WASHINGTON, July 31, 2023 (GLOBE NEWSWIRE) -- As per Vantage Market Research, changing attitudes towards marijuana, combined with the potential for economic growth, medical benefits, and regulatory changes, are major drivers behind the expansion of the Legal Marijuana market.
According to Vantage Market Research, the Global Legal Marijuana Market is estimated to be valued at USD 103.8 Billion by 2030 and is expected to exhibit a CAGR of 26.2% from 2023 to 2030. The global Legal Marijuana market grew to USD 16.1 billion in 2022.
The Legal Marijuana industry has grown significantly in recent years due to the legalization of medicinal and recreational marijuana in several states across the United States and other nations around the world. The industry's growth can be attributed to multiple factors, such as changing attitudes toward Cannabis, increasing demand for medical and recreational use, and a trend toward legalization.
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Key Highlights
- By Product Type, the Oils segment is anticipated to mention the fastest growth of the market during the forecast period,
- By application, the medical application segment is expected to witness maximum market growth over the projected period,
- In 2022, North America dominated the market with the highest revenue share of 40.90%,
- Asia Pacific is expected to witness maximum market growth during the forecast period.
The Legal Marijuana market has experienced significant growth in recent years. Currently, marijuana is legal for recreational use in 18 states and the District of Columbia and medical use in 37 states. There is a growing demand for marijuana products as more people become interested in its potential health and wellness benefits. Additionally, the legalization of marijuana has created a new industry that generates jobs and tax revenue for states. The Legal Marijuana market is also evolving in terms of product diversification. In addition to traditional marijuana flowers, various edible and infused products are now available, as well as different concentrates and extracts. This has opened up new opportunities for businesses to enter the market and cater to different consumer preferences.
Competitive Landscape
The leading players continually invest in research and development to introduce new products and delivery methods. They also strive to improve the quality of their products to meet consumers' changing needs and preferences. The leading players in the Legal Marijuana market have strong branding and marketing strategies that help increase their visibility and attract potential customers. As a result, their products can achieve higher margins and contribute to the industry's growth overall.
The competitive landscape of the market has also been examined in this report. Some of the major players include:
- Canopy Growth Corporation (Canada)
- Aurora Cannabis (Canada)
- Aphria Inc. (Canada)
- Tilray (U.S.)
- ABcann Medicinals Inc. (Canada)
- The Cronos Group (Canada)
- Maricann Group Inc. (Canada)
- Organigram Holding Inc. (Canada)
- Lexaria Corp. (Canada)
- GW Pharmaceuticals (UK)
- United Cannabis Corporation (U.S.)
- Tikun Olam Ltd. (Israel)
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Factors Affecting the Growth of the Legal Marijuana Market Industry
Several factors can affect the growth of the Legal Marijuana industry. Some of these factors include:
- Increasing legalization: The growing trend of legalizing marijuana for medicinal and recreational purposes is a major driver of market growth. As more countries, states, and regions legalize marijuana, it creates new opportunities for businesses to enter the market and cater to a wider customer base.
- Medical applications: The increasing acceptance of marijuana for medical purposes is helping fuel the market growth. The medicinal properties of marijuana, such as pain relief, management of chronic conditions like epilepsy and multiple sclerosis, and alleviation of chemotherapy side effects, have led to increased demand for medical marijuana products.
- Changing societal attitudes: There has been a shift in societal attitudes towards marijuana, with a more favorable view on its use. This change in perception has led to increased social acceptance and reduced stigma associated with marijuana consumption, driving the growth of the legal market.
- Economic benefits: Legalizing marijuana can bring substantial economic benefits to governments through tax revenues and job creation. This realization has led more policymakers to consider legalization, further expanding the legal market.
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Top Trends in Global Legal Marijuana Market
Over the past decade, public perception of Cannabis has shifted dramatically, with more and more people supporting the legalization and decriminalization of marijuana. A survey conducted by the Pew Research Center in 2019 found that 67% of Americans now support legalizing marijuana, up from just 31% in 2000. In addition, medical marijuana is permitted in 36 states, and the District of Columbia, and recreational marijuana is legal in 15 states. Meanwhile, countries like Canada and Uruguay have legalized recreational marijuana nationwide, while others like Mexico and Italy have decriminalized marijuana possession.
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Report Scope
| Report Attribute | Details | |
| Market Value (2022) | USD 16.1 Billion | |
| Market Size (2030) | USD 103.8 Billion | |
| CAGR (from 2023 to 2030) | 26.2% | |
| North America Revenue Share | 40.9% | |
| Historic Period | 2016 to 2021 | |
| Base Year | 2022 | |
| Forecast Year | 2023 to 2030 | |
Market Drivers
The legalization of marijuana has changed consumer attitudes and behaviors surrounding its use and consumption. The most notable trend has been the rise of new consumer segments. While cannabis culture was previously associated solely with stoners, the industry now caters to a broader range of demographics, including older adults and individuals with various medical conditions. According to Pew Research Center, in the United States, 91% of adults support the legalization of marijuana for medical or recreational use, which suggests a significant change in attitudes about marijuana use. In Canada, 28% of adults reported using Cannabis in 2019, up 20% from three years prior, according to a government survey conducted by Statistics Canada. Another notable trend is that more people are using marijuana for medicinal purposes. Data from the National Survey on Drug Use and Health shows that within the United States, the number of adults utilizing medicinal marijuana has surged, increasing from 2.5 million in 2014 to 3.3 million in 2018. This growth is expected to continue as more states legalize marijuana for medicinal use.
Market Restraints
The complex and evolving regulatory landscape is impeding the growth of global Legal Marijuana market. Each state that has legalized marijuana has its own regulations and licensing requirements, making it challenging for businesses to navigate and comply with varying rules and restrictions. This regulatory fragmentation also creates barriers to entry for new businesses, as they must invest significant time, resources, and expertise to understand and meet compliance standards. In addition, the lack of federal oversight and regulation means that quality control and consumer safety standards can vary across states. This lack of consistency poses potential health and safety risks for consumers and creates difficulties for businesses looking to expand and establish brand reputation and trust.
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on Legal Marijuana Market Forecast Report (2023-2030).
Market Opportunities
Medical marijuana has shown promising results in treating various health conditions, such as chronic pain, epilepsy, multiple sclerosis, and nausea caused by chemotherapy. According to the CDC, chronic pain affects approximately 1 in every 5 Americans, with an estimated cost of $560 billion for medical care and disability. Chronic pain is a multifaceted condition that induces physical, mental, and emotional stress on the body. There is also a need to take an interconnected approach, such as pharmacological, nonpharmacological and Interventional measures in treating chronic pain. Given the recent opioid epidemic, medicinal cannabis has gained traction as a possible treatment for chronic pain.
Regional Analysis
North America led the Legal Marijuana market growth in 2022. One of the primary factors driving the growth of the Legal Marijuana market in North America is the increasing acceptance and changing attitudes toward marijuana. Over the years, there has been a shift in public opinion, with more people recognizing the potential medical and recreational benefits of cannabis. As a result, there has been a growing demand for legal access to marijuana products, leading to the market expansion. In addition, the legalization of marijuana at the state level in the United States and the federal level in Canada has fueled the growth of the Legal Marijuana market. In the United States, several states have legalized marijuana for both medical and recreational use, including California, Colorado, Washington, Oregon, and Alaska. In Canada, the government legalized recreational marijuana nationwide in 2018. These legislative changes have opened up new markets, creating opportunities for businesses to enter the industry and expand their operations.
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Report Segmentation of the Global Legal Marijuana Market
Product Type Analysis
The Flower Bud segment is the leading category in the growth of the Legal Marijuana market. The increasing acceptance and understanding of the medicinal benefits of Cannabis have also contributed to the development of the flower bud segment. Many medical marijuana patients use flower buds as their preferred delivery method due to their fast-acting effects and ease of use.
Application Analysis
The Recreational application accounted for the most significant market growth in 2022. Legalizing recreational marijuana in several states (such as Oregon, Colorado, California, and others) has led to a substantial increase in demand for cannabis products for recreational use. Consumers can now purchase marijuana products legally, which has negated the need to find illicit sources of marijuana.
Market Segmentation
By Product Type
- Flower Buds
- Oils
- Tinctures
- Other Product Types
By Application
- Recreational
- Medical
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Recent Development of the Global Legal Marijuana Market
- March 2022: Verano Holdings, the Cannabis multistate operator, has received an additional USD 100 million under its credit agreement to strategic initiatives and fund expansion. The primary asset in the acquisition will be the vertical medical marijuana business based in New York, which is one of the only licensed operations in that state.
- March 2022: HYTN Innovations Inc. has confirmed that via a manufacturing and sales agreement with Promethean BioPharma, the company has successfully created, and exported cannabis nano-emulsions that feature its proprietary Elevation Technology in the medical cannabis market in Australia.
- April 2021: Canopy Growth Corporation and The Supreme Cannabis Company, Inc. announced that they have entered into a definitive agreement on acquiring the latter company by the former. This acquisition will help the company not only extend its product offering but also strengthen its market position.
- March 2021: Mexican lawmakers passed a bill to legalize recreational cannabis, a milestone for the country amid a war on drugs and could become the world's largest market. With a permission, adults would be able to smoke marijuana and grow a few plants at home. It also grants licenses for manufacturers to cultivate and sell the crop.
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