How Big is the Legal Cannabis Market?
The global legal cannabis market size reached US$ 26.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 144.3 Billion by 2032, exhibiting a growth rate (CAGR) of 20.3% during 2024-2032.
Factors Affecting the Growth of the Legal Cannabis Industry:
- Growing Awareness Regarding Medical Benefits:
The rising awareness of the medicinal properties of cannabis is propelling market growth. Public perception is shifting as accumulating scientific research unveils the therapeutic potential of cannabis in treating a myriad of conditions, such as chronic pain, epilepsy, multiple sclerosis, and anxiety, among others. Moreover, the growing awareness is bolstered by advocacy and educational efforts, which disseminate information about the clinical benefits and applications of medical cannabis. As healthcare professionals acknowledge and integrate medical cannabis as a treatment option, and patients become more informed about its potential benefits, the demand for medical cannabis is influencing the market growth.
- Increasing Investment and Innovation:
The cannabis industry is experiencing a significant influx of investment capital, catalyzing a wave of innovation and technological advancement. Additionally, financial backing is instrumental in fostering a competitive market environment where companies strive to enhance cultivation practices, improve product quality, and refine manufacturing processes. Moreover, investments in research and development (R&D) activities lead to the creation of various sophisticated cannabis products that are driving the modernization of cultivation facilities with advanced agricultural technologies, representing another major growth-inducing factor. These innovations are essential in increasing yield, ensuring consistent product potency, and enhancing safety standards, thereby elevating the market offering.
- Expansion of Distribution Channels:
The expansion of legal cannabis distribution channels is influencing the market by enhancing product accessibility for consumers. Additionally, the proliferation of online platforms and the availability of delivery services are crucial developments that have democratized access to cannabis products, catering to a broad consumer base. Moreover, dispensaries provide a regulated environment where consumers can obtain cannabis products safely, benefiting from the guidance of knowledgeable staff, thus representing another major growth-inducing factor. Besides this, online sales platforms and delivery services offer convenience and discretion, appealing to consumers who prefer shopping from the privacy of their homes, thus creating a positive market outlook.
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Leading Companies Operating in the Global Legal Cannabis Industry:
- Aurora Cannabis Inc.
- Cannabis Sativa Inc.
- Canopy Growth Corporation
- Green Thumb Industries
- GW Pharmaceuticals plc (Jazz Pharmaceutical plc)
- HEXO Corp.
- Organigram Holdings Inc.
- Sundial Growers Inc.
- The Cronos Group
- The Green Organic Dutchman Holdings Ltd.
- The Scotts Mircale-Gro company
- Tilray
- VIVO Cannabis Inc.
Legal Cannabis Market Report Segmentation:
By Source:
- Marijuana
- Hemp
Marijuana accounts for the largest market share due to the to the increasing legalization of recreational and medical cannabis in various regions.
By Derivatives:
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
Cannabidiol (CBD) holds the largest share in the industry due to its widespread recognition for therapeutic benefits without the psychoactive effects associated with THC, leading to its acceptance and integration into various health and wellness products.
By Distribution Channel:
- Recreational Stores
- Pharmacies
- Online Stores
- Others
Pharmacies represent the largest market segment as they offer a regulated, safe, and accessible environment for consumers to obtain cannabis-based products, especially those approved for medical use, thereby ensuring product quality and compliance with legal standards.
By End User:
- Medical Use
- Recreational Use
- Industrial Use
Medical use dominates the market growth, driven by increasing recognition and legalization of cannabis for therapeutic purposes, and a growing body of research that underscores its effectiveness in treating various medical conditions.
Regional Insight:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
North America’s dominance in the legal cannabis market is attributed to its progressive legalization, well-established regulatory frameworks, and increasing consumer acceptance, alongside the presence of major market players across the region.
Global Legal Cannabis Market Trends:
At present, cannabis companies are diversifying their product offerings beyond traditional dried flowers, including edibles, concentrates, topicals, and beverages. It caters to different consumer preferences and expands market reach. In addition, the growing interest in the potential health and wellness benefits of cannabis products is leading to the development of CBD-infused products and increased demand for medical cannabis, contributing to the market growth.
Besides this, cannabis companies are exploring opportunities for international expansion as more countries legalize cannabis for medical and/or recreational use which presents new market prospects to key players across the globe.
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