Share
Legal Marijuana Market: By Type (Recreational, Medical), By Product Type (Flower, Oil and Tinctures), By Application (Chronic Pain, Mental Disorders, Cancer, Others), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2031
[ 170 + Pages Research Report ] Legal Marijuana Market to surpass USD 202.4 billion by 2031 from USD 21.2 billion in 2021 at a CAGR of 25.3% in the coming years, i.e., 2021-31.
Marijuana is made of dried leaves, stems, flowers and seeds of the Cannabis Indica or Cannabis Sativa plant. It is a psychoactive substance used both recreationally and therapeutically. Legalizing marijuana might provide possible health advantages, remove research roadblocks, and increase the market value of the drug due to its recreational usage.
Legal Marijuana market is expected to project a notable CAGR of 25.3% in 2031.
Increasing acceptance of marijuana for various medical conditions and diseases such as cancer, Alzheimer’s disease, appetite loss, Crohn’s disease, seizures etc., and legalization of Marijuana by government is driving the market growth.
Medical segment to grow with the highest CAGR during 2021-31
Based on type, Legal Marijuana Market is classified into Recreational and Medical. During the forecast period, Medical segment is projected to grow with the highest CAGR. The growth is attributed to the usage of marijuana for treating various medical conditions and diseases such as Alzheimer’s disease, Cancer, certain mental health conditions etc.
Marijuana can be effective in reducing anxiety and inflammation, relieving pain, controlling nausea and vomiting, etc., these factors are stimulating the demand for medical segment.
Oil and Tinctures segment to grow with the highest CAGR during 2021-31
Legal Marijuana Market is fragmented on the basis of product type into Flower, Oil and Tinctures. During the forecast period, Oil and Tinctures segment is projected to grow with the highest CAGR. The growth is attributed due to the increasing preference of patients to oil and tinctures over flowers for medical purposes. Many countries are engaged in extensive research and studies on oil and tinctures. Furthermore, oil extracts help in improving sleep disorders, reducing anxiety and is effective in treating nausea and vomiting.
Increasing use of marijuana for various medical conditions
Increasing acceptance of marijuana for various medical conditions and diseases such as cancer, Alzheimer’s disease, appetite loss, Crohn’s disease, seizures, etc. is driving the market growth. Marijuana plant consists of more than 100 different chemicals and each one has a different effect on the body. It is effective in reducing stress and anxiety, relieving pain, killing cancer cells and improving appetite, these are some factors that have induced the demand of marijuana as a medicinal product.
Legalization of Marijuana by government
As countries across the world are legalizing marijuana it is gaining significant deliberation from manufacturers, researchers and investors. Legalization of marijuana reduces the cost of enforcing laws and creates immense economic opportunities with the development of medical marijuana businesses which will contribute to the growth of Legal Marijuana Market.
Adverse health effects and rigid rules and regulation
Regular consumption of marijuana can impair cognitive abilities, damage lungs and hamper short-term memory and lead to depression. People become addicted which is a major factor discouraging the legalization of marijuana. Implementation of strict rules and regulations is further restraining the growth of Legal Marijuana Market.
Recent Developments
Legal Marijuana market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America is projected to grow with the highest CAGR. The growth is attributed to the rising decriminalization of marijuana by the government for medical and recreational purposes. With the presence of major players in the market and increasing investments in research and development is further driving the growth of Legal Marijuana Market in the region.
Covid-19 outbreak has adversely affected economies all over the world. The unprecedented effects of coronavirus had resulted in the imposition of lockdown and strict social distancing regulations. Covid-19 caused a huge disruption in the supply chain management in the market. Covid-19 negatively affected the Legal Marijuana Market as it hampered the global export and import of Marijuana. However, in the post-pandemic world, the market is expected to grow significantly owing to the greater adoption of marijuana for medical and recreational purposes.
Legal Marijuana is further segmented by region into:
Legal Marijuana Segments:
| Report Attribute | Details |
| Market size value in 2021 | USD 21.2 billion |
| Revenue forecast in 2031 | USD 202.4 billion |
| Growth Rate | CAGR of 25.3% from 2021 to 2031 |
| Base year for estimation | 2021 |
| Quantitative units | Revenue in USD million and CAGR from 2021 to 2031 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Type, Product Type, Application and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Key companies profiled | Canopy Growth Corporation, Aurora Cannabis, Aphria, Inc., Tilray, ABcann Medicinals, Inc., The Cronos Group, Maricann Group, Inc., Organigram Holding, Inc. Lexaria Corp., GW Pharmaceuticals, United Cannabis Corporation, Tikun Olam, Ltd. and Other Prominent Players. |
Select License Type
Select License Type
FATPOS CLIENT Appriciation DURING THE PROJECT
Working with Fatpos Global, allowed us to take advantage of their knowledge and easy approach, allowing us to collect important data utilizing a variety of techniques. The results were clearly presented and explained, and FG responded to our questions with speed and expertise.
|
Swiss-based global building materials manufacturer |
The analyses and presentations Fatpos Global have produced for us have been of a very high caliber and have allowed us to proactively improve our customer relationship management. They have also done so while maintaining complete anonymity. Without any doubt, we suggest Fatpos Global to you.
|
|
Tech-powered construction company |
We appreciate the team’s punctuality, flexibility in terms of report modification, post report purchase support and pleasant reaction all around. Overall, my experience with this company was nothing but positive, and I couldn't be more grateful for their excellent service. Thank you for all that you do!
|
|
American global management consulting firm |
We are able to concentrate on the topics and implications that are most important to our clients thanks to the adaptability and responsiveness of the team at Fatpos Global. We would highly recommend this company to anyone in need of their services, and I will certainly be using them again in the future.
|
|
Headquartered in Zug, Switzerland, leading supplier of medical and surgical instrument |
To better study our client demographics, develop the ideal product-price architecture, and enhance our target marketing initiatives, we hired Fatpos Global. Every component of the project was completed, and we are very happy with the useful insights and actionable results.
|
|
Kosovan company, A leading organic fertilizers producer |
Thank you for your team's generous assistance, The final report was delivered to me, and I find it to be really helpful. Also, you may be sure that I will get in touch with you if I ever require fresh materials for market research. Gratitude once more.
|
|
German specialty chemicals company based in Cologne, Germany |
