New York, USA, Jan. 24, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global legal marijuana market is envisioned to garner $80.1 billion in revenue and rise at a CAGR of 16.9% throughout the estimated timeframe from 2022 to 2031.
As per our analysts, with the increasing demand for cannabis for various medical applications, the legal marijuana market is expected to experience a remarkable growth during the predicted period. Besides, the increasing research and clinical trials on several marijuana-based treatments are further expected to uplift the growth of the market over the analysis period. Moreover, the legal marijuana offerings provide excellent benefits to economies on local and national scales which is expected to foster the growth of the market during the forecast period. However, the regulations regarding the usage of hemp in different nations may hinder the growth of the market throughout the estimated period.
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Segments of the Legal Marijuana Market
The report has divided the market into segments based on product type, application, and region.
Product Type: Flower Buds Sub-Segment to be Most Profitable
The flower buds sub-segment is expected to hold the highest share of the market during the forecast timeframe. This is mainly due to the adaptability of marijuana flowers which may be inhaled in a vaporizer or used as an ingredient in foods, and many other ways. Moreover, the growing use of marijuana flower as the most common consumable commodity on the international market is expected to fortify the growth of the market sub-segment over the estimated period.
Application: Medical Sub-Segment to be Most Productive
The medical sub-segment is predicted to hold the maximum share of the market throughout the analysis timeframe. This is mainly because of the increasing demand for marijuana as a pain reliever for a wide range of medical ailments such as seizures, cancer, and many more. Furthermore, the rising trend of using marijuana instead of alcohol and the increasing number of consumers following legalization is expected to uplift the growth of the market over the forecast period.
North America Region to Hold the Highest Share of the Market
The North America region of the legal marijuana market is expected to hold the biggest revenue of the market during the estimated timeframe. This is mainly due to the rising demand for cannabis legalization in this region. In addition, the growing use of marijuana for numerous applications in medical settings for diminishing the symptoms of chronic pain, illness, for diminishing the symptoms of chronic pain, illness, Alzheimer's, and different other neurological ailments in this region is expected to drive the regional growth of the market during the analysis period.
Specific Requirements on the Post COVID-19 Impact on Legal Marijuana Market? Ask an Analyst
Covid-19 Impact on the Legal Marijuana Market
The outbreak of the Covid-19 pandemic has had a negative impact on the legal marijuana market. This is mainly due to the diminishing product demand for key users and limited operations in most industries during the pandemic period. Moreover, the disruptions in the supply chain, the rising difficulty in providing essential or post-sales services, and the rising prices for medical marijuana caused due to the Covid-19 restrictions have declined the growth of the market during the crisis period.
Key Players of the Market
The major players of the legal marijuana market include
- Tilray
- The Cronos Group
- Aphria Inc.
- ABcann Medicinals Inc.
- GW Pharmaceuticals plc.
- Canopy Growth Corporation
- Maricann Group Inc.
- Lexaria Corp.
- Aurora Cannabis
- Organigram Holding Inc.
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaboration, and product development to acquire a leading position in the global industry.
For instance, in August 2022, Aurora Cannabis Inc., a leading Canadian licensed cannabis producer, acquisition of TerraFarma Inc., a privately held, vertically-integrated cultivator and processor of premium and ultra-premium cannabis and cannabis offshoots. With this acquisition, the companies aimed to focus on innovative premium cannabis products such as dried flowers, vapor products, concentrates, pre-rolls, and many more.
Further, the report also presents other vital aspects including the product portfolio, the financial performance of the key players, SWOT analysis, and the latest strategic development.
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
