What Is The Scope Of The Global Legal Marijuana Market?
Legal marijuana refers to cannabis that is permitted for use under state or national laws, which can include its use for medicinal, recreational, or both purposes. The legality varies significantly depending on the jurisdiction. Legalization aims to regulate the cannabis market, reduce illegal sales, and generate tax revenue, among other goals.
Legal Marijuana Global Market Report 2024 provides data on the global legal marijuana market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The legal marijuana market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Legal Marijuana Market Expected To Grow In Size And Annual Rates?
The legal marijuana market has grown exponentially, increasing from $21.79 billion in 2023 to $26.56 billion in 2024 at a CAGR of 21.9%. The historic growth is attributed to shifting public attitudes toward cannabis, increasing legalization for medicinal and recreational use, the growing awareness of its therapeutic benefits, strong advocacy movements, increased government tax revenue, and the reduction in stigma surrounding cannabis consumption. The market is expected to grow further, reaching $58.93 billion by 2028 at a CAGR of 22.0%. This will be fueled by the ongoing legalization and decriminalization efforts, the growing medical cannabis applications, increasing recreational use demand, the expansion of product variety, increased investment in research and development, and favorable government regulations. Key trends in the forecast period include advancements in cultivation methods, innovations in extraction techniques, new edibles and infused products, advancements in medical cannabis research, and the growing adoption of CBD-based wellness products.
What Main Forces Are Fueling Expansion In The Legal Marijuana Market?
The rise in epilepsy cases is expected to drive the growth of the legal marijuana market. Epilepsy, which causes frequent seizures, is on the rise due to improved diagnosis and awareness, along with environmental and genetic factors. Medical marijuana, particularly cannabidiol (CBD), has shown promise in reducing seizures, especially for patients with severe forms like Dravet syndrome. This alternative treatment is gaining popularity because of its favorable safety profile compared to traditional anti-epileptic drugs. According to the European Brain Council, in April 2022, over 600 neurological diseases and nearly 300 psychiatric conditions affected millions globally, including 65 million people with epilepsy. The increasing incidence of epilepsy is propelling the legal marijuana market.
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What Are The Primary Segments In The Global Legal Marijuana Market?
The legal marijuana market covered in this report is segmented –
1) By Product: Buds, Oils And Concentrates, Tinctures
2) By Compound: Tetrahydrocannabinol (THC)-Dominant, Cannabidiol (CBD)-Dominant, Balanced THC And CBD
3) By Mode Of Delivery: Capsules, Concentrates, Edibles, Other Mode Of Deliveries
4) By Application: Chronic Pain, Mental Disorders, Cancer, Other Applications
5) By End-User: Pharmaceutical, Food, Beverages, Tobacco, Personal Care, Research And Development Centers
Which Key Trends Are Driving Changes In The Legal Marijuana Market?
In the legal marijuana market, companies are diversifying product offerings to meet changing consumer preferences, such as introducing cannabis beverages. For instance, in March 2023, Canopy Growth Corporation, a Canada-based cannabis company, launched six new beverage flavors, including caffeinated sodas and iced teas infused with THC. These beverages offer a smoke-free, enjoyable alternative for cannabis consumers.
What Is The Leading Region In The Legal Marijuana Market?
North America was the largest region in the legal marijuana market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the legal marijuana market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
