The global legal marijuana market size is expected to reach USD 102.2 billion by 2030. The market is expected to expand at a CAGR of 25.5% from 2022 to 2030. An increase in the rate of legalization of marijuana for medicinal and adult-use/recreational marijuana and the growing adoption of these products for the treatment of chronic ailments are the primary factors responsible for the growth of the market.
The oil and tinctures product segment held the largest revenue share of over 50.0% in 2021. Owing to its proven medical prowess in the treatment of various health indications and the increasing number of patients preferring it over usually prescribed medicines, governments of many countries are either legalizing or approving it for medicinal use. This is expected to be the key driver for the oil and tinctures segment.
The medical application segment captured the largest revenue share of over 80.0% in 2021 and is expected to grow at a significant CAGR during the forecast period. This can be attributed to the growing demand among the younger generation and patients for the prescription of cannabis for medicinal purposes. Medical marijuana is anticipated to grow at a steady rate throughout the forecast period owing to the legitimization in different geographies in comparison to recreational/ adult-use marijuana.
In the medical application segment, the chronic pain segment held the largest revenue share of over 25.0% in 2021. The medicinal use of cannabis has been embraced increasingly by governments and people all over the world. The sub-segment is expected to grow at a steady pace throughout the forecast period due to the increase in the use of marijuana for relieving pain symptoms across geographies.
North America led the market with a revenue share of over 80.0% in 2021. This is due to the fact that North America was one of the first regions to legitimize the use of medical and recreational cannabis owing to its vast consumer base. The COVID-19 pandemic has adversely affected the supply chain of legal cannabis as with other markets. The market also witnessed the effect of the supply chain disruptions during the pandemic. An increase in the number of countries legalizing it and an increase in the number of prescriptions filled for medicinal marijuana are an indication of the fact that the growth spur will continue post-pandemic.
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The oil and tinctures product segment held the largest revenue share of over 50.0% in 2021. Owing to its proven medical prowess in the treatment of various health indications and the increasing number of patients preferring it over usually prescribed medicines, governments of many countries are either legalizing or approving it for medicinal use. This is expected to be the key driver for the oil and tinctures segment.
The medical application segment captured the largest revenue share of over 80.0% in 2021 and is expected to grow at a significant CAGR during the forecast period. This can be attributed to the growing demand among the younger generation and patients for the prescription of cannabis for medicinal purposes. Medical marijuana is anticipated to grow at a steady rate throughout the forecast period owing to the legitimization in different geographies in comparison to recreational/ adult-use marijuana.
In the medical application segment, the chronic pain segment held the largest revenue share of over 25.0% in 2021. The medicinal use of cannabis has been embraced increasingly by governments and people all over the world. The sub-segment is expected to grow at a steady pace throughout the forecast period due to the increase in the use of marijuana for relieving pain symptoms across geographies.
North America led the market with a revenue share of over 80.0% in 2021. This is due to the fact that North America was one of the first regions to legitimize the use of medical and recreational cannabis owing to its vast consumer base. The COVID-19 pandemic has adversely affected the supply chain of legal cannabis as with other markets. The market also witnessed the effect of the supply chain disruptions during the pandemic. An increase in the number of countries legalizing it and an increase in the number of prescriptions filled for medicinal marijuana are an indication of the fact that the growth spur will continue post-pandemic.
Legal Marijuana Market Report Highlights
- In 2021, the oil and tinctures product type segment accounted for the largest revenue share of over 50.0% owing to the low price and ease of accessibility of flowers compared to other products.
- Based on application, the medical segment accounted for the largest revenue share of over 80.0% in 2021 owing to the high demand among millennials and patients for medicinal marijuana.
- In the medical application segment, the chronic pain segment accounted for the largest revenue share of over 25.0% in 2021 owing to the rising adoption by the governments and people all over the world.
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| Report Attribute | Details |
|---|---|
| No. of Pages | 100 |
| Published | April 2022 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD
| USD 16.7 Billion |
| Forecasted Market Value ( USD
| USD 102.2 Billion |
| Compound Annual Growth Rate | 25.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 12 |
Table of Contents
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Global Legal Marijuana Market Variables, Trends & Scope
Chapter 4 Legal Marijuana Market: Product Type Estimates & Trend Analysis
Chapter 5 Legal Marijuana Market: Application Estimates & Trend Analysis
Chapter 6 Legal Marijuana Market: Regional Estimates & Trend Analysis, by Product Type & Application
Chapter 7 Competitive Landscape
Companies Mentioned
- Canopy Growth Corporation
- Aphria, Inc.
- Aurora Cannabis
- Maricann Group, Inc.
- Tilray
- Gw Pharmaceuticals, plc.
- Lexaria Corp.
- United Cannabis Corporation
- Tikun Olam, Ltd.
- Organigram Holdings, Inc.
- Abcann Medicinals, Inc.
- the Cronos Group
Methodology
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