DUBLIN–(BUSINESS WIRE)–The “Global Legal Cannabis Market 2021-2028” report has been added to ResearchAndMarkets.com’s offering.
The global legal cannabis market size is expected to reach USD 91.5 billion by 2028, registering a CAGR of 26.3% over the forecast period.
Owing to recent legalization in several parts of the world, the usage of cannabis is gaining momentum for medical purpose. Medical cannabis is used for the treatment of various chronic conditions, such as Parkinson’s disease, Alzheimer’s disease, arthritis, cancer, depression, anxiety, epilepsy, and other neurological conditions. Thus, a wide application scope has led to an increased product demand for the treatment of various chronic conditions.
In addition, due to cannabis being slowly accepted in various countries, some developed countries, such as Canada, Uruguay, and certain states of the U.S., have gone a step further and legalized the recreational use of cannabis. As recreational cannabis is easily available in the market with an economical price tag, the demand for the same has increased exponentially.
This is expected to increase cannabis cultivation to suffice the growing demand. However, the COVID-19 pandemic has adversely affected the market growth owing to the imposition of lockdown, limiting consumers from visiting brick-and-mortar shops.
Based on the sources, the marijuana segment accounted for the highest revenue share in 2020 and is expected to exhibit the fastest growth rate during the forecast period. This can be attributed to increased awareness about its medical benefits and easy availability.
For instance, Marijuana oil is used for the treatment of cancer and nausea and can also be used for the improvement of the sleep cycle and alleviating stress, pain, and anxiety. Decriminalization and legalization of medical marijuana in some countries have led to significant shrinkage in the black market.
Moreover, the high efficacy of marijuana-derived CBD is one of the pivotal factors accountable for the segment’s large share. The usage of cannabis for medical applications has witnessed an expansion with rising support, among the scientific community, due to its benefits in various treatment processes.
In recent years, numerous countries have legalized medical cannabis, but its prescription is dependent on the demand of the patient and physician’s preference. The recreational-use segment is expected to be the fastest-growing segment during the forecast period.
Legal Cannabis Market Report Highlights
- The market size is anticipated to be valued at USD 91.5 billion by 2028 owing to the increasing legalization of cannabis across the globe
- The medical end-use segment dominated the market in 2020 and will retain the leading position during the forecast years
- This growth can be credited to the rising geriatric population and increasing demand for cannabis for various medical purposes, such as management of chronic pain, mental disorders, chemotherapy-induced nausea & vomiting, and neurological disorders
- North America was the largest regional market in 2020 owing to high demand and positive attitude toward cannabis
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Global Legal Cannabis Market Variables, Trends & Scope
3.1 Market Segmentation
3.2 Penetration and Growth Prospect Mapping
3.3 Market Dynamics
3.3.1 Market Driver Analysis
3.3.2 Market Restraint Analysis
3.4 Global Legal Cannabis Industry: History of Medical Use of Cannabis
3.5 Global Legal Cannabis Industry: History of Industrial Use of Cannabis
3.6 Global Legal Cannabis Industry: Number of Clinical Trials, By Region
3.7 Global Legal Cannabis Industry: Legalization Timeline
3.7.1 Legalization Landscape (Timeline)
3.7.2 The U.S. Legalization Landscape
3.7.3 Global Legal Cannabis Regulatory Scenario, By Country
22.214.171.124 The U.S.
126.96.36.199 The Netherlands
188.8.131.52 Czech Republic
3.8 Global Legal Cannabis Industry: Consumption Pattern Analysis, By Region
3.8.1 Consumption Pattern Analysis, By Region
3.8.2 Estimated Number of Cannabis Users from 2016 to 2026, By Country
3.8.3 Estimated Number of Medical Marijuana Users from 2016 to 2026, By Country
3.9 Global Legal Cannabis Industry: Potential Trade Opportunity
3.9.1 Trade Opportunity Analysis, By Region
3.9.2 Global Legal Cannabis Trade Route
3.9.3 Global Hemp Trade Route
3.9.4 Countries Importing and Exporting Medical Cannabis (Flower)
3.9.5 Countries Importing and Exporting Hemp Seeds
3.9.6 Countries Importing and Exporting Hemp Seed Oil
3.10 Global Legal Cannabis Industry: Seed to Shelf Story
3.10.1 Section Description
184.108.40.206 Cultivators and Growers
220.127.116.11 Manufacturers and Producers
18.104.22.168 Wholesalers and Distributors
3.10.2 Supply Chain Analysis
22.214.171.124 Profit Margin Estimation
3.11 Global Legal Cannabis Industry: Country Case Studies
3.11.1 The U.S.
126.96.36.199 Legalization of Cannabis:
188.8.131.52 Reason for Legalization:
184.108.40.206 Scenario after Legalization and Consumer Attitudes:
220.127.116.11 Competitive Landscape Post Legalization
3.11.4 South Africa
Chapter 4 Global Legal Cannabis Market: Sources Estimates & Trend Analysis
4.1 Segment Dashboard
4.2 Global Legal Cannabis Market: Sources Movement Analysis, 2020 & 2028 (USD Million)
18.104.22.168 Marijuana Market Estimates And Forecasts, 2014 – 2028 (USD Million)
22.214.171.124 Oil and Tinctures
126.96.36.199 Hemp Market Estimates And Forecasts, 2014 – 2028 (USD Million)
188.8.131.52 Hemp CBD
184.108.40.206 Industrial Hemp
Chapter 5 Global Legal Cannabis Market: Derivatives Estimates & Trend Analysis
5.1 Segment Dashboard
5.2 Global Legal Cannabis Market: Derivatives Movement Analysis, 2020 & 2028 (USD Million)
Chapter 6 Global Legal Cannabis Market: End-use Estimates & Trend Analysis
6.1 Segment Dashboard
6.2 Global Legal Cannabis Market: End-Use Movement Analysis, 2020 & 2028 (USD Million)
6.2.1 Medical Use
220.127.116.11 Medical Use Market Estimates And Forecasts, 2014 – 2028 (USD Million)
18.104.22.168 Chronic Pain
22.214.171.124 Depression and Anxiety
126.96.36.199 Multiple Sclerosis
188.8.131.52 Amyotrophic Lateral Sclerosis
184.108.40.206 Post Traumatic Stress Disorder (PTSD)
6.2.2 Recreational Use
6.2.3 Industrial Use
Chapter 7 Global Legal Cannabis Market: Competitive Analysis
7.1 Company Market Position Analysis
7.2 Strategic Framework
Chapter 8 Global Legal Cannabis Market: Regional Estimates & Trend Analysis: By Product, Sources, and End-User
8.1 Regional Market Snapshot
8.2 Global Legal Cannabis Market: Regional Movement Analysis, 2020 & 2028 (USD Million)
Chapter 9 Competitive Landscape
- Canopy Growth Corporation
- GW Pharmaceuticals, PLC
- Aurora Cannabis, Inc.
- Aphria, Inc. (Prior To Merger With Tilray)
- Cronos Group
- Sundial Growers, Inc.
- Insys Therapeutics, Inc.
- The Scotts Company LLC
- Vivo Cannabis Inc.
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