Legal Marijuana Market

Legal Marijuana Market Size by Types (Medical and Adult-Use), Products (Flower and Oil), Application Areas (Chronic Pain, Mental Disorders, Cancer, and Others), and Regions (Asia Pacific, North America, Latin America, Europe and Middle East & Africa)- Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

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The global legal marijuana market was valued at USD 9.1 billion in 2020 and is expected to expand at a CAGR of 26.3% during the forecast period, 2021-2028. The growth of the market is attributed to the expansion of demand for marijuana (legal) due to the increasing number of cannabis countries being legal.
 

Legal Marijuana Market Key Takeaways


The legality of marijuana for recreational and medical purposes vary from country to country, be it in terms of distribution, cultivation & possession or on how each individual consumes it verses the medical conditions marijuana is supposed to use for. The policies regarding the legality of cannabis are regulated and monitored by the three treaties of the United Nations, which are “the 1961 Single Convention on Narcotic Drugs”, “the 1971 Convention on Psychotropic Substances” and “the 1988 Convention Against Illicit Traffic in Narcotic Drugs and Psychotropic Substances”. As of now, marijuana is categorized as one variant of a Schedule I drug by the Single Convention Treaty. This means that the participants are allowed to use under medical terms and prescriptions, however it is classified as an addictive drug along with a high risk of abuse.

The usage of marijuana for leisure purposes is illegal in most of the countries in the globe. Nevertheless, many of these countries have adopted a decriminalization policy by making simple possession to a non-criminal offense, similar to traffic violations and parking tickets. Other regions such as some Asian countries (Middle East) have much stricter and severe consequences including several years of imprisonment. Medical marijuana are actually prescribed by physicians to patients from common diseases such as nausea and headaches to chemotherapy and other cancer diagnosis treatments. Marijuana does have short term side effects such as vomiting, dizziness, hallucinations and extreme tiredness. In the United States, as of 2020, 46% of their population currently live in the jurisdiction of the legalization of marijuana, be it recreational or medical.

The COVID-19 pandemic has hindered the growth of the global legal marijuana market mainly because of the disruption caused in the marijuana supply chain management. The strict protocols enforced by the government authorities of various countries made distribution of cannabis more difficult than normal. Social distancing and home lockdown meant that recreational activities took form in a digital aspect, meaning marijuana usage getting reduced heavily. The medical purposes also saw a decline as they can conduct viruses at a faster pace, especially unhealthy individuals. After the COVID pandemic, however, the marijuana market is expecting to boom back to even a two digit CAGR expansion.

Market Trends, Drivers, Restraints, and Opportunities


Drivers

  • Increasing the range of applications of legal medical marijuana along with the demand and requirement of cannabis oil are projected to boost the global legal marijuana market growth during the forecast period, 2021-2028. In February 2021, the governor of New Jersey Governor Phil Murphy has signed three bills which stated that recreational marijuana is currently legal for all adults from the age of 21.
  • Rapid growth in the research and development activities regarding the potential of marijuana, measuring their benefits verses that side-effects and the amount of funding and investments from both the Government administrative bodies and private investors are major factors driving the market expansion in the coming years.


Restraints

  • The legalization of marijuana is still a long way, especially in the Middle East regions where even the possession of marijuana is criminal, and consumption leading to several years of jail time. This becomes a huge restraint in the global legal marijuana market.
  • The administration of marijuana needs to be strict, especially regarding age, underaged children consuming marijuana can cause dire consequences. The process of obtaining medical marijuana is not streamline, even with a doctor’s prescription, which ultimately restricts the global marijuana market growth.


Opportunities/Trends

  • R&D investment and technological advancement are expected to offer significant opportunities for the market players. Researchers and scientists have now discovered new kinds of marijuana which cures highly complicated diseases such as Alzheimer’s, cancer, Parkinson’s and other neurological, immunological & cardiovascular disorders. Europe and North America have started novel food ruling from January 2021 to boost the development of CBS isolates in the future.

 

Scope of the Report

The report on the global legal marijuana market size includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Legal Marijuana Market Size - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

By Types (Medical and Adult-Use), Products (Flower and Oil), and Application Areas (Chronic Pain, Mental Disorders, Cancer, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Trends, and Revenue Forecast

Key Players Covered in the Report

Canopy Growth Corporation; Aurora Cannabis; Aphria Inc; Tilray; ABcann Medicinals Inc; The Cronos Group; Maricann Group; Organigram Holding Inc; and Lexaria Corp

 

Global Legal Marijuana Market Segment Insights

The adult-use segment is projected to represent a large market share
Based on the types of marijuana, the global legal marijuana market is bifurcated into medical and adult-use. The adult-use segment is expected to constitute a major market share of 54.6% as of 2020. The main reason attributing to this is the legalization of marijuana for adult use which thereby increases their demand. This industry has started to see a dynamic and shift change from the regular users and patients to use marijuana for other recreational activities including adult use over medical purposes. This is especially prominent in the North American countries. This is happening due to the fast availability and low prices in this region exclusively.

Medical marijuana anticipate a lucrative market growth with a significant CAGR during the forecast period. This is attributed to high awareness of the medical benefits coupled by the surging demand of marijuana used in plant-based treatments and diagnostics in pain and relieve management. Most regions of the world have started to legalize medical marijuana under the prescription of the doctor which can vary upon the physician’s choice along with the patient’s demands.
 

Legal Marijuana Market By Types


The oil segment is expecting to grow at a significant pace
On the basis of products available, the global legal marijuana market is bifurcated into flower and oil. The oil segment is expected to constitute the major market share of 52% at 2020, owing to the legalization of marijuana for recreational use along with the increasing usage of cannabis oil in countries such as Canada, Uruguay, USA and Chile. The perception of marijuana and their derivatives, especially the oil variants, have incredible benefits . The drug stores and pharmacies in these countries educate to the users about both the advantages and side-effects of using marijuana and reasonable limits of oil is actually good for the patient.
         

This segment is also expected to grow the highest amongst the segments during the forecast years, owing to the increasing research conducted on oils. The final analysis of treatment and rehab centres in North America concluded that the oil extracts of cannabis is strong enough to cure fatal illness such as cancer, while the flower extracts are for recreational purposes alone.

The chronic pain segment is projected to represent a large market share
Based on the application areas, the global legal marijuana market is divided into chronic pain, mental disorders, cancer, and others. The chronic pain segment is expected to constitute a major market share of 44.9% as of 2020. There are different types of chronic pain one experiences in the human body ranging from arthritis pain, low back pain, neck pain, face pain, neurogenic pain, cancer pain and the simple headache & migraines. The implementation of medical marijuana can alleviate any form of pain, including the ones mentioned above. The rising awareness of this knowledge to a number of people and understanding the benefits of marijuana consumption in regard to its application for simple uses makes the major reason for the growth of this segment in this market.

The mental disorders segment anticipate a lucrative market growth with a significant CAGR during the forecast period, 2021-2028. This is attributed to the increase in adoption of marijuana and their derivatives on a number of people taking part in rehab and treatment centres where most people get admitted on the account of mental disorders. The increase in stress levels be it in personal lives or the corporate life, the competition taking place in the world, have been overwhelming to a huge population of the world and in order to relieve from this stress, people have resorted to medical marijuana.

North America is anticipated to dominate the global urinalysis market
On the basis of regions, the global legal marijuana market is segmented into Asia Pacific, North America, Latin America, Europe and Middle East & Africa. North America is expecting to expand at an impressive and healthy CAGR during the forecast period, 2021-2028 with a revenue share of 79.8% as of 2020. This regional market growth can be attributed to the Government regulations for the legalization of marijuana for both medical and recreational purposes in this region. There is also the presence of major marijuana cultivators and derivative manufacturers in this region, thereby low cost and high demand drives the growth in this segment.
 

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Legal Marijuana Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Legal Marijuana Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Legal Marijuana Market - Supply Chain
  4.5. Global Legal Marijuana Market Forecast
     4.5.1. Legal Marijuana Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Legal Marijuana Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Legal Marijuana Market Absolute $ Opportunity
5. Global Legal Marijuana Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Legal Marijuana Market Size and Volume Forecast by Types
     5.3.1. Medical
     5.3.2. Adult Use
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Legal Marijuana Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Legal Marijuana Market Size and Volume Forecast by Applications
     6.3.1. Chronic Pain
     6.3.2. Mental Disorders
     6.3.3. Cancer
     6.3.4. Others
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Legal Marijuana Market Analysis and Forecast by End Users
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by End Users
     7.2.2. Y-o-Y Growth Projections by End Users
  7.3. Legal Marijuana Market Size and Volume Forecast by End Users
     7.3.1. Flower
     7.3.2. Oil
  7.4. Absolute $ Opportunity Assessment by End Users
  7.5. Market Attractiveness/Growth Potential Analysis by End Users
8. Global Legal Marijuana Market Analysis and Forecast by Region
  8.1. Market Trends
  8.2. Introduction
     8.2.1. Basis Point Share (BPS) Analysis by Region
     8.2.2. Y-o-Y Growth Projections by Region
  8.3. Legal Marijuana Market Size and Volume Forecast by Region
     8.3.1. North America
     8.3.2. Latin America
     8.3.3. Europe
     8.3.4. Asia Pacific
     8.3.5. Middle East and Africa (MEA)
  8.4. Absolute $ Opportunity Assessment by Region
  8.5. Market Attractiveness/Growth Potential Analysis by Region
  8.6. Global Legal Marijuana Demand Share Forecast, 2019-2026
9. North America Legal Marijuana Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
  9.2. North America Legal Marijuana Market Size and Volume Forecast by Country
     9.2.1. U.S.
     9.2.2. Canada
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. North America Legal Marijuana Market Size and Volume Forecast by Types
     9.4.1. Medical
     9.4.2. Adult Use
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. North America Legal Marijuana Market Size and Volume Forecast by Applications
     9.7.1. Chronic Pain
     9.7.2. Mental Disorders
     9.7.3. Cancer
     9.7.4. Others
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. North America Legal Marijuana Market Size and Volume Forecast by End Users
     9.10.1. Flower
     9.10.2. Oil
  9.11. Basis Point Share (BPS) Analysis by End Users
  9.12. Y-o-Y Growth Projections by End Users
  9.13. Market Attractiveness/Growth Potential Analysis
     9.13.1. By Country
     9.13.2. By Product Type
     9.13.3. By Application
  9.14. North America Legal Marijuana Demand Share Forecast, 2019-2026
10. Latin America Legal Marijuana Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Latin America Average Pricing Analysis
  10.2. Latin America Legal Marijuana Market Size and Volume Forecast by Country
      10.2.1. Brazil
      10.2.2. Mexico
      10.2.3. Rest of Latin America
   10.3. Absolute $ Opportunity Assessment by Country
  10.4. Latin America Legal Marijuana Market Size and Volume Forecast by Types
     10.4.1. Medical
     10.4.2. Adult Use
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Latin America Legal Marijuana Market Size and Volume Forecast by Applications
     10.7.1. Chronic Pain
     10.7.2. Mental Disorders
     10.7.3. Cancer
     10.7.4. Others
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Latin America Legal Marijuana Market Size and Volume Forecast by End Users
     10.10.1. Flower
     10.10.2. Oil
  10.11. Basis Point Share (BPS) Analysis by End Users
  10.12. Y-o-Y Growth Projections by End Users
  10.13. Market Attractiveness/Growth Potential Analysis
     10.13.1. By Country
     10.13.2. By Product Type
     10.13.3. By Application
  10.14. Latin America Legal Marijuana Demand Share Forecast, 2019-2026
11. Europe Legal Marijuana Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Europe Average Pricing Analysis
  11.2. Europe Legal Marijuana Market Size and Volume Forecast by Country
     11.2.1. Germany
     11.2.2. France
     11.2.3. Italy
     11.2.4. U.K.
     11.2.5. Spain
     11.2.6. Russia
     11.2.7. Rest of Europe
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Europe Legal Marijuana Market Size and Volume Forecast by Types
     11.4.1. Medical
     11.4.2. Adult Use
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Europe Legal Marijuana Market Size and Volume Forecast by Applications
     11.7.1. Chronic Pain
     11.7.2. Mental Disorders
     11.7.3. Cancer
     11.7.4. Others
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Europe Legal Marijuana Market Size and Volume Forecast by End Users
     11.10.1. Flower
     11.10.2. Oil
  11.11. Basis Point Share (BPS) Analysis by End Users
  11.12. Y-o-Y Growth Projections by End Users
  11.13. Market Attractiveness/Growth Potential Analysis
     11.13.1. By Country
     11.13.2. By Product Type
     11.13.3. By Application
  11.14. Europe Legal Marijuana Demand Share Forecast, 2019-2026
12. Asia Pacific Legal Marijuana Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Asia Pacific Average Pricing Analysis
  12.2. Asia Pacific Legal Marijuana Market Size and Volume Forecast by Country
     12.2.1. China
     12.2.2. Japan
     12.2.3. South Korea
     12.2.4. India
     12.2.5. Australia
     12.2.6. Rest of Asia Pacific (APAC)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Asia Pacific Legal Marijuana Market Size and Volume Forecast by Types
     12.4.1. Medical
     12.4.2. Adult Use
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Asia Pacific Legal Marijuana Market Size and Volume Forecast by Applications
     12.7.1. Chronic Pain
     12.7.2. Mental Disorders
     12.7.3. Cancer
     12.7.4. Others
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Asia Pacific Legal Marijuana Market Size and Volume Forecast by End Users
     12.10.1. Flower
     12.10.2. Oil
  12.11. Basis Point Share (BPS) Analysis by End Users
  12.12. Y-o-Y Growth Projections by End Users
  12.13. Market Attractiveness/Growth Potential Analysis
     12.13.1. By Country
     12.13.2. By Product Type
     12.13.3. By Application
  12.14. Asia Pacific Legal Marijuana Demand Share Forecast, 2019-2026
13. Middle East & Africa Legal Marijuana Market Analysis and Forecast
  13.1. Introduction
     13.1.1. Basis Point Share (BPS) Analysis by Country
     13.1.2. Y-o-Y Growth Projections by Country
     13.1.3. Middle East & Africa Average Pricing Analysis
  13.2. Middle East & Africa Legal Marijuana Market Size and Volume Forecast by Country
     13.2.1. Saudi Arabia
     13.2.2. South Africa
     13.2.3. UAE
     13.2.4. Rest of Middle East & Africa (MEA)
  13.3. Absolute $ Opportunity Assessment by Country
  13.4. Middle East & Africa Legal Marijuana Market Size and Volume Forecast by Types
     13.4.1. Medical
     13.4.2. Adult Use
  13.5. Basis Point Share (BPS) Analysis by Types
  13.6. Y-o-Y Growth Projections by Types
  13.7. Middle East & Africa Legal Marijuana Market Size and Volume Forecast by Applications
     13.7.1. Chronic Pain
     13.7.2. Mental Disorders
     13.7.3. Cancer
     13.7.4. Others
  13.8. Basis Point Share (BPS) Analysis by Applications
  13.9. Y-o-Y Growth Projections by Applications
  13.10. Middle East & Africa Legal Marijuana Market Size and Volume Forecast by End Users
     13.10.1. Flower
     13.10.2. Oil
  13.11. Basis Point Share (BPS) Analysis by End Users
  13.12. Y-o-Y Growth Projections by End Users
  13.13. Market Attractiveness/Growth Potential Analysis
     13.13.1. By Country
     13.13.2. By Product Type
     13.13.3. By Application
  13.14. Middle East & Africa Legal Marijuana Demand Share Forecast, 2019-2026
14. Competition Landscape
  14.1. Global Legal Marijuana Market: Market Share Analysis
  14.2. Legal Marijuana Distributors and Customers
  14.3. Legal Marijuana Market: Competitive Dashboard
  14.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     14.4.1. Canopy Growth Corporation
     14.4.2. Aurora Cannabis
     14.4.3. Aphria Inc
     14.4.4. Tilray
     14.4.5. ABcann Medicinals Inc

Segments Covered in the Report
The global legal marijuana market size has been segmented in terms of

Types

  • Medical
  • Adult Use

End-Use

  • Flower
  • Oil

Application Areas

  • Chronic Pain
  • Mental Disorders
  • Cancer
  • Others

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Canopy Growth Corporation
  • Aurora Cannabis
  • Aphria Inc
  • Tilray
  • ABcann Medicinals Inc
  • The Cronos Group
  • Maricann Group
  • Organigram Holding Inc
  • Lexaria Corp

Major players competing in the global legal marijuana market are Canopy Growth Corporation, Aurora Cannabis, Aphria Inc; Tilray; ABcann Medicinals Inc; The Cronos Group; Maricann Group; Organigram Holding Inc; and Lexaria Corp. These market players are involved in several business strategies such as mergers, acquisitions partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.

They are simultaneously looking to innovate the current product they have in order to get a competitive edge in the market. For instance, the Anxiety and Depression of America conducted an open study with the help of Canopy Growth Corporation for the analysis of usage in marijuana and its benefits for people. The study showed that approximately 18% of total population have been dependent on marijuana usage. This encouraged Canopy Growth Corporation to venture on oil marijuana and brought applications to the factor that medical authorities have given approval.
 

Legal Marijuana Market By key Players

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