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The global legal marijuana market size was USD 26.96 Billion in 2022 and is expected to reach USD 215.8 Billion in 2032, and register a revenue CAGR of 26%
NEW YORK CITY, NY, UNITED STATES, May 2, 2023 /einpresswire.com / — The global legal marijuana market size was valued at USD 26.96 Billion, in 2022. However, by 2032, it is projected to reach USD 215.8 Billion, with a compound annual growth rate of 26% during the forecast period. This growth can be attributed to several factors, including the legalization of marijuana in more countries and the increasing popularity of cannabis for both medical and recreational purposes.
The expanding legalization of marijuana is a major driver of the legal marijuana market. As of 2021, almost 40 countries have authorized marijuana for medicinal use, and 18 countries have allowed it for recreational use. This increased acceptance is expected to drive market revenue growth by increasing demand for legal marijuana.
Another factor influencing the growth of the legal marijuana industry is the therapeutic effects of marijuana. The successful treatment of medical conditions such as chronic pain, anxiety, epilepsy, and multiple sclerosis has led to an increasing demand for medicinal marijuana and marijuana-based products. The legalization of medical marijuana in several countries is also contributing to the growth of the market.
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Furthermore, the market for legal marijuana is expanding due to the rising demand for marijuana-based goods such as edibles, oils, and tinctures. These products appeal to customers who do not wish to smoke or inhale marijuana, and the availability of a wide range of products is expected to drive revenue growth.
The increasing investment in the cannabis sector is another significant factor contributing to the expansion of the legal marijuana market. The legalization of marijuana in many countries has attracted more investors and venture capitalists, leading to increased capital availability and market revenue growth.
Despite these growth factors, the legal marijuana industry faces challenges such as restrictions, lack of uniformity, and quality control issues. Additionally, the absence of financial services and limitations on the promotion and marketing of marijuana-derived products are expected to hinder revenue growth in the market during the forecast period.
Segments Covered in the Report –
The legal marijuana market can be segmented based on product type and application outlook.
In terms of product type, the market can be classified into flower, oil, and tinctures. Flower, also known as buds, is the most widely used and traditional form of marijuana consumption. It can be smoked or vaporized and is often preferred by recreational users. On the other hand, oil and tinctures are commonly used for medical purposes. They are extracted from the marijuana plant and can be consumed orally or applied topically.
When it comes to application outlook, the market can be divided into medical and adult use. Medical marijuana is used for treating various medical conditions such as chronic pain, epilepsy, and multiple sclerosis. It has gained widespread acceptance and legalization in several countries owing to its therapeutic benefits. The adult use or recreational market, on the other hand, is driven by the growing social acceptance of marijuana and the desire for relaxation or pleasure.
The flower segment is expected to dominate the legal marijuana market in the coming years. The increasing demand for recreational use and the availability of a wide range of strains are driving the growth of this segment. However, the oil and tincture segment is also witnessing significant growth owing to the increasing demand for medical marijuana. The ease of use and precise dosing offered by these products make them a preferred choice for medical marijuana patients.
The medical application outlook is expected to hold a significant share of the market owing to the increasing legalization of medical marijuana in several countries. The growing awareness of the therapeutic benefits of marijuana and the increasing number of patients seeking alternative treatments are driving the growth of this segment. However, the adult use or recreational market is also witnessing significant growth owing to the increasing social acceptance and legalization of marijuana for recreational use in several countries.
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Strategic development:
Canopy Growth Corporation declared a multi-year agreement with HEXO Corp. on 28th January 2022. The deal involves the provision of top-notch cannabis products to HEXO Corp., a licensed Canadian cannabis producer, for the adult-use market in Canada.
On 18th May 2021, Aurora Cannabis Inc. joined forces with the Ultimate Fighting Championship (UFC) to enhance research on the utilization of CBD products to alleviate pain and inflammation in professional athletes.
Competitive Landscape:
The global legal marijuana market is comprised of numerous companies that play a crucial role in driving market growth. The market report includes a comprehensive analysis of key players who are contributing to the expansion of the industry. Some of the major players included in the report are Altria Group Inc., Aurora Cannabis Inc., CannTrust Holdings Inc., Cronos Group Inc., Cannabis Sativa Inc., Tilray Inc., Scotts Miracle-Gro Co., GW Pharmaceuticals plc, Medical Marijuana Inc., Canopy Growth Corporation, and Aphria Inc.
Canopy Growth Corporation is a key player in the legal marijuana market and has made significant contributions to the industry. It has been instrumental in developing a wide range of marijuana-based products such as oils, tinctures, and edibles. Aurora Cannabis Inc. is another major player that has been actively involved in developing innovative products to meet the growing demand for marijuana-based products.
The market report also highlights the role of Cronos Group Inc. in driving market revenue growth. The company has made significant investments in the cannabis sector, which has enabled it to develop a range of high-quality products. Another key player in the industry is Tilray Inc., which has been actively involved in expanding its market presence through strategic partnerships and acquisitions.
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In conclusion, the legal marijuana market is expected to witness significant growth in the coming years, driven by the increasing legalization of marijuana in several countries and the growing acceptance of its therapeutic benefits.
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