The global legal marijuana market size was US$ 21.9 billion in 2021. The global legal marijuana market is forecast to grow to US$ 175.50 billion by 2030 by registering a compound annual growth rate (CAGR) of 25.1% during the forecast period from 2022 to 2030.
Cannabis, also regarded as marijuana, is a dried, crumbled mixture of green or brown hemp plant leaves, stems, seeds, and flowers. Cannabis sativa is utilized to treat a variety of medicinal conditions. Apart from that, it is used in several religious and esoteric rituals and as a psychedelic (mind-awakening) recreational drug. Stronger varieties of marijuana include sinsemilla, hash/hashish (a resinous form), and hash oil (a sticky, dark liquid). It is used to cure conditions like stress, anxiety, panic attacks, and Parkinson’s disorders. Additionally, marijuana is frequently infused into sweets like brownies, cookies, or chocolates.
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Factors Influencing the Market
The global legal marijuana market is expected to be expanded by growing research, development and clinical trial operations in the medical sector. The legal marijuana market is anticipated to expand as more cannabis-based symptoms become commercially available. Additionally, as the world’s population increases, geriatric patients are more likely to develop. As a result, the cases of chronic conditions will rise and that would ring lucrative growth opportunities for the global legal marijuana market.
Numerous healthy compounds can be discovered in marijuana, and chronic diseases are becoming more prevalent in the population. The beneficial qualities of medical marijuana, which include alleviating nausea and vomiting, lowering chronic pain, and enhancing appetite during chemotherapy, are expected to escalate the growth of the legal marijuana market.
On the flip side, side effects of marijuana may limit the growth of the legal marijuana market during the forecast period.
COVID-19 Impact Analysis
The COVID-19 pandemic resulted in disruptions in the supply chain, which created a revenue decline in the legal marijuana market. Apart from that, the import-export business was also affected on a large scale. Stringent lockdowns and changes in regulations with respect to the transportation of marijuana hampered the growth of the legal marijuana market.
Regional Analysis
North America is forecast to dominate the legal marijuana market due to the presence of a high percentage of users of legal marijuana. The market is expected to record steady growth throughout the forecast period due to the growing approval and initiative in the commercialization of MMJ. In addition, the massive expansion of legal marijuana market is attributed to the adequate supply and impelling demand for marijuana in this region.
Competitors in the Market
• VIVO Cannabis Inc.
• Dr. Hemp Me
• Medical Marijuana, Inc.
• Spring Creek Labs
• Hemp Life Today
• Moon Mother Hemp Company
• Hemp Production Services
• Royal CBD
• CV Sciences
• Hudson Valley Hemp
• Other Prominent Players
The report furnishes an intricate comprehension of each segment, delivering potential estimations for principal applications and insights into emerging prospects. Every regional market is meticulously scrutinized to ascertain its potential for growth, development, and demand in the forthcoming years.
As of the end of 2022, the Legal Marijuana industry experienced notable growth in its workforce. Starting in January, employment within the Legal Marijuana sector exceeded its pre-COVID levels, resulting in an expansion of payrolls by over 15,000 employees throughout the course of the year. The global Legal Marijuana output demonstrated a remarkable increase of 5.2% during 2021, primarily attributed to a widespread economic upswing and a surge in demand for commodities. However, the momentum shifted in 2022, with the global industrial sector’s production contracting. This reversal followed a robust expansion in 2021, fueled by altered consumer spending patterns and substantial fiscal support.
Forecasts indicate that the global Legal Marijuana output is set to rise by approximately 2.9% in 2023. This projection is underpinned by the gradual recovery of production in Western Europe from its previous troughs, as well as a rebound in output across the Asia/Pacific region. Maintaining its dominant position, China, accounting for nearly 45% of the global Legal Marijuana market, remains both its largest producer and consumer. Remarkably, China’s market share has surged since 2010, when it stood at around 26%. This ascent has led to a substantial contribution to the nation’s GDP. Notably excelling as a top exporter, China leads in various sectors, including silicon, PVC, and several specific segments of the Legal Marijuana market.
Market Segmentation
The global legal marijuana market segmentation focuses on Product, Species, Application, and Region.
Product Type Outlook
• Flower
• Oil and Tinctures
Species Outlook
• Indica
• Sativa
• Others
Application Outlook
• Medical
o Chronic Pain
o Cancer
o Depression and Anxiety
o Arthritis
o Diabetes
o Glaucoma
o Migraines
o Epilepsy
o Multiple Sclerosis
o AIDS
o Amyotrophic Lateral Sclerosis
o Alzheimer’s
o Post-traumatic Stress Disorder (PTSD)
o Parkinson’s
o Tourette’s
o Others
• Adult Use
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America
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