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Legal Marijuana Market Booming Demand Leading To Exponential CAGR Growth by 2030

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An increase in the rate of legalization of marijuana for medicinal and adult-use/recreational marijuana and the growing adoption of these products for the treatment of chronic ailments are the primary factors responsible for the growth of the market.

Legal Marijuana Industry Overview

The global legal marijuana market size is expected to reach USD 102.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 25.5% from 2022 to 2030. An increase in the rate of legalization of marijuana for medicinal and adult-use/recreational marijuana and the growing adoption of these products for the treatment of chronic ailments are the primary factors responsible for the growth of the market.

 

Legal Marijuana Market Segmentation

Grand View Research has segmented the global legal marijuana market based on product type, application, and region:

 

Based on the Product Type Insights, the market is segmented into Flower, Oil and Tinctures.

  • The oil and tinctures segment held the largest revenue share of over 50.0%. The majority of the countries that have legalized marijuana have done so for its medicinal properties. Marijuana oil and tinctures are being studied extensively for multiple indications in a lot of countries. This is also expected to emerge as the fastest-growing segment over the forecast period in light of recent legalizations for medical cannabis and its derivatives. In addition, the cannabinoids that are present in the oil help in improving sleep disorders and alleviate anxiety and stress.
  • The demand for oils and tinctures is anticipated to increase over the forecast period owing to a substantial increase in the number of patients preferring oil as compared to flowers. Moreover, children who need cannabis derivatives for their treatment cannot be suggested to use flowers to smoke and are instead being prescribed oils and tinctures due to the respiratory problems caused by smoking flowers.

 

Based on the Application Insights, the market is segmented into Medical and Adult Use.

  • The medical segment had the largest revenue share of over 80.0% in 2021. It is expected to grow at a steady rate from 2022 to 2030. The growth in this segment can be attributed to the recent legalization and decriminalization of marijuana for medical use. Patients in these geographic regions have been seen preferring the medical use of marijuana due to the ease of availability and economical pricing.
  • The adult-use segment is expected to emerge as the fastest-growing segment in the forecast period. In countries like the U.S. and Canada, where adult-use and medical use cannabis have both been legalized, people are still preferring adult-use marijuana due to the lack of reimbursements available for medical marijuana. In addition, changing consumer behavior toward recreational marijuana is yet another factor anticipated to boost the growth of the segment.

 

Legal Marijuana Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Africa

 

Key Companies Profile Market Share Insights

The market is expanding at a rapid pace as a large number of European and Asian countries have legalized the medical use of marijuana. The first movers in the market are expected to capitalize by increasing their regional presence and consolidating their market share. Various regulatory, quality and pricing norms are also impacting cross-border trade.

Some prominent players in the global legal marijuana market include

  • Aurora Cannabis
  • Canopy Growth Corporation
  • Maricann Group, Inc.
  • Aphria, Inc.
  • Tilray
  • The Cronos Group
  • ABcann Medicinals, Inc.
  • Lexaria Corp.
  • Organigram Holding, Inc.
  • GW Pharmaceuticals
  • United Cannabis Corporation
  • Tikun Olam, Ltd.

 

Order a free sample PDF of the Legal Marijuana Market Intelligence Study, published by Grand View Research.

 

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