The
global Legal
Marijuana Market size is expected to reach USD 102.24 billion by
2030, according to a new study by Grand View Research, Inc. The market is
expected to expand at a CAGR of 25.7% from 2024 to 2030. Increase in rate of
legalization of marijuana for medicinal and adult-use/recreational marijuana,
growing adoption of these products for the treatment of chronic ailments and
rise in a number of new product launches are the primary factors responsible for
the growth of the market. For instance, in March 2023, Irwin Naturals Inc., a
herbal supplement formulator, introduced company's’ new CBD 25mg Softgels in
Canada. It is available through the Starseed Medicinal Medical Group platform
across the nation.
In
April 2022, New Jersey legalized recreational and medical marijuana, and it is
being sold at 13 facilities. This move has made New Jersey one of the 18 states
in the United States where recreational marijuana is legal. The market is
experiencing growth due to the widespread acceptance of cannabis and its high
demand. Since its legalization, the use of marijuana in medical treatments has
increased, leading to a decrease in the illegal trade of cannabis. According to
a study conducted by New York University, the usage of cannabis among
individuals aged 50-64 has doubled in the last decade and has now reached 9.0%.
Moreover,
price of legal marijuana is lower than medical marijuana, and taxes would
be levied on marijuana products after its legalization. Therefore, cultivators
are focusing on cultivating marijuana in areas that are exempt from taxes. For
instance, in New York, marijuana cultivators are focusing on tribal regions to
get exempted from the taxes levied by the government. This is expected to lower
the overall cost of cultivation of marijuana in the state, and cultivators can
sell marijuana at lower prices. Lower prices of marijuana are further
anticipated to boost the adoption of marijuana in the market.
List of Key Players of Legal Marijuana Market
- Canopy
Growth Corporation
- AURORA
CANNABIS INC.
- Tilray
Brands Inc. (Aphria, Inc.)
- ABcann
Medicinals, Inc. (VIVO Cannabis Inc.)
- The Cronos
Group
- MARICANN
INC.
- Organigram
Holdings Inc.
- Lexaria
Bioscience
- GW
Pharmaceuticals (Jazz Pharmaceuticals, Inc.)
- Tikun Olam
- United
Cannabis Corporation
Related Press
Release@ Legal
Marijuana Market Report
Legal Marijuana Market Report Highlights
- By
application, medical segment accounted for the largest revenue share of
79.1% in 2023 owing to the high demand among healthcare practitioners and
patients for medicinal marijuana.
- By product
type, oil and tinctures held the largest market share in 2023 owing to low
price and ease of accessibility of flowers compared to other products.
- In 2023,
North America dominated the overall market with a revenue share of 76.0%
owing to its large consumer base, North America was among the first
regions to legalize the use of medical and recreational cannabis.
Legal Marijuana Market Report
Scope
|
Report Attribute |
Details |
|
Market
size value in 2024 |
USD 26.0
billion |
|
Revenue
forecast in 2030 |
USD 102.2
billion |
|
Growth
rate |
CAGR of
25.7% from 2024 to 2030 |
|
Actual data |
2018 - 2023 |
|
Forecast data |
2024 - 2030 |
Request For A Free Consultation @ https://www.grandviewresearch.com/request-free-consultation/5051/rfc
Legal Marijuana Market Report Segmentation
Grand
View Research has segmented the global legal marijuana market on the basis of
application, product type, and region:
Legal Marijuana Application Outlook (Revenue, USD
Billion, 2018 - 2030)
- Medical
- Chronic
Pain
- Cancer
- Depression
and Anxiety
- Arthritis
- Diabetes
- Glaucoma
- Migraines
- Epilepsy
- Multiple
Sclerosis
- AIDS
- Amyotrophic
Lateral Sclerosis
- Alzheimer’s
- Post-traumatic
Stress Disorder (PTSD)
- Parkinson's
- Tourette’s
- Others
- Adult Use
Legal Marijuana Product Type Outlook (Revenue, USD
Billion, 2018 - 2030)
- Flower
- Oil &
Tinctures
Legal Marijuana Regional Outlook (Revenue, USD Billion,
2018 - 2030)
- North
America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Italy
- Netherlands
- Croatia
- Poland
- Czech
Republic
- Switzerland
- Spain
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- Thailand
- Latin
America
- Brazil
- Mexico
- Uruguay
- Colombia
- Middle East
and Africa (MEA)
- South
Africa
- Israel
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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