SAN FRANCISCO, July 27, 2021 /PRNewswire/ — 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, according to a new report by Grand View Research, Inc. 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.
Key Insights & Findings:
- 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
Read 150 page market research report, “Legal Cannabis Market Size, Share & Trends Analysis Report By Sources (Marijuana, Hemp), By End-use (Recreational, Medical), By Derivatives (CBD, THC), By Region, And Segment Forecasts, 2021 – 2028“, by Grand View Research
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.
Grand View Research has segmented the global legal cannabis market on the basis of sources, derivatives, end-use, and region:
- Legal Cannabis Sources Outlook (Revenue, USD Million, 2014 – 2028)
- Oil and Tinctures
- Hemp CBD
- Industrial Hemp
- Legal Cannabis Derivatives Outlook (Revenue, USD Million, 2014 – 2028)
- Legal Cannabis End-use Outlook (Revenue, USD Million, 2014 – 2028)
- Medical Use
- Chronic Pain
- Depression and Anxiety
- Multiple Sclerosis
- Amyotrophic Lateral Sclerosis
- Post-Traumatic Stress Disorder (PTSD)
- Recreational Use
- Industrial Use
- Legal Cannabis Regional Outlook (Revenue, USD Million, 2014 – 2028)
- North America
- Asia Pacific
- New Zealand
- Latin America and Caribbean
List of Key Players of Legal Cannabis Market
- Canopy Growth Corp.
- GW Pharmaceuticals, plc
- Aphria, Inc.
- Cronos Group
- Sundial Growers, Inc.
- Insys Therapeutics, Inc.
- The Scotts Company LLC
- Cara Therapeutics, Inc.
Check out more studies conducted by Grand View Research, related to cannabis market:
- Cannabis Pharmaceuticals Market – The global cannabis pharmaceuticals market size was valued at USD 67.0 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 76.8% from 2020 to 2027.
- North America, Europe & Asia Pacific Legal Cannabis Market – The North America, Europe and Asia Pacific legal cannabis market size was valued at USD 17.6 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 19.6% from 2020 to 2026.
- Australia Legal Cannabis Market – The Australia legal cannabis market size was valued at USD 171.7 million in 2019 and is projected to expand at a compound annual growth rate (CAGR) of 42.1% from 2020 to 2026.
Browse through Grand View Research’s coverage of the Global Pharmaceuticals Industry.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.