Legal Marijuana Market Size & Share, by Form (Flower, Oil, Shatter, Wax, Tinctures); Usage Type (Medical and Recreational); Distribution Channel (Online and Offline); Application (Chronic Pain, Cancer, Mental Disorders, Glaucoma) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 2833
  • Published Date: Oct 18, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

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.


Legal-Marijuana-Market
Get more information on this report: Request Free Sample PDF

Legal Marijuana Sector: Growth Drivers and Challenges

Growth Drivers

  • Benefits of Marijuana in Curing Certain Diseases to Drive the Market Growth
    Benefits of marijuana in treating chronic conditions such as arthritis, depression, epilepsy, anxiety, cancer, AIDS, and others are anticipated to create growth opportunities for legal marijuana market over the forecast period. According to the WHO, around 20% of the children and adolescents have a mental health condition worldwide, with suicide being the second leading cause of death among people from 15- to 29-year-old. Moreover, legal marijuana, which are sold as medical marijuana, possesses medical benefits in treating glaucoma, where the additional pressure on the eyeball is painful for individuals with the disorder. Marijuana helps in reducing the pressure applied on the eyeball, thereby, providing some relief to individuals with glaucoma.
  • Increasing Research and Development Activities on Legal Marijuana to Propel the Legal Marijuana Market Growth
    In 2018, the Food and Drug Administration (FDA) of the United States approved Epidiolex (cannabidiol) oral solution in patients for age of 2 years and above for the treatment of seizures associated with two rare and severe forms of epilepsy known as Lennox-Gastaut syndrome and Dravet syndrome. This is the first drug approved by FDA which contains a purified drug substance derived from legal marijuana.

    Organizations dealing in research and development activities of legal marijuana are estimated to allocate a major portion of the budget for the research of marijuana based products. Additionally, the increasing legalization of marijuana for medical purpose in various countries including Canada, Italy, Switzerland, Portugal and others are anticipated to increase the demand for legal marijuana over the coming years.

Challenges

  • High Cost of Legal Marijuana to Hamper the Market Growth
    Legal marijuana is expensive since the demand for the product is more than its supply. Additionally, heavy tax rates are levied on legal marijuana by the government including taxes on cultivation as well as at retail, which adds on to the overall cost of the drug. On the other hand, several regions worldwide have not yet legalized marijuana owing to the numerous concerns associated with the use of these drugs. Moreover, the fear of illicit business of marijuana is further anticipated to hamper the growth of legal marijuana market over the forecast period.
  • Long Term Side-Effects of Marijuana on Health
    Marijuana, when consumed for a long period of time, can cause health problems such as coughing, difficulty in breathing, trouble with thinking, and others. Additionally, if marijuana is consumed in excessive amount, can cause paranoia, hallucinations, increased heartbeat, and anxiety, which is anticipated to hamper the growth of legal marijuana market over the forecast period.

Legal Marijuana Market: Key Insights

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

  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, South Korea, Malaysia, Australia, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
Get more information on this report: Request Free Sample PDF

Legal Marijuana Segmentation

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

  • Flower
  • Oil
  • Shatter
  • Wax
  • Tinctures
  • Others

By Usage Type

  • Medical
  • Recreational

By Distribution Channel

  • Online
  • Offline

By Application

  • Chronic Pain
  • Cancer
  • Mental Disorders
  • Glaucoma
  • Others

Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.

Customize this Report

Legal Marijuana Industry - Regional Synopsis

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.

Get more information on this report: Request Free Sample PDF

Companies Dominating the Legal Marijuana Landscape

    • Auxly Cannabis Group Inc
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Organigram Holdings Inc.
    • CannTrust Ltd.
    • HEXO Corp.
    • The Cronos Group
    • Aphria Inc.
    • Terra Tech Corp.
    • Aurora Cannabis Inc.
    • Canopy Growth Corporation
    • Tilray

In the News

  • 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


  • Report ID: 2833
  • Published Date: Oct 18, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of legal marijuana is estimated at USD 25.12 billion.

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.

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.

The major players in the market are Organigram Holdings Inc., CannTrust Ltd., HEXO Corp., The Cronos Group, Aphria Inc., Terra Tech Corp., Aurora Cannabis Inc., Canopy Growth Corporation, Tilray, and others.
Legal Marijuana Market Report Scope
logo
  GET A FREE SAMPLE

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying
Inquiry Before Buying Request Free Sample