Legal Cannabis Market to Hit USD 48.3 Billion by 2028
WASHINGTON – Vantage Market Research’s recent analysis of the Global Legal Cannabis Market finds that Growing adoption of cannabis for treatment of chronic pain, increasing awareness about the positive effects of CBD for the treatment as well as rising legalization and government support for use of cannabis for medication, are factors that influencing the growth of Legal Cannabis Market.
The total Global Legal Cannabis Market is estimated to reach USD 48.3 Billion by the year 2028. The Global Market revenue stood at USD 12.8 Billion in the year 2021, and the market is expected to grow at a Compound Annual Growth Rate (CAGR) of 24.80%, states Vantage Market Research, in a report, titled “Legal Cannabis Market Size, Share & Trends Analysis Report by Application (Medical, Adult Use), by Product Type (Flower, Oil and Tinctures), by Species (Cannabis Indica, Cannabis Sativa, Cannabis Hybrid), by Strain (THC-dominant, CBD-dominant, Balanced THC and CBD), by Purchase Channel (Online, Offline), by End User (Pharmaceutical, Food, Beverages, and Tobacco, Personal Care, Research and Development Centres), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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- The report analyzes the Legal Cannabis market competitive landscape and offers information on several market vendors.
- An Exclusive study come up with Vantage Market Research experienced researchers projected value of USD 48.3 Billion at a CAGR of 24.80%.
- It offers additional highlights and key points on various market segments and their impact in the coming years.
- The sample report includes Latest Drivers and Trends in the Market.
- Comprehensive information on factors that will assist Legal Cannabis market growth during the next five years.
- The report offers predictions on upcoming trends and changes in consumer behavior.
- Comprehensive study involving market types, application and end-users.
- To understand more about Market Dynamics, get access to our free sample report.
Growing Adoption of Cannabis for Treatment of Chronic Pain across the Globe
The high prevalence of both chronic debilitating diseases such as diabetes and cancer and the steep rise in the number of people suffering from sports injuries and car accidents has led to an increased demand for therapies that can alleviate or reduce chronic pain. Four out of five Americans suffering from chronic pain believe they cannot perform their daily activities and work. Chronic pain is so common in the United States that about 100 million Americans experience chronic pain. It can be treated in a variety of ways such as physical therapy, chiropractic care and acupuncture.
Chronic conditions such as cancer, arthritis and neuropathy which affect organs and systems often result in “silent” pain where most people with these conditions do not realize they are experiencing it until the condition has progressed significantly. Thus, driving the market growth over the forecast period.
The Legal Cannabis Market Covers the Following Key Insights & Findings:
- Exclusive Summary: Basic statistics on the global Legal Cannabis market.
- The changing effect on market dynamics: global part provides driving factors, trends, challenges and opportunities; post-COVID analysis.
- View 2022-2028 by type, end user and region/nation.
- Evaluate industry by market segments, countries/regions, manufacturers/companies, revenue share and sales of these companies in these various regions of major countries/regions (2022-2028).
- Understand the structure of the Legal Cannabis market by identifying its various sub-segments.
- Researchers shed light on market dynamics, such as drivers, restraints, trends, and opportunities.
- It offers massive data about the trending factors that will influence the progress of the market.
- In-depth understanding of Legal Cannabis Market drivers, restraints, and major micro markets.
- Regional analysis: Asia Pacific Region to Stand Firm on its Leading Position in the industry.
- Free Report Customization: This report can be customized according to specific client needs.
- Key Strategic Developments: The study also includes the key strategic developments of the market, new product launch, comprising R&D, mergers and acquisitions, collaborations, joint ventures, agreements, partnerships, and regional growth of key competitors operating in the market globally and regionally.
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Segmentation of Legal Cannabis Market:
- Adult Use
- Product Type
- Oil and Tinctures
- Cannabis Indica
- Cannabis Sativa
- Cannabis Hybrid
- Balanced THC and CBD
- Purchase Channel
- End User
- Food, Beverages, and Tobacco
- Personal Care
- Research and Development Centres
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Increasing Aging Population across the Globe
The population of the United States, currently at about more than 46 million older adults age 65 and older living in the U.S.; by 2050, that number is expected to grow to almost 90 million. Between 2020 and 2030 alone, the time the last of the baby boom cohorts reach age 65, the number of older adults is projected to increase by almost 18 million according to which by 2030, 1 in 5 Americans is projected to be 65 years old and over. Chronic pain is a major health problem in the United States as well as for many other countries. In the U.S., it is the leading cause of disability among those over 45 years old; moreover, it causes more disability than cancer, heart disease and diabetes combined. Thus, increasing the demand for treatment. In turn, increasing the demand for legal cannabis, for the manufacturing of medicines. In turn, propelling the market growth.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The Report on Legal Cannabis Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
North America Holds Maximum Market Share
North America is expected to dominate the growth of Legal Cannabis Market in 2021. The major driving factors for the market are increasing legalization and government support for use of cannabis for medication in region. Additionally, presence of major players in the region engaged in markets such as Canopy Growth Corporation, Aurora Cannabis, and Aphria, Inc. (Prior to the merger with Tilray), among others, is further propelling the market growth in the region.
List of Prominent Players in the Legal Cannabis Market:
- Canopy Growth Corporation (Canada)
- Aphria Inc. (Canada)
- Aurora marijuana Inc. (Canada)
- Maricann Group Inc. (Canada)
- Tilray Inc. (Canada)
- Cronos Group Inc. (Canada)
- Organi Gram Holding Inc. (Canada)
- VIVO marijuana Inc. (Canada)
- Tikun Olam Ltd. (Israel)
- The Green Organic Dutchman Holdings Ltd. (Canada)
- Terra Tech Corp. (U.S.)
- Medical Cannabis Inc. (U.S.)
- Stenocare A/S (Denmark)
- Cannabis Science Inc. (U.S.)
- HEXO Corp. (Canada)
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on “Legal Cannabis Market Size, Share & Trends Analysis Report by Application (Medical, Adult Use), by Product Type (Flower, Oil and Tinctures), by Species (Cannabis Indica, Cannabis Sativa, Cannabis Hybrid), by Strain (THC-dominant, CBD-dominant, Balanced THC and CBD), by Purchase Channel (Online, Offline), by End User (Pharmaceutical, Food, Beverages, and Tobacco, Personal Care, Research and Development Centres), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/legal-cannabis-market-375443
December, 2020: Tilray Inc. and Aphria Inc. have agreed to an all-stock merger, which would create the world’s largest cannabis company by sales. The merger will result in a company holding a whopping 17% share of the Canadian cannabis market and is a strategic move that will likely provide each company security about their future in a post-pandemic world.
Key Questions Answered in Legal Cannabis Market Report:
- Which manufacturing technology is used for Legal Cannabis Market?
- What developments are happening in that technology?
- What trends are causing these developments?
- Who are the global key players in this market?
- What are your company profile, your product information and contact information?
- What was Global Market Status of Legal Cannabis industry?
- What was capacity, Production Value, Cost and PROFIT of Market?
- What is current Market Status Legal Cannabis Industry?
- What is the market competition in this industry, both company and country wise?
- What’s Market Analysis of Market by Taking Applications and Types in Consideration?
- What should be Entry Strategies, Economic Impact Countermeasures, and Marketing Channels for Legal Cannabis industry?
(This information is primarily sourced from Vantage Market Research. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).
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