What is the global market size of Legal Cannabis Market?

Global Legal Cannabis Market size was valued at USD 17.8 Billion in 2021 and is poised to grow from USD 22.32 Billion in 2022 to USD 136.49 Billion by 2030, at a CAGR of 25.4% during the forecast period (2023-2030).

Who are the key vendors in the Global Legal Cannabis Market?

The global legal cannabis market is dynamic and highly competitive. The market is characterized by the presence of established companies, emerging startups, and a growing number of strategic partnerships. Established cannabis companies such as Canopy Growth, Aurora Cannabis, and Aphria Inc. have already established themselves as key players in the market, leveraging their brand recognition, distribution networks, and product quality. These companies often follow a strategy of vertical integration, controlling various stages of the supply chain from cultivation to retail, which allows them to maintain quality control and streamline operations. strategic partnerships and acquisitions are prevalent in the industry, as companies seek to expand their market share and access new markets. Research and development also play a crucial role, with companies investing in innovation to develop new cannabis-based products and improve cultivation techniques. 'Canopy Growth (Canada)', 'Aurora Cannabis (Canada)', 'Aphria Inc. (Canada)', 'Cronos Group (Canada)', 'Tilray (Canada)', 'GW Pharmaceuticals (UK)', 'HEXO Corp (Canada)', 'Curaleaf Holdings (US)', 'Green Thumb Industries (US)', 'Trulieve Cannabis (US)', 'Charlotte's Web Holdings (US)', 'MedMen Enterprises (US)', 'Columbia Care (US)', 'Organigram Holdings (Canada)', 'Village Farms International (Canada)', 'CannTrust Holdings (Canada)', 'TerrAscend Corp (Canada)', 'Aleafia Health (Canada)', 'Harvest Health & Recreation (US)', 'Cresco Labs (US)'

What is the key driver of Global Legal Cannabis Market?

The growing acceptance of cannabis for both medical and recreational purposes has been a major driver of market growth. Governments worldwide are recognizing the potential benefits and economic opportunities associated with legal cannabis, leading to increased legalization efforts.

What is the key market trend for Global Legal Cannabis Market?

Product Diversification: The legal cannabis market witnessed a trend towards product diversification in 2022. Companies expanded their product offerings beyond traditional forms such as flower and concentrates, introducing edibles, beverages, topicals, and other innovative formats to cater to a broader consumer base.

Which region accounted for the largest share in Global Legal Cannabis Market?

In 2022, North America emerged as the dominant region in the global legal cannabis market, capturing a revenue share of over 68.8%. This can be attributed to the region's laws and policies on cannabis trade, which heavily influence revenue generation. The presence of well-established companies primarily based in North America further solidifies its position as the largest market shareholder. Key players in the industry include Canopy Growth, Curaleaf Holdings, Green Thumb Industries, Innovative Industrial Properties, Trulieve Cannabis, GW Pharmaceuticals, Cronos Group, Grow Generation, Cresco Labs, and Columbia Care. The growing consumer demand for cannabis products has contributed to the overall growth of the regional market, along with the increasing rate of legalization across North American jurisdictions.

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.

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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. '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)'

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.

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.

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.

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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

Legal Cannabis Market Insights

Legal Cannabis Market Report Snapshots

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What is the global market size of Legal Cannabis Market?

Who are the key vendors in the Legal Cannabis Market?

What is the key driver of Legal Cannabis Market?

What is the key market trend for Legal Cannabis Market?

Which region accounted for the largest share in Legal Cannabis Market?

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