Portland, OR, Feb. 13, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global legal marijuana market garnered $17.5 billion in 2021, and is estimated to generate $80.1 billion by 2031, manifesting a CAGR of 16.9% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $17.5 billion |
| Market Size in 2031 | $80.1 billion |
| CAGR | 16.9% |
| No. of Pages in Report | 230 |
| Segments covered | Product Type, Application, and Region. |
| Drivers | The emergence of medicinal marijuana as an alternative to conventional medicine The rise in social acceptance of marijuana |
| Opportunities | Investments in the R&D activities |
| Restraints | Marijuana use for recreational purposes can have a detrimental effect on people's health |
Impact of Covid-19 on Legal Marijuana Market:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global legal marijuana market, as numerous industries, including parts of the healthcare industry, were forced to temporarily suspend operations as a result of infections.
- The medical marijuana market experienced a short-term decline in growth, which can be attributed to a number of factors, including a drop in product demand from significant end users, limited operations in the majority of industries, insufficient funding for academic research institutions, a disrupted supply chain, and difficulties in terms of providing necessary/post-sale services.
The research provides detailed segmentation of the global legal marijuana market based on Product Type, Application, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on product type, the flower buds segment held the highest share in 2021, accounting for nearly half of the global legal marijuana market, and is expected to continue its leadership status during the forecast period. However, the oils segment is expected to register the highest CAGR of 17.3% from 2022 to 2031.
Based on application, the medical segment accounted for the highest share in 2021, contributing to nearly four-fifths of the global legal marijuana market, and is expected to maintain its lead in terms of revenue during the forecast period. This segment is expected to manifest the highest CAGR of 17.1% from 2022 to 2031.
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Based on region, North America held the largest share in 2021, contributing to more than two-fifths of the global legal marijuana market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Europe is expected to manifest the fastest CAGR of 17.7% during the forecast period.
Leading market players of the global legal marijuana market analyzed in the research include Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis Inc., Maricann Group, Inc., Gw Pharmaceuticals, Plc., United Cannabis Corporation, Organigram Holdings, Inc., Abcann Medicinals, Inc., Lexaria Corp., Tilray.
The report provides a detailed analysis of these key players of the global legal marijuana market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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