Global Legal Cannabis Market to Grow at a CAGR of 23% in the Forecast Period, Aided by the Growing Demand for Cannabinoid-Infused Food Products

Consumer demand for cannabis with consistent dosing and lab-tested chemicals is expanding at a fast pace as a result of the penetration of numerous start-ups. Innovative and premium packaging offered by several brands is propelling the appeal for cannabis-based products among millennial and gen-Z consumers, invigorating the market growth. The increasing legalisation of cannabis in countries like the United States, Spain, and Canada is fuelling the industry's growth. For instance, recreational cannabis became legal in New York in April 2021, boosting the industry growth significantly. The growing popularity of cannabis-infused foods is driving up the demand for cannabinoids, which is driving up demand for industrial hemp. Additionally, as people are becoming more aware of the health advantages of cannabinoids, the demand for cannabinoid-infused food products rises, augmenting the market growth. The rise of the cannabis market is aided by the creation of novel cannabis-based goods. The growing usage of cannabis for medical purposes is boosting the market growth. Due to the use of cutting-edge technology, such as artificial intelligence (AI) and big data in various treatments, the trend is projected to accelerate in the future years. This could lead to the personalisation of medical cannabis, allowing for the development of particular cancer and palliative care medications, which is expected to drive the industry's growth. The rising geriatric population need treatment for chronic diseases. With its rich medical properties and the increasing patient population, the governments of many countries are either decriminalising or approving its usage.

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In the cannabis market, companies are very active and continuously acquire shares and develop new products to attract more consumers to their products. For instance, in November 2020, Canopy Growth Corporation (TSX: WEED) (NYSE: CGC), world-leading diversified cannabis, hemp, and cannabis device company, announced the launch of Quatreau, a new line of premium CBD-infused beverages. The naturally flavoured sparkling waters are Canopy Growth's first CBD-infused drinks, with both CBD-only and "balanced" (CBD + THC) offerings available in Canada.

Market Analysis by Products Derived, Applications, Distribution Channels, and Regions:

• The major products derived from legal cannabis are marijuana and industrial hemp.

• The market can be broadly categorised on the basis of its application into marijuana and industrial hemp. Marijuana is further divided into medical and recreational use, while industrial hemp is sub-divided into personal care, hemp CBD, food, and consumer textile, among others.

• Based on distribution channels, the market is divided into regulated dispensary, recreational stores, and stand-alone retailer, among others.

• The regional markets for legal cannabis include North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

Key Findings of the Report:

• Increasing research activities showing the positive impact of cannabinoids on various issues, such as anxiety, pain management, Alzheimer’s disease, and insomnia, are leading to a surge in the consumption of industrial hemp for medicinal benefits. This is increasing the demand for legal cannabis.

• The growing demand for clean label products among the health-conscious population is bolstering the industry growth.

• Increasing investments into medical cannabis lead to a surge in research and development (R&D) activities and in the exploration of the potential of cannabinoids, which is projected to propel the market growth over the forecast period.

• Technological advancements in cultivation are among the key factors driving the growth of the legal cannabis market.

Key Offerings of the Report:

• The EMR report gives an overview of the global legal cannabis market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecasted (2024-2032) markets for products derived, applications, distribution channels, and major regions of legal cannabis.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global legal cannabis industry are Canopy Growth Corporation, Aurora Cannabis Enterprises Inc., and Maricann Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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