Global Legalized Cannabis Market Insights Forecasts to 2030
- The Legalized Cannabis Market Size was valued at USD 22.3 billion in 2021.
- The Worldwide Market Share is growing at a CAGR of 26.2% from 2022 to 2030
- The Global Legalized Cannabis Market Size is expected to reach USD 135.2 billion by 2030
- Asia Pacific is expected to grow the fastest during the forecast period
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The global Legalized Cannabis market is expected to reach USD 135.2 billion by 2030, at a CAGR of 26.2% during the forecast period 2022 to 2030. The increasing demand for the legalised Cannabis act as the primary driving factor in the overall growth of the market.
Recently, the production and consumption of cannabis is growing exponentially across the world due to which the companies have come up with various cannabis based products which are driving the legalized cannabis market. As various countries are taking steps to legalize the medical uses of cannabis, the technological involvement is also considered as the significant part when it comes to the development of cannabis. Earlier, the farmers used to focus on cultivating the cannabis in minimal quantity. But due to the increasing technological advancements, they started to focus on making cannabis based capsules, edibles, gummies, and oils for vaping.
This research report categorizes the market for Legalized Cannabis market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Legalized Cannabis market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Legalized Cannabis market.
Various technologies like genetic engineering as well as artificial intelligence have revolutionized the cannabis market for a good cause. Artificial intelligence is playing a crucial role in the development of cannabis industry. With the help of artificial intelligence, the farmers can predict the weather changes and manipulate the strains of the cannabis based products. Not only this but they can also make use of the desired CBD level and alternate the genetic makeup of the cannabis plant to come up with several strain types which can sell best. In fact, many companies are researching on how to efficiently use AI in the cannabis market.
Global Legalized Cannabis Market Report Coverage
|Market Size in 2021:||USD 22.3 Billion|
|Forecast Period 2021-2030 CAGR:||26.2%|
|2030 Value Projection:||USD 135.2 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||199|
|Tables, Charts & Figures:||111|
|Segments covered:||By Product, By Application, By Region, COVID-19 Impact Analysis|
|Companies Covered:||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|
|Growth Drivers:||Various technologies like genetic engineering as well as artificial intelligence have revolutionized the cannabis market for a good cause.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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Although legalizing cannabis has immense advantages such as increasing employment opportunities and maximum tax revenue generation, but it also results in the risk of increasing cannabis overdose. Due to the overdose of cannabis, the market is witnessing increasing cases of panic attacks, anxiety, mental health problems, and heart arrhythmia. As companies have introduced various types of cannabis based products like capsules, oils, etc, it may result into the overdose of the products. This is the reason why many countries are not legalizing cannabis which can hamper the overall legalized cannabis market growth.
In 2021, the edibles segment is witnessing the highest market growth over the forecast period.
On the basis of product, the legalized cannabis market is segmented into flowers, concentrates, edibles, topicals, and tinctures. Among these, the edible segment is witnessing the highest market growth over the forecast period. Cannabis edibles are basically cannabis based drinks or food which gives more intense effects to the consumers. These products undergo through strict process to make sure that they are safe to consume.
In 2021, the medical use segment is dominating the market with the largest market share over the forecast period.
On the basis of application, the legalized cannabis market is segmented into medical and adult use. Among these, the medical use segment is dominating the market with the largest market share over the forecast period owing to the increasing legalization and decriminalization of medical cannabis. The patient who belong to these regions started adopting cannabis for medicinal purposes owing the ease of availability and affordable cost.
Regional Segment Analysis of the Legalized Cannabis Market
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- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
North America is dominating the market with the largest market share over the forecast period.
North America holds the largest market share and is dominating the market over the forecast period owing to the fastest decriminalization of cannabis for both recreational and medical use of cannabis across the region. This reason urged the key market players to introduce more advanced products and make a strong presence in the market.
In 2020, Curaleaf has acquired to major companies expanding its presence in the cannabis market in the U.S.
The report offers the appropriate analysis of the key organizations/companies involved within the global Legalized Cannabis market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Market Players
- Canopy Growth Corporation
- Aurora Cannabis
- Aphria, Inc.
- ABcann Medicinals, Inc.
- The Cronos Group
- Maricann Group, Inc.
- Organigram Holding, Inc.
- Lexaria Corp.
- GW Pharmaceuticals
- United Cannabis Corporation
- Tikun Olam, Ltd
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global Legalized Cannabis market based on the below-mentioned segments:
Legalized Cannabis Market, By Product
- Topicals and Tinctures
Legalized Cannabis Market, By Application
- Medical Use
- Adult Use
Legalized Cannabis Market, Regional Analysis
Rest of Europe
Rest of Asia Pacific
Rest of South America
Middle East & Africa
Rest of Middle East & Africa
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