Global Legal Marijuana Market Expected to Surpass $80.1 Billion and Grow at 16.9% CAGR in the 2022-2031 Timeframe | Defined by Research Dive
The global legal marijuana market is expected to grow by 2031 due growing legalization of marijuana for medical purposes. The medical sub-segment is expected to be the fastest growing. Market in the North America region is predicted to be the most lucrative
NEW YORK, April 14, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Legal Marijuana Market, by Product Type (Flower Buds, Oils, Tinctures and Others) and Application (Recreational and Medical): Global Opportunity Analysis and Industry Forecast, 2022-2031".
According to the report, the global legal marijuana market is predicted to register a revenue of $80.1 billion by 2031, growing at a healthy CAGR of 16.9% during the forecast period 2022-2031.
Dynamics of the Market
Drivers: The legal marijuana market is expected to flourish in the forecast period on account of the increasing legalization of marijuana across different countries of the world. Along with this, growing demand for organic leaves across the globe is predicted to push the market forward in the forecast period.
Opportunities: Growing demand for cannabis for medical applications is expected to offer numerous growth opportunities to the market. Moreover, surge in local and national economies due to increased use of legal marijuana is predicted to take the market higher.
Restraints: According to market analysts, strict regulations on use of hemp in different countries, however, may become a challenge in the growth trajectory of the legal marijuana market.
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Covid-19 Impact on the Market
Since the outbreak of Covid-19 pandemic, strict lockdowns and travel restrictions were put in place by various governments across the world. As a result, there was a major decline in the supply of legal marijuana due to disruptions in global supply chains. Also, there was a substantial decline in demand for marijuana during the pandemic which further plummeted the growth rate of the legal marijuana market.
Segments of the Market
The report has fragmented the legal marijuana market into a few segments based on product type, application, and regional analysis.
- By product type, the flower buds sub-segment of the legal marijuana market is anticipated to have a significant growth rate by 2031. Flower buds of marijuana plant can be smoked in a pipe, inhaled through a vaporizer, or can be used as an ingredient in foods. This adaptability of flower buds is predicted to boost the growth of this sub-segment in the forecast period.
- By application, the medical sub-segment is predicted to have the highest CAGR by 2031. The growing demand for marijuana as a pain reliever from the medical sector is anticipated to push the growth rate of this sub-segment higher.
- By regional analysis, the legal marijuana market in the North America region is estimated to be the most dominant. An increase in the legalization of cannabis in this region along with growing demand for marijuana is estimated to help the market grow substantially in this region.
Prominent Market Players
Some prominent market players are
- Aurora Cannabis
- Tilray
- Canopy Growth Corporation
- Maricann Group Inc.
- The Cronos Group
- Lexaria Corp
- GW Pharmaceuticals plc.
- ABcann Medicinals Inc.
- Organigram Holding Inc.
- Aphria Inc.
These players are building several strategies like product development and enhancement, merger and acquisition, partnerships and collaborations to assist the market growth.
For example, in October 2022, Flora Growth Corp., a leading global cannabis company, announced the acquisition of Franchise Global Health Inc., a medical marijuana and pharmaceutical company based in Germany. This acquisition is predicted to expand the market share of Flora Growth Corp. substantially in the coming period.
The report also sums up various crucial facets including financial performance of the global market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Legal Marijuana Market:
- How is Legal Marijuana Beneficial for Human Beings?
- Global Legal Marijuana Market to Observe Widespread Growth with Growing Number of Legal Cannabis Countries
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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