Richmond, Jan. 30, 2024 (GLOBE NEWSWIRE) -- According to a research report "Legal Marijuana Market”, by Product Type (Buds / marijuana Flower, Cannabis Extracts, Oil, Tinctures, Others) By Species (Cannabis Indica, Cannabis Sativa, Cannabis Hybrid) By Strain (THC-dominant, CBD-dominant, Balanced THC and CBD) By Purchase Channel (Online, Offline) By Application (Medical, Chronic Pain, Mental Disorders, Cancer, Others, Recreational, Cosmetics & Others) End-Use Industry ( Pharmaceutical, Food, Beverages, and Tobacco, Personal Care, Research and Development Centres) and Region - Global Forecast to 2030.
Global Legal Marijuana Market Report Scope:
| Report | Details |
| Market size value in 2022 | USD 26.65 Billion |
| Market size value in 2030 | USD 157 Billion |
| CAGR (2023-2030) | 28.8% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Product Type, Species, Strain, Purchase Channel, Application, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Legal Marijuana Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & End-Use IndustryProduct Product Types / Mapping), End-Use IndustryAssessment (Developments & Economic Impact), Partner & Customer Ecosystem (End-Use IndustryHumanoid Robot, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The legal marijuana market has undergone a remarkable transformation in recent years, spurred by changing attitudes towards cannabis and evolving regulatory landscapes across the globe. This market overview will highlight key trends, challenges, and opportunities shaping the legal marijuana industry.
The legal marijuana market has experienced robust growth, driven by increasing legalization for both medical and recreational use. Additionally the regulatory environment remains a crucial factor influencing market dynamics. While many countries have moved towards legalization or decriminalization, regulations vary widely, impacting aspects such as cultivation, distribution, sales, and consumption. In the United States, for example, marijuana remains illegal at the federal level, creating complexities for businesses operating in states where it is legal.
The legal marijuana market is segmented into various categories, including medical and recreational products, as well as derivatives such as CBD oils and edibles. Each segment presents unique opportunities and challenges, with medical cannabis gaining acceptance for its therapeutic properties, while recreational products cater to a growing consumer base seeking relaxation or social experiences. The market features a diverse ecosystem of companies ranging from cultivators and producers to retailers and ancillary service providers. Established players, including cannabis giants and pharmaceutical companies, compete alongside a myriad of startups and entrepreneurs driving innovation in product development, technology, and distribution channels.
Changing consumer preferences and demographics shape demand within the legal marijuana market. Millennials and Gen Z consumers, in particular, have shown a growing interest in cannabis products, driven by factors such as health and wellness trends, social acceptance, and product innovation. Additionally, the pandemic has accelerated cannabis consumption trends, with many individuals turning to marijuana for stress relief and relaxation.
Despite its rapid growth, the legal marijuana market faces challenges such as regulatory hurdles, banking restrictions, and taxation issues. However, these challenges also present opportunities for industry stakeholders to advocate for reform, invest in research and development, and expand into emerging markets.
In conclusion, the legal marijuana market continues to evolve rapidly, driven by shifting attitudes, changing regulations, and growing consumer demand. While challenges persist, the industry's resilience and adaptability position it for continued growth and innovation in the years to come.
Major Vendors in the Global Legal Marijuana Market:
Canopy Growth Corporation, Aphria, Inc., Aurora marijuana Inc., Maricann Group, Inc., Tilray, Inc., Cronos Group Inc., OrganiGram Holding Inc., VIVO marijuana Inc., Tikun Olam Ltd., The Green Organic Dutchman Holdings Ltd., Terra Tech Corp., Medical Cannabis, Inc., Stenocare A/S, Cannabis Science, Inc., and HEXO Corp. and others.
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Growing Usage In Medical Application
The growing recognition of marijuana's medical applications is a significant driver for the market. Medical marijuana has gained acceptance as a viable treatment option for various medical conditions, including chronic pain, epilepsy, multiple sclerosis, and chemotherapy-induced nausea. This acceptance is supported by a growing body of scientific research highlighting the therapeutic properties of cannabinoids, particularly THC and CBD.
One example of how medical applications drive market growth is the increasing adoption of medical marijuana programs in various jurisdictions. These programs allow patients with qualifying medical conditions to access marijuana for therapeutic purposes under the supervision of healthcare professionals. As more states and countries implement medical marijuana programs, demand for medical cannabis products and related services increases, driving market growth.
Furthermore, the pharmaceutical industry's interest in cannabis-derived compounds for drug development further validates marijuana's medical potential. Pharmaceutical companies are exploring the development of cannabinoid-based medications for a range of conditions, including chronic pain, neurological disorders, and psychiatric illnesses. This research and development activity not only expand the therapeutic options available to patients but also contribute to the overall growth of the medical marijuana market.
Also, the growing recognition of marijuana's medical applications drives market growth by increasing patient access, expanding product offerings, and attracting investment in research and development. As medical marijuana continues to gain acceptance and regulatory support, its contribution to the overall marijuana market is expected to grow significantly in the coming years.
In conclusion, the growing recognition of marijuana's medical applications drives market growth by increasing patient access, expanding product offerings, and attracting investment in research and development. As medical marijuana continues to gain acceptance and regulatory support, its contribution to the overall marijuana market is expected to grow significantly in the coming years.
Market Dynamics
Drivers:
- Increasing awareness and concerns about environmental issues.
- Rising Corporate Sustainability Initiatives
- Stringent Government Regulations
- Consumer Preference for Sustainable Products
- Innovations and upgrades in research & development
Opportunities:
- Increasing acceptance and legalization of marijuana for medical and recreational use.
- Investment in research and development drives innovation in cannabis genetics, cultivation methods, product formulations, and therapeutic applications.
- Initiatives promoting social equity in the marijuana industry, such as minority-owned businesses and expungement of cannabis-related convictions.
- Integrate technology into cultivation, processing, distribution, and retail operations, enhancing efficiency and product quality.
- Upcoming opportunities for retail expansion, including dispensaries, online platforms, and delivery services
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Medical Applications of Cannabis
Environmental The medical applications of cannabis present a significant and growing opportunity within the legal marijuana market. Cannabis contains numerous chemical compounds known as cannabinoids, the two most well-known being tetrahydrocannabinol (THC) and cannabidiol (CBD). These compounds interact with the body's endocannabinoid system, which plays a crucial role in regulating various physiological functions, including mood, pain sensation, appetite, and immune response.
One of the primary medical applications of cannabis is in pain management. Studies have shown that cannabinoids, particularly THC and CBD, possess analgesic properties and can effectively alleviate both acute and chronic pain associated with conditions such as neuropathy, arthritis, multiple sclerosis, and cancer. This presents a promising alternative to traditional pain medications, especially for patients who may experience inadequate relief or intolerable side effects with conventional treatments.
Cannabis also shows potential in managing neurological disorders such as epilepsy and Parkinson's disease. CBD, in particular, has garnered attention for its anticonvulsant properties and has been approved by regulatory agencies for the treatment of certain forms of epilepsy, such as Dravet syndrome and Lennox-Gastaut syndrome. Additionally, research suggests that cannabinoids may help alleviate symptoms such as tremors, rigidity, and impaired motor function in Parkinson's disease patients, although further clinical trials are needed to confirm these findings.
Furthermore, cannabis-based medications hold promise in the field of mental health. CBD, in particular, has shown anxiolytic and antipsychotic properties, leading to its exploration as a potential treatment for anxiety disorders, post-traumatic stress disorder (PTSD), and schizophrenia. Additionally, preliminary research suggests that cannabinoids may have antidepressant effects and could be beneficial in managing mood disorders such as depression.
The medical applications of cannabis extend beyond symptom management to potential disease-modifying effects in conditions such as cancer and inflammatory disorders. Cannabinoids have been shown to inhibit the growth and spread of certain cancer cells and possess anti-inflammatory properties that may be beneficial in conditions like Crohn's disease and rheumatoid arthritis.
Overall, the expanding body of scientific research supporting the medical efficacy of cannabis presents a promising opportunity within the legal marijuana market. As regulatory barriers evolve and stigma diminishes, the medical cannabis sector is poised for significant growth, offering novel treatment options for patients across a wide range of medical conditions. However, further clinical research, regulatory oversight, and physician education are essential to unlocking the full potential of medical cannabis and ensuring safe and effective patient care.
North America dominates the market for Legal Marijuana.
North America's dominance in the market for legal cannabis can be attributed to several key factors that have propelled the region to the forefront of the industry. North America, particularly Canada and certain states in the United States, were among the first to legalize cannabis for medical and recreational use. This early adoption of legalization created a conducive environment for the development of a robust legal cannabis market, allowing businesses to establish themselves and gain a competitive edge.
The region boasts a large population, of cannabis consumers. The region's demographics, particularly the presence of a sizable millennial and Gen Z population, contribute to a growing consumer base with favorable attitudes towards cannabis use, driving demand within the market. While cannabis remains illegal at the federal level in the United States, several states have implemented their own regulatory frameworks for legal cannabis, creating a patchwork of varying regulations. In contrast, Canada has established a federal framework for legal cannabis, providing clarity and consistency for businesses operating in the market. These regulatory frameworks, despite their complexities, have facilitated the growth of a legal cannabis industry in North America.
The increasing investments attracts significant investment and boasts a thriving ecosystem of cannabis companies, including cultivators, producers, retailers, and ancillary service providers. This investment enables companies to innovate in product development, technology, and distribution channels, driving market growth and competitiveness. Additionally North America has seen a shift in cultural and social attitudes towards cannabis, with increasing acceptance and normalization of its use. This cultural shift, coupled with changing perceptions of cannabis as a recreational and wellness product, has contributed to the expansion of the legal cannabis market in the region. USA dominates the North American market followed by Canada.
The Application Segment is anticipated to hold the Largest Market Share during the Forecast Period.
The legal marijuana market has witnessed a significant surge in growth and diversification, driven by the expanding acceptance and legalization of cannabis for various applications. Among the key segments, medical applications play a dominant role in shaping the market landscape.
One of the primary drivers of the legal marijuana market is its application in managing chronic pain, a condition affecting millions worldwide. The therapeutic properties of certain cannabinoids found in marijuana, particularly THC (tetrahydrocannabinol) and CBD (cannabidiol), have been acknowledged for their analgesic effects. Medical marijuana is increasingly prescribed for patients suffering from chronic pain associated with conditions like arthritis, neuropathy, and other debilitating illnesses.
The medicinal use of marijuana extends to the treatment of mental disorders, including anxiety, depression, and PTSD (post-traumatic stress disorder). Cannabinoids interact with the endocannabinoid system, influencing neurotransmitter release and neural pathways, potentially providing relief for individuals dealing with various mental health challenges.
Legal marijuana, especially in the form of medical cannabis, has found application in cancer care. It is often used to alleviate symptoms associated with cancer treatments, such as chemotherapy-induced nausea, loss of appetite, and pain. Some studies also suggest potential anti-cancer properties of certain cannabinoids, opening avenues for further research.
Beyond medical applications, the recreational segment has gained substantial traction. With the legalization of cannabis for recreational use in various regions, there has been a surge in demand for marijuana products for leisure and relaxation purposes. This shift in regulatory frameworks has fueled a burgeoning market for cannabis-infused edibles, beverages, and other recreational products.
The utilization of cannabis derivatives in cosmetics and other consumer products has emerged as a novel and growing application. CBD, in particular, is increasingly incorporated into skincare and cosmetic formulations for its purported anti-inflammatory and antioxidant properties. The "Others" category encompasses a spectrum of emerging applications, including cannabis-based pharmaceuticals, wellness products, and even in the pet care industry.
While recreational use has gained momentum with changing regulations, the medical applications of legal marijuana, including its role in addressing chronic pain, mental disorders, and supporting cancer patients, remain a dominant force shaping the market. The versatility of cannabis derivatives in cosmetics and the exploration of novel applications contribute to the multifaceted growth of the legal marijuana market.
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