Legal Marijuana Market size was over USD 20.88 billion in 2023 and is anticipated to cross USD 395.91 billion by 2036, witnessing more than 25.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of legal marijuana is estimated at USD 25.12 billion.
According to the World Health Organization (WHO), about 147 million people, which is almost 2.5% of the world population, consume cannabis. Legalization of marijuana in many countries for medical and recreational use is anticipated to rapidly increase the demand for legal marijuana over the coming years. Marijuana provides several health benefits, such as it relieves severe pain, regulate and prevent diabetes, fights cancer, and helps to ease depression. According to the WHO, depression is a common mental disorder affecting around 264 million people globally.
Growth Drivers
Challenges
Base Year |
2023 |
Forecast Year |
2024-2036 |
CAGR |
25.4% |
Base Year Market Size (2023) |
USD 20.88 billion |
Forecast Year Market Size (2036) |
USD 395.91 billion |
Regional Scope |
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The legal marijuana market is segmented by application into chronic pain, cancer, mental disorders, glaucoma and others. Among these segments, the chronic pain segment is anticipated to record the largest market share over the forecast period owing to the presence of chemical compounds, such as cannabinoids, which helps in relieving severe pain. Furthermore, the cannabinoids have the properties of altering pain perception pathways in our brain, which helps in reducing severe pain.
Our in-depth analysis of the global legal marijuana market includes the following segments
By Form |
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By Usage Type |
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By Distribution Channel |
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By Application |
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On the basis of regional analysis, the legal marijuana market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America industry is anticipated to hold largest revenue share by 2036, attributed to increasing legalization of marijuana in the region for usage in pharmaceutical sector. Moreover, the increasing research and development activities in the region are anticipated to increase the demand for legal marijuana over the forecast period.
November, 2020: Auxly Cannabis Group Inc., announced the launch of Dosecann capsules under its proprietary in-house brand, Dosecann. The capsule is a high-quality precision-dosed cannabis product and consists of high-potency, broad-spectrum cannabinoids with omega-rich ‘Ahiflower’ oil.
Author Credits: Radhika Pawar
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