Dublin, Jan. 14, 2025 (GLOBE NEWSWIRE) -- The "Legal Cannabis Global Market Insights 2025, Analysis and Forecast to 2030, by Market Participants, Regions, Technology, Application, Product Type" report has been added to ResearchAndMarkets.com's offering.
The legal cannabis market is witnessing rapid growth driven by the increasing legalization of cannabis in various regions, expanding awareness of its medical benefits, and the growing demand for recreational cannabis. The market is also benefiting from the development of industrial hemp applications and rising consumer interest in CBD-based products. As governments continue to relax regulations and introduce new policies favoring cannabis use, the industry is expected to experience significant expansion over the next few years. The growth is supported by evolving consumer preferences, innovations in product formulations and increasing medical research into cannabis' therapeutic uses.
The legal cannabis market is projected to grow at a compound annual growth rate (CAGR) of 15% to 20% during the forecast period. This expansion is attributed to the increasing adoption of cannabis for medical and recreational purposes, alongside the continued decriminalization and legalization across multiple regions globally. Additionally, the expanding use of hemp in industrial applications is contributing to the market's growth. Legal cannabis is becoming increasingly integrated into both healthcare and lifestyle products, accelerating demand across various market segments.
Market Share & Trends Analysis
By Application
The legal cannabis market is segmented by application into medical use, recreational use and industrial use:
- Medical Use: The medical cannabis segment is expected to dominate the market, driven by growing recognition of cannabis' therapeutic benefits, such as pain relief, anti-inflammatory properties, and mental health management. This segment is forecast to grow at a CAGR of 18% to 22% as more patients turn to cannabis-based treatments and as regulatory environments continue to evolve.
- Recreational Use: The recreational cannabis segment is also experiencing strong growth, particularly in regions where cannabis has been legalized for recreational purposes. This segment is anticipated to grow at a CAGR of 14% to 18% due to increasing consumer acceptance and the rise in demand for cannabis-based lifestyle products such as edibles, beverages and vapes.
- Industrial Use: The industrial use of cannabis, particularly hemp, is gaining traction in sectors like textiles, construction materials and biofuels. The industrial cannabis market is expected to grow at a CAGR of 10% to 12% due to the expanding use of hemp-based materials and growing interest in sustainable products.
By Product Type
The legal cannabis market is also segmented by product type into marijuana and hemp:
- Marijuana: Marijuana remains the dominant product in the legal cannabis market, driven by both medical and recreational demand. This segment is projected to grow at a CAGR of 16% to 20% as more regions legalize marijuana and expand access to cannabis-based treatments and recreational use.
- Hemp: Hemp is increasingly being used in industrial applications, such as textiles, building materials, and bio-based products. The hemp market is expected to grow at a CAGR of 12% to 15%,with strong demand driven by sustainable initiatives and increased research into hemp's versatility in various industries.
By Key Market Players
The legal cannabis market is highly competitive, with numerous well-established and emerging companies.
Key players in the Legal Cannabis market include:
- Aurora Cannabis: One of the largest cannabis producers globally, offering a wide range of products for medical and recreational use.
- Canopy Growth Corporation: A leader in the cannabis industry, with a strong portfolio of marijuana and hemp products catering to both medical and recreational markets.
- Tilray: Known for its cannabis-based medical products, Tilray has expanded its portfolio into the recreational market, along with various CBD-based offerings.
- Green Thumb Industries: A prominent player in the cannabis industry, focusing on medical and recreational marijuana production and retail distribution.
- GW Pharmaceuticals (Jazz Pharmaceutical): Specializes in developing cannabis-based medicines for various therapeutic uses, particularly in epilepsy treatment.
- Sundial Growers: A major cannabis producer focused on recreational cannabis, with an expanding product portfolio targeting lifestyle consumers.
- The Cronos Group: A well-established player with a diverse portfolio of cannabis products, including marijuana, CBD and hemp-based solutions.
- VIVO Cannabis: Known for its high-quality cannabis products, VIVO is targeting the medical cannabis segment while expanding into the recreational market.
By Region
The legal cannabis market is expected to experience varying growth rates across different regions:
- North America: North America is expected to hold the largest market share, particularly due to the U.S. and Canada's legalization of both medical and recreational cannabis. This region is projected to grow at a CAGR of 16% to 20%.
- Europe: The European market is poised for steady growth, with countries like Germany, the U.K. and Spain advancing cannabis legislation. The market in Europe is expected to grow at a CAGR of 12% to 15% as more countries legalize medical cannabis.
- Asia-Pacific: The Asia-Pacific region is likely to witness moderate growth in the legal cannabis market, driven by emerging legal frameworks and increasing medical cannabis research. The region is expected to grow at a CAGR of 8% to 12%.
- Latin America: Latin American countries like Mexico and Colombia are expected to expand their cannabis markets, particularly in medical cannabis. The region is anticipated to grow at a CAGR of 10% to 14%.
- Middle East & Africa: The cannabis market in the Middle East & Africa is expected to experience gradual growth due to evolving regulatory environments, with a CAGR of 6% to 8%.
Growth in Key Segments
- Medical Use: This segment is expected to maintain dominance and experience the highest growth rate at a CAGR of 18% to 22% as more patients turn to cannabis for chronic conditions and alternative treatments.
- North America: North America is expected to lead the global market, with strong growth in both medical and recreational cannabis, projected to grow at a CAGR of 16% to 20% through 2030.
Key Topics Covered:
Chapter 1 Executive Summary
Chapter 2 Abbreviation and Acronyms
Chapter 3 Preface
Chapter 4 Market Landscape
4.1 Market Overview
4.2 Classification/Types
4.3 Application/End Users
Chapter 5 Market Trend Analysis
5.1 Introduction
5.2 Drivers
5.3 Restraints
5.4 Opportunities
5.5 Threats
5.6 COVID-19 Impact
Chapter 6 Industry Chain Analysis
6.1 Upstream/Suppliers Analysis
6.2 Legal Cannabis Analysis
6.3 Downstream Buyers/End Users
Chapter 7 Latest Market Dynamics
7.1 Latest News
7.2 Merger and Acquisition
7.3 Planned/Future Project
7.4 Policy Dynamics
Chapter 8 Historical and Forecast Legal Cannabis Market in North America (2020-2030)
Chapter 9 Historical and Forecast Legal Cannabis Market in South America (2020-2030)
Chapter 10 Historical and Forecast Legal Cannabis Market in Asia & Pacific (2020-2030)
Chapter 11 Historical and Forecast Legal Cannabis Market in Europe (2020-2030)
Chapter 12 Historical and Forecast Legal Cannabis Market in MEA (2020-2030)
Chapter 13 Summary For Global Legal Cannabis Market (2020-2025)
13.1 Legal Cannabis Market Size
13.2 Legal Cannabis Market by End Use
13.3 Competition by Players/Suppliers
13.4 Legal Cannabis Market Size by Type
Chapter 14 Global Legal Cannabis Market Forecast (2025-2030)
14.1 Legal Cannabis Market Size Forecast
14.2 Legal Cannabis Application Forecast
14.3 Competition by Players/Suppliers
14.4 Legal Cannabis Type Forecast
Chapter 15 Analysis of Global Key Vendors
- Aurora Cannabis
- Bhang Corporation
- Canopy Growth Corporation
- Medical Marijuana
- Mentor Capital
- Cannoid
- CBD American Shaman
- CV Sciences
- Elixinol
- Folium Biosciences
- IRIE CBD
- Meadow Care
- mCig
- NuLeaf Naturals
- Pharmahemp
- Terra Tech
- United Cannabis
- Cannabis Sativa
- Green Thumb Industries
- GW Pharmaceuticals (Jazz Pharmaceutical)
- HEXO Corp.
- Organigram Holdings
- Sundial Growers
- The Cronos Group
- The Green Organic Dutchman Holdings
- The Scotts Mircale-Gro Company
- Tilray
- VIVO Cannabis
For more information about this report visit https://www.researchandmarkets.com/r/ld4482
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