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Global Legal Marijuana Market Size, Analysis, Growth, Forecast: By Type: Medical Marijuana, Recreational Marijuana; By Species: Sativa, Indica, Hybrid; By Product: Buds, Oils, Tinctures, Others; By Distribution Channel: Pharmacy Stores, Online, Others; By Application: Chronic Pain, Others; Regional Analysis; Supplier Landscape; 2024-2032
Global Legal Marijuana Market Outlook
The global legal marijuana market size was valued at USD 24.9 billion in 2023. The major drivers of the industry are growing awareness regarding the therapeutic applications of the product, favourable government policies, rising disposable incomes, increasing geriatric population, and the increasing prevalence of cancer, mental disorders, and chronic pain. The market is anticipated to grow at a CAGR of 21% during the forecast period 2024-2032 to reach a value of USD 138.4 billion by 2032.
The legal marijuana market is being driven by the growing legalisation of cannabis in different parts of the world and the growing awareness regarding the therapeutic effects of marijuana. The more open the market becomes, the higher will be the awareness, de-stigmatisation, and acceptance of marijuana, thus, leading to further market growth.
Based on type, the industry is divided into medical and recreational segments. Among these, the medical segment holds a significant share of the market owing to the increasing demand of cannabis in pharmaceutical applications. Cannabis is being increasingly adopted to treat medical conditions, like cancer, arthritis, Alzheimer's disease, and neurological disorders, among others. Further, the growing incidence of chronic pain is leading to a rise in demand for the product in pain management therapies with minimal side effects, thus, aiding the overall market growth.
The global legal marijuana market is dominated by the North America region, with the United States being the major growth driving region in the market. The United States is the world's largest market for legal cannabis, supported by favourable government policies. The presence of a large pool of patients with chronic pain and the growing geriatric population is driving the demand for medical marijuana, which is being preferred over opioid painkillers in the region.
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Market Segmentation
Marijuana refers to the viable seeds, leaves, and flowers of the cannabis plant. Cannabis, an annual, dioecious herb, is a genus of flowering plants in the family Cannabaceae. It is mostly used for recreational purposes or as a medicinal drug. However, it may also be utilised for spiritual purposes. The use and cultivation of cannabis are illegal in many countries of the world, but with the growing knowledge regarding its medicinal benefits, prohibition on its use is witnessing a steady decline.
Based on type, the industry is being segmented into:
- Medical
- Recreational
Based on the product, the market is divided into:
- Buds
- Oil
- Tinctures
- Others
On the basis of the distribution channel, the industry is categorised into:
- Pharmacy Stores
- Online
- Others
On the basis of application, the industry is divided into:
- Chronic Pain
- Mental Disorders
- Cancer
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Market Analysis
The growing legalisation of cannabis and favourable government policies is driving the demand for marijuana in different parts of the world. Different research studies have found the potential benefits of cannabis in various treatments, including cancer and neurological disorders, thus increasing its demand in the medical sector. Due to the increasing prevalence of chronic pain, the demand for the product is expected to grow as it helps to relieve pain symptoms with less risk of overdose and side effects as compared to opioids. The growing geriatric population is also expected to contribute to the growth of the medical marijuana market.
Moreover, owing to the rising disposable incomes, the consumers are ready to spend more for recreational purposes. Adults are in favour of some form of legal marijuana usage, and adult-use sales are expected to drive the growth of the industry in regions like the United States and Canada.
The increasing cannabis-related research and development activities and clinical trials, coupled with the rising applications of marijuana in the pharmaceutical sector, are expected to aid the overall industry growth significantly. This is expected to positively affect the expansion of the global legal marijuana market in the next five years.
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Competitive Landscape
The report gives a detailed analysis of the following key players in the global legal marijuana market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Canopy Growth Corporation
- Tilray Brands Inc.
- Aurora Cannabis
- Maricann Group Inc
- Jazz Pharmaceuticals plc
- VIVO Cannabis Inc
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2023 |
| Historical Period | 2017-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Species |
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| Breakup by Product |
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| Breakup by Distribution Channel |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Supplier Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
1.1 Objectives of the Study
1.2 Key Assumptions
1.3 Report Coverage – Key Segmentation and Scope
1.4 Research Methodology
2 Executive Summary
3 Global Legal Marijuana Market Overview
3.1 Global Legal Marijuana Market Historical Value (2017-2023)
3.2 Global Legal Marijuana Market Forecast Value (2024-2032)
4 Global Legal Marijuana Market Landscape
4.1 Global Legal Marijuana Developers Landscape
4.1.1 Analysis by Year of Establishment
4.1.2 Analysis by Company Size
4.1.3 Analysis by Region
4.2 Global Legal Marijuana Product Landscape
4.2.1 Analysis by Type
4.2.2 Analysis by Species
4.2.3 Analysis by Product
4.2.4 Analysis by Distribution Channel
4.2.5 Analysis by Application
5 Global Legal Marijuana Market Dynamics
5.1 Market Drivers and Constraints
5.2 SWOT Analysis
5.3 Porter’s Five Forces Model
5.4 Key Demand Indicators
5.5 Key Price Indicators
5.6 Industry Events, Initiatives, and Trends
5.7 Value Chain Analysis
6 Global Legal Marijuana Market Segmentation
6.1 Global Legal Marijuana Market by Type
6.1.1 Market Overview
6.1.2 Medical Marijuana
6.1.3 Recreational Marijuana
6.2 Global Legal Marijuana Market by Species
6.2.1 Market Overview
6.2.2 Sativa
6.2.3 Indica
6.2.4 Hybrid
6.3 Global Legal Marijuana Market by Product
6.3.1 Market Overview
6.3.2 Buds
6.3.3 Oils
6.3.4 Tinctures
6.3.5 Others
6.4 Global Legal Marijuana Market by Distribution Channel
6.4.1 Market Overview
6.4.2 Pharmacy Stores
6.4.3 Online
6.4.4 Others
6.5 Global Legal Marijuana Market by Application
6.5.1 Market Overview
6.5.2 Chronic Pain
6.5.3 Mental Disorder
6.5.4 Cancer
6.5.5 Others
6.6 Global Legal Marijuana Market by Region
6.6.1 Market Overview
6.6.2 North America
6.6.3 Europe
6.6.4 Asia Pacific
6.6.5 Latin America
6.6.6 Middle East and Africa
7 North America Legal Marijuana Market
7.1 Market Share by Country
7.2 United States of America
7.3 Canada
8 Europe Legal Marijuana Market
8.1 Market Share by Country
8.2 United Kingdom
8.3 Germany
8.4 France
8.5 Italy
8.6 Others
9 Asia Pacific Legal Marijuana Market
9.1 Market Share by Country
9.2 China
9.3 Japan
9.4 India
9.5 ASEAN
9.6 Australia
9.7 Others
10 Latin America Legal Marijuana Market
10.1 Market Share by Country
10.2 Brazil
10.3 Argentina
10.4 Mexico
10.5 Others
11 Middle East and Africa Legal Marijuana Market
11.1 Market Share by Country
11.2 Saudi Arabia
11.3 United Arab Emirates
11.4 Nigeria
11.5 South Africa
11.6 Others
12 Patent Analysis
12.1 Analysis by Type of Patent
12.2 Analysis by Publication year
12.3 Analysis by Issuing Authority
12.4 Analysis by Patent Age
12.5 Analysis by CPC Analysis
12.6 Analysis by Patent Valuation
12.7 Analysis by Key Players
13 Grants Analysis
13.1 Analysis by year
13.2 Analysis by Amount Awarded
13.3 Analysis by Issuing Authority
13.4 Analysis by Grant Application
13.5 Analysis by Funding Institute
13.6 Analysis by NIH Departments
13.7 Analysis by Recipient Organization
14 Clinical Trials Analysis
14.1 Analysis by Trial Registration Year
14.2 Analysis by Trial Status
14.3 Analysis by Trial Phase
14.4 Analysis by Therapeutic Area
14.5 Analysis by Geography
15 Funding and Investment Analysis
15.1 Analysis by Funding Instances
15.2 Analysis by Type of Funding
15.3 Analysis by Funding Amount
15.4 Analysis by Leading Players
15.5 Analysis by Leading Investors
15.6 Analysis by Geography
16 Partnership and Collaborations Analysis
16.1 Analysis by Partnership Instances
16.2 Analysis by Type of Partnership
16.3 Analysis by Leading Players
16.4 Analysis by Geography
17 Regulatory Framework
17.1 Regulatory Overview
17.1.1 US FDA
17.1.2 EU EMA
17.1.3 INDIA CDSCO
17.1.4 JAPAN PMDA
17.1.5 Others
18 Supplier Landscape
18.1 Canopy Growth Corporation
18.1.1 Financial Analysis
18.1.2 Product Portfolio
18.1.3 Demographic Reach and Achievements
18.1.4 Mergers and Acquisitions
18.1.5 Certifications
18.2 Tilray Brands Inc.
18.2.1 Financial Analysis
18.2.2 Product Portfolio
18.2.3 Demographic Reach and Achievements
18.2.4 Mergers and Acquisitions
18.2.5 Certifications
18.3 Aurora Cannabis
18.3.1 Financial Analysis
18.3.2 Product Portfolio
18.3.3 Demographic Reach and Achievements
18.3.4 Mergers and Acquisitions
18.3.5 Certifications
18.4 Maricann Group Inc
18.4.1 Financial Analysis
18.4.2 Financial Portfolio
18.4.3 Demographic Reach and Achievements
18.4.4 Mergers and Acquisitions
18.4.5 Certifications
18.5 Jazz Pharmaceuticals plc
18.5.1 Financial Analysis
18.5.2 Product Portfolio
18.5.3 Demographic Reach and Achievements
18.5.4 Mergers and Acquisitions
18.5.5 Certifications
18.6 VIVO Cannabis Inc
18.6.1 Financial Analysis
18.6.2 Product Portfolio
18.6.3 Demographic Reach and Achievements
18.6.4 Mergers and Acquisitions
18.6.5 Certifications
18.7 Dr. Hemp Me.
18.7.1 Financial Analysis
18.7.2 Product Portfolio
18.7.3 Demographic Reach and Achievements
18.7.4 Mergers and Acquisitions
18.7.5 Certifications
18.8 Hemp Production Services
18.8.1 Financial Analysis
18.8.2 Product Portfolio
18.8.3 Demographic Reach and Achievements
18.8.4 Mergers and Acquisitions
18.8.5 Certifications
18.9 Medical Marijuana, Inc.
18.9.1 Financial Analysis
18.9.2 Product Portfolio
18.9.3 Demographic Reach and Achievements
18.9.4 Mergers and Acquisitions
18.9.5 Certifications
18.10 Gaia Herbs Farm
18.10.1 Financial Analysis
18.10.2 Product Portfolio
18.10.3 Demographic Reach and Achievements
18.10.4 Mergers and Acquisitions
18.10.5 Certifications
18.11 Lexaria Corp.
18.11.1 Financial Analysis
18.11.2 Product Portfolio
18.11.3 Demographic Reach and Achievements
18.11.4 Mergers and Acquisitions
18.11.5 Certifications
19 Global Legal Marijuana Market - Distribution Model (Additional Insight)
19.1 Overview
19.2 Potential Distributors
19.3 Key Parameters for Distribution Partner Assessment
20 Key Opinion Leaders (KOL) Insights (Additional Insight)
21 Company Competitiveness Analysis (Additional Insight)
21.1 Very Small Companies
21.2 Small Companies
21.3 Mid-Sized Companies
21.4 Large Companies
21.5 Very Large Companies
22 Payment Methods (Additional Insight)
22.1 Government Funded
22.2 Private Insurance
22.3 Out-of-Pocket
*Additional insights provided are customisable as per client requirements.
Key Questions Answered in the Report
The global legal marijuana market reached a value of USD 24.9 billion in 2023.
The market is anticipated to grow at a CAGR of 21% during the forecast period of 2024-2032 to reach a value of USD 138.4 billion by 2032.
The major drivers of the industry, such as growing awareness regarding the therapeutic applications of the product, favourable government policies, rising disposable incomes, increasing geriatric population, and the increasing prevalence of cancer, mental disorders, and chronic pain, are expected to aid the market growth.
The growing research and development activities related to cannabis is the key market trend guiding the growth of the legal marijuana market.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific, with North America accounting for the largest market share.
Medical and recreational are the major legal marijuana types in the industry.
Buds, oil, and tinctures, among others, are the significant products available in the industry.
The major distribution channels of the product include pharmacy stores and online, among others.
Chronic pain, mental disorders, and cancer, among others, are the significant application segments of the product.
The major players in the industry are Canopy Growth Corporation, Tilray Brands Inc., Aurora Cannabis, Maricann Group Inc, Jazz Pharmaceuticals plc, and VIVO Cannabis Inc, among others
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