IMARC Group, a leading market research company, has recently releases report titled “Legal Cannabis Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032.” The study provides a detailed analysis of the industry, including the global legal cannabis market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Legal Cannabis
Legal cannabis, also known as medical marijuana, refers to the cultivation, distribution, sale, and consumption of cannabis products that are authorized and regulated by government authorities within a specific jurisdiction or country. It is generally available in the form of dried flowers, edibles, and concentrates. It can provide relief for chronic pain, muscle spasms, nausea, and symptoms associated with conditions such as cancer, epilepsy, and multiple sclerosis. It helps anxiety, depression, and post-traumatic stress disorder (PTSD). It is widely used to produce numerous medicinal products, including oils, tinctures, capsules, and topical creams. Besides this, it can be utilized to manufacture textiles, paper, building materials, and biofuels.
How Big Is the Legal Cannabis Market?
The global legal cannabis market size reached US$ 26.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 144.3 Billion by 2032, exhibiting a growth rate (CAGR) of 20.3% during 2024-2032.
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What are the growth prospects and trends in the legal cannabis industry?
The rising preferences of individuals for natural and holistic approaches to health and well-being are offering a favorable market outlook. Apart from this, rapid advancements in cultivation techniques, extraction methods, and product formulation are driving innovation within the cannabis industry. These innovations are improving the quality and consistency of cannabis products. Furthermore, the increasing legalization of cannabis in various countries is facilitating the export and import of cannabis products, creating global opportunities for businesses.
Moreover, continuous investments from venture capitalists, private equity firms, and major corporations are accelerating the expansion of cannabis cultivation, processing, and distribution operations. Besides this, various regions are introducing social equity programs within their cannabis legalization frameworks to address the historical disparities in cannabis-related arrests and convictions, which is offering a favorable market outlook. In addition, the ongoing research into the potential benefits and applications of the cannabis plant is augmenting the market growth. Scientists are exploring new cannabinoids and their possible therapeutic uses for the development of innovative products and treatments.
Furthermore, innovations in sustainable growing methods like indoor vertical farming are promoting environmental health. Moreover, various cannabis companies are collaborating with other industries, such as food and beverage (FB), pharmaceuticals, and cosmetics, to expand their product portfolio.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Source:
- Marijuana
- Hemp
Breakup by Derivatives:
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
Breakup by Distribution Channel:
- Recreational Stores
- Pharmacies
- Online Stores
- Others
Breakup by End User:
- Medical Use
- Recreational Use
- Industrial Use
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Aurora Cannabis Inc.
- Cannabis Sativa Inc.
- Canopy Growth Corporation
- Green Thumb Industries
- GW Pharmaceuticals plc (Jazz Pharmaceuticals plc)
- HEXO Corp.
- Organigram Holdings Inc.
- Sundial Growers Inc.
- The Cronos Group
- The Green Organic Dutchman Holdings Ltd.
- The Scotts Miracle-Gro Company
- Tilray
- VIVO Cannabis Inc.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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