Newark, July 26, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 15 billion in 2022 global legal marijuana market will reach USD 118.88 billion in 2032. The black-market trading of marijuana, given its illegal status in many countries, led to several systemic losses. The black-market trading leads to the sale of marijuana at exorbitantly high prices, which leads to a financial burden on users and can eventually cause bankruptcy, and detrimental physical and mental effects, given the dependence on marijuana to manage pain, sleep or hunger. The deployment of law-and-order resources for preventing the smuggling and trading of marijuana illegally leads to sub-optimal use of fiscal resources, causing economic losses for the exchequer. Furthermore, it causes social and other societal problems of substance use, addictive young population and premature deaths. Also, these can be controlled and managed if marijuana is legalised. Legalisation will reduce the prices to a reasonable range, allowing the government to earn money through taxes. The government authorities will have better control over the marijuana market, and the black market will die down if marijuana continues to be available legally in nations.
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Key Insight of the Global Legal Marijuana Market
North America is expected to dominate the market during the forecast period.
The US's 23 states that have legalised marijuana for medical and recreational purposes present a market for business players. Mexico's significant manufacturing volume is a helpful contributing factor to the regional market. The market is expanding due to marijuana's increasing acceptance and awareness. The legal marijuana business is being driven by the use of marijuana to treat chronic pain in combat veterans battling phantom limb agony, PTSD, anxiety, and other physical and medical ailments. The region's young population's rising demand for marijuana edibles for recreational purposes will further the market's expansion.
In 2022, the medical segment dominated the market with the largest market share of 65% and market revenue of 9.75 billion.
The type segment is divided into medical and adult use. In 2022, the medical segment dominated the market with the largest market share of 65% and market revenue of 9.75 billion.
In 2022, the oils and concentrates segment dominated the market with the largest market share of 35% and market revenue of 5.25 billion.
The product type segment is divided into buds, oils and concentrates, tinctures, flowers, leaves and others. In 2022, the oils and concentrates segment dominated the market with the largest market share of 35% and market revenue of 5.25 billion.
In 2022, the chronic pain segment dominated the market with the largest market share of 37% and market revenue of 5.55 billion.
The application segment is divided into chronic pain, cancer, recreational uses, mental disorders, and others. In 2022, the chronic pain segment dominated the market with the largest market share of 37% and market revenue of 5.55 billion.
Advancement in market
June 2023 - A measure that legalises domestic marijuana in Luxembourg has been enacted, effectively ending the drug's illegality. Under the new law, residents can now grow up to four plants per household. The vegetation must be hidden from view from the road. Additionally, users are allowed by law to possess up to 3 gm outside of their dwelling. Luxembourg joins several other nations that have promised ambitious adult-use cannabis intentions, only to either fall short or deliver severely scaled-back legislation, even though the new law is a significant step towards altogether abolishing prohibition.
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Market Dynamics
Driver: The growing number of nations that have legalised marijuana.
The usage of marijuana for medical purposes has been widely studied, recorded, and proven to be effective in treating nausea and vomiting as well as chronic pain. In the industrialised world, notably in the US, the business, medical, and civil society lobby for marijuana use for medical purposes is gaining ground. Marijuana use for medical purposes is now approved in about 23 US states. Even the use of marijuana for recreational purposes is permitted in some places. In Europe, a similar pattern is seen. The cause of legalising marijuana has also benefited from the growing understanding of marijuana's therapeutic advantages. In addition, illegal cross-border trade in marijuana costs governments millions of dollars, and it wastes resources on legal and regulatory systems through smuggling. By streamlining the marijuana market and integrating it into the mainstream economy, legalisation reduces the threat of black marketing and generates tax income from marijuana sales. Additionally, it is thought to provide better monitoring and management of marijuana usage, lowering overdose fatalities. As a result, the industry will expand as marijuana is increasingly legalised for medical and recreational purposes.
Restraints: The vocal protest against the legalisation of marijuana.
Just as there are organisations that favour legalising marijuana, there are those who favour outlawing it. They contend that marijuana will be overused for recreational purposes and could harm the next generation. Marijuana legalisation has been hampered by worries about the long-term adverse effects of the drug on nervous system health and a rising reliance on it to control pain, sleep, and hunger. Therefore, the market's expansion will be hampered by vocal public and government resistance.
Opportunities: Marijuana-based edibles are highly popular in the market.
The legalisation of marijuana has opened the market to a wide range of opportunities, including creation of new marijuana-based products. These goods include sweets, gummies, beverages, cakes, chocolates, ice cream, juices, and other sweets and savoury foods. The millennial and Generation Z populations are growing more interested in these products. They come in various tastes under several brands, providing consumers with a wide selection of goods. The legalisation also enables market participants to sell items at local grocery shops and retail establishments, improving product accessibility. As a result, the global market for legal marijuana will grow throughout the forecast period due to the launch of marijuana edibles.
Challenges: The stringent government regulations
Legalising the use of marijuana for medical uses is subject to stringent rules, regulations and guidelines to prevent its proliferation for the wrong causes. It is necessary to have a robust and accountable mechanism to check the production, trade, and consumption of marijuana to prevent any menace or malicious marijuana use that may harm the citizens and cause law and order problems for the nation. The enacted legislations are particular regarding the quantities that can be produced privately and for commercial purposes, quantities allowed in possession at a time and medical conditions that necessitate the use of marijuana, thereby challenging the market's growth.
Some of the major players operating in the global legal marijuana market are:
• Tilray
• The Cronos Group
• Organigram Holding, Inc.
• Maricann Group, Inc.
• Lexaria Corp
• GW Pharmaceuticals, plc.
• Canopy Growth Corporation
• Aurora Cannabis
• Aphria, Inc.
• ABcann Medicinals, Inc.
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Key Segments cover in the market:
By Type
• Medical
• Adult-Use
By Product Type
• Buds
• Oils and Concentrates
• Tinctures
• Flowers
• Leaves
• Others
By Application
• Chronic Pain
• Cancer
• Recreational Uses
• Mental Disorders
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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