USD 17.8 Billion
Legal Cannabis Market Size, Share, Growth Analysis, By Source(Marijuana (Flowers, Oil and Tinctures), Hemp (Hemp CBD, Supplements), By Derivative(CBD, THC, Others), By End-use(Medical Use (Cancer, Chronic Pain, Depression and Anxiety, Arthritis), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35J2105 |
Region:
Global |
Published Date: October, 2024
Pages:
219
|Tables:
36
|Figures:
74
Legal Cannabis Market Insights
Global Legal Cannabis Market size was valued at USD 22.2 billion in 2022 and is poised to grow from USD 27.91 billion in 2023 to USD 173.93 billion by 2031, growing at a CAGR of 25.70% during the forecast period (2024-2031).
Growing awareness regarding health benefits of cannabis and increasing legalization of cannabis around the world are forecasted to bolster the demand for legal cannabis going forward. Growing use of legal cannabis in pharmaceuticals and other products is also expected to create new business scope for legal cannabis providers in the future. High consumer demand for wellness products made from natural ingredients is also expected to boost legal cannabis market growth potential in the long run. Innovations and investments in research to explore new applications for cannabis are also forecasted to uplift the sales of legal cannabis products over the coming years. On the contrary, high taxation and pricing issues, lack of scientific research, social stigma and resistance, and stringent regulatory frameworks are expected to impede legal cannabis demand outlook across the study period and beyond.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Marijuana
Fastest Growth
Marijuana
Growth Rate
25.4% CAGR
Global Legal Cannabis Market ($ Bn)
Country Share for North America Region (%)
To get more reports on the above market click here to Buy The Report
Legal Cannabis Market Segmental Analysis
Global Legal Cannabis Market is segmented by Source, Derivative, End-use, and region. Based on Source, the market is segmented into Marijuana, and Hemp. Based on Derivative, the market is segmented into CBD, THC, Others. Based on End-use, the market is segmented into Medical Use, Recreational Use, and Industrial Use. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Derivative
CBD (Cannabidiol) is projected to account for a dominant legal cannabis market share in the future. High acceptance of the efficacy of CBD derivatives in multiple wellness and health products is forecasted to create new opportunities for legal cannabis companies over the coming years. Growing investments in research to explore new applications for CBD and its increasing acceptance in the scientific community are forecasted to bolster the dominance of this segment going forward. Use of CBD to treat sleep disorders, epileptic seizures, nausea in chemotherapy, and other medical applications are expected to cement the dominance of this cannabis derivative in the long run.
On the other hand, the demand for THC (Tetrahydrocannabinol) is anticipated to increase at an impressive CAGR over the coming years. Increasing investments in the development of novel cannabis derivates and growing awareness regarding benefits of THC around the world are slated to help this segment generate new business scope through 2031. High emphasis on exploring the medical applications of THC owing to its excellent pain management and inflammation reduction properties are also slated to open up new avenues of opportunities for legal cannabis providers in the long run.
Analysis by End Use
Medical use of legal cannabis is projected to account for a prominent chunk of the global legal cannabis market share. Growing investments in the research and development of new medications and pharmaceuticals leveraging health benefits of cannabis are helping the dominance of this segment. Surging awareness regarding the medical benefits of cannabis is also expected to create new opportunities for legal cannabis providers via this segment going forward. Increasing availability of scientific proof for the efficacy of cannabis compounds such as THC and cannabinoids are also expected to create new opportunities for legal cannabis companies across the study period.
Meanwhile, the use of legal cannabis for recreational use is expected to increase at a notable pace over the coming years. Governments of different countries are legalizing recreational marijuana to improve their tax generation potential and also inhibit the illegal trading and smuggling of the same. Rising consumption of recreational marijuana by multiple people around the world especially the younger population is estimated to help this segment generate new business opportunities in the future. Rising use of recreational marijuana for wellness purposes is also expected to help this segment bolster legal cannabis market outlook in the long run.
Global Legal Cannabis Market Size By Source (%)
To get detailed analysis on other segments, Request For Free Sample Report
Legal Cannabis Market Regional Insights
North America is forecasted to emerge as the top market for legal cannabis companies in the future owing to growing legalization efforts in multiple parts of this region. Rising awareness regarding the health benefits of cannabis and its growing use in multiple healthcare and wellness products are also cementing the dominance of this region going forward. The United States and Canada are forecasted to be the most opportune markets for legal cannabis companies operating in the North American region through 2031. Presence of leading cannabis providers and rising recreational use of cannabis are also expected to bolster the high legal cannabis market share of this region.
The Asia Pacific region is expected to emerge as the fastest expanding market for legal cannabis in the world going forward. Rising acceptance of cannabis, growing awareness regarding its benefits among consumers, and growing availability of scientific proof to back its health benefits are expected to bolster the demand for legal cannabis in this region. Recreational use of cannabis is not as popular in this region but medical and industrial use of legal cannabis is projected to shine bright in the long run. India, China, and Japan are forecasted to be the leading markets for sales of legal cannabis across the study period and beyond.
Global Legal Cannabis Market Size By Geography
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Legal Cannabis Market Dynamics
Global Legal Cannabis Market Drivers
Growing Legalization of Cannabis
- Governments and regulatory bodies around the world are playing a crucial role in promoting the decriminalization of cannabis. Countries like Canada, Germany, and parts of the U.S. have fully embraced legal cannabis. Establishment of proper framework to promote cultivation, distribution, and retail of cannabis in most regions is expected to bolster the demand for legal cannabis over the coming years.
High Demand for Wellness Products
- Rising consumer awareness regarding health and fitness is also expected to benefit the legal cannabis market outlook in the future. Cannabis-based wellness products, such as CBD oils, edibles, and topicals, are gaining popularity among consumers as they become more aware of its benefits. This driver is expected to further bolster legal cannabis demand.
Global Legal Cannabis Market Restraints
Social Stigma and Resistance
- While cannabis is being legalized and its use is being normalized, it still has a negative perception in the society. This social stigma is especially prevalent in conservative societies and older generations where use of cannabis is frowned upon. This social stigma and resistance is expected to impede the demand for legal cannabis going forward.
High Taxation and Pricing Issues
- While legal cannabis is a major step forward for cannabis users, the high taxes levied on it by governments and regulatory authorities make it inaccessible. High taxation results in expensive end products and this causes consumers to turn towards black markets to get the same product for cheap thereby limiting the sales of legal cannabis.
Request Free Customization of this report to help us to meet your business objectives.
Legal Cannabis Market Competitive Landscape
Legal cannabis providers should focus on targeting countries and regions where legalization of cannabis is increasing to maximize their business scope. Overcoming social stigma and resistance is also expected to be a key area of interest for legal cannabis suppliers in the future. Investing in research to provide scientific proof of efficacy for legal cannabis and its products is also estimated to be a key strategy for all market players going forward.
Top Player’s Company Profiles in Global Legal Cannabis Market
- Canopy Growth Corporation (Canada)
- Aurora Cannabis, Inc. (Canada)
- Cronos Group (Canada)
- Sundial Growers Inc. (Canada)
- The Scotts Company LLC (US)
- VIVO Cannabis Inc. (Canada)
- Cara Therapeutics Inc. (US)
- Curaleaf Holdings, Inc. (US)
- Trulieve Cannabis Corp. (US)
- Green Thumb Industries Inc. (US)
- Cresco Labs Inc. (US)
- MedMen Enterprises Inc. (US)
- Acreage Holdings, Inc. (US)
- TerrAscend Corp. (Canada)
- Organigram Holdings Inc. (Canada)
- Liberty Health Sciences Inc. (US)
- iAnthus Capital Holdings, Inc. (US)
- Planet 13 Holdings Inc. (US)
- High Tide Inc. (Canada)
- Jushi Holdings Inc. (US)
- 4Front Ventures Corp. (US)
Global Legal Cannabis Market Recent Developments
- In November 2024, The Maryland Department of Health announced the launch of a new dashboard to track the recreational use of marijuana. This State of the United States legalized recreational marijuana back in July 2023 and the new dashboard is expected to help visualize trends in consumption of legal marijuana.
- In August 2024, Ohio, a state in the United States started the sales of recreational marijuana. The Division of Cannabis Control issued some non-medical dispensary licenses to start the sales of recreational cannabis and bolster tax revenue and create new job opportunities in the state.
- In July 2024, Snoop Dogg, a rap icon from the United States inaugurated his first licensed cannabis dispensary in Los Angeles. The rapper also launched a new limited-edition range of Death Row Cannabis products in honor of the legendary rapper 2Pac.
Legal Cannabis Key Market Trends
- Sustainable Cultivation: Legal cannabis companies can focus on sustainable cultivation of cannabis to make it more attractive to the end users and comply with the changing sustainability mandates. Use of organic farming, water-efficient systems, and renewable energy are expected to emerge as key legal cannabis market trends for companies focusing on sustainability in the future.
- Expansion in Emerging Markets: Legal cannabis providers are expected to focus on expansion into new and emerging markets over the coming years. Growing legalization of cannabis in Latin America, Africa, and Asia regions is presenting new opportunities for legal cannabis companies, which is expected to benefit the global legal cannabis market forecast in the long run.
Legal Cannabis Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing awareness regarding health benefits of cannabis consumption and launch of new legalization efforts are expected to bolster the demand for legal cannabis in the future. However, social stigma and high prices due to high taxation are expected to impede the sales of legal cannabis over the coming years. North America is forecasted to emerge as the leading regional market for legal cannabis companies owing to high legalization in different parts of the United States. Use of sustainable cannabis farming practices and expansion into emerging markets are slated to present new opportunities for legal cannabis suppliers in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 22.2 billion |
| Market size value in 2031 | USD 173.93 billion |
| Growth Rate | 25.70% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Legal Cannabis Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Legal Cannabis Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Legal Cannabis Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Legal Cannabis Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Legal Cannabis Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Legal Cannabis Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
