Legal Cannabis Industry Overview
The global legal cannabis market size is expected to reach USD 134.4 billion by 2030, according to a new report by Grand View Research, Inc. It 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.
Legal Cannabis Market Segmentation
Grand View Research, Inc. has segmented the global legal cannabis market on the basis of source, derivative, end use, and region:
Based on the Source Insights, the market is segmented into Marijuana and Hemp.
- In 2021, marijuana accounted for the largest revenue share of over 70.0% and is anticipated to register the fastest growth rate during the forecast period. The growth in the segment can be attributed to the increasing rate of legalization across the globe.
- Both recreational and medical marijuana have seen a huge jump in acceptance and legalization since the pandemic. The use of medical marijuana is acceptable in a number of countries including the U.S., Canada, Italy, Czech Republic, Croatia, and Australia.
Based on the Derivative Insights, the market is segmented into CBD, THC and Others.
- In 2021, CBD accounted for the largest revenue share of over 65.0%. This growth is due to the acceptance of the efficacy of CBD by the scientific community and by consumers.
- Cannabinoids have in general shown their potential in the treatment of various diseases like PTSD and several types of cancers. They are considered potent analgesics and may have possible anti-stress properties.
- The others segment is expected to register the fastest growth rate over the forecast period. This can be due to the rise in the acceptance of cannabis as a potent pain-reliever and in several other indications.
Based on the End-use Insights, the market is segmented into Medical Use, Recreational Use and Industrial Use.
- In 2021, the medical-use segment accounted for the largest revenue share of over 70.0%. Legalization of its use has served as a key factor for market growth.
- Recreational marijuana is expected to witness the fastest growth over the forecast period and is gaining more and more popularity with the youth around the world.
- Cannabis has been legalized for both recreational and medical use in the U.S. and Canada in the North American region.
Legal Cannabis Regional Outlook
- North America
- Europe
- Asia
- Oceania
- Latin America and Caribbean
- Africa
Key Companies Profile & Market Share Insights
The companies are turning to expansion in their product portfolios as well as expansion through mergers and acquisitions of small players in the industry.
Some prominent players in the Legal Cannabis market include
- Canopy Growth Corporation
- GW Pharmaceuticals, plc
- Aurora Cannabis, Inc.
- Aphria, Inc.
- Cronos Group
- Tilray
- Sundial Growers Inc.
- Insys Therapeutics, Inc.
- The Scotts Company LLC
- VIVO Cannabis Inc.
- Cara Therapeutics Inc.
Order a free sample PDF of the Legal Cannabis Market Intelligence Study, published by Grand View Research.
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