Marijuana Market:
- CV Sciences
- Aurora Cannabis
- Growth Corporation
- Tilray
- Maricann Group Inc.
- Meadow Care
- Bhang Corporation
- Organigram Holdings Inc.
- IRIE CBD
- The Cronos Group
- ABcann Medicinals Inc.
- Folium Biosciences
- Tikun Olam
- Elixinol
- CBD American Shaman
(This information is primarily sourced from Zion Market Research. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).
About the Author: HCN News Team
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