Legal Marijuana Market Trends

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

Legal Marijuana Market Trends

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)
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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.
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