Legal Marijuana Market Insights:
The Legal Marijuana Market size was valued at USD 16.6 Billion in 2022, expecting a CAGR of 25.3% during the forecast period (2023-2030), and the market is projected to be worth USD 100.86 Billion by 2030.
Driver:
The increased adoption of Legal Marijuana in the Pharmaceuticals industry is due to high workability, Stability of structure, good quality, and Demand for making things better. The demand for Legal Marijuana also has other significant aspects, such as analysis, purchasing volume, costs, pricing analysis, and regulatory framework. Additionally, the increased demand of Legal Marijuana in many sectors also boosts the market growth during the forecast period.
The legal marijuana market refers to the segment of the global cannabis industry that involves the production, distribution, and sale of cannabis and cannabis-related products for medical and recreational purposes in countries where cannabis has been legalized. The market includes various forms of cannabis products such as dried cannabis flowers, oils, tinctures, edibles, topicals, and concentrates.
Legal Marijuana Market Research Report” was just released by Market Research Community. It is divided into several categories, including By Product Type (Flower, Oil and Tinctures), By Species (Cannabis Indica, Cannabis Sativa, Cannabis Hybrid), By End Use (Pharmaceutical, Food, Beverages, and Tobacco, Personal Care, Research and Development Centre), and companies (Canopy Growth Corporation, Aurora Cannabis, Aphria, Inc., Tilray, ABcann Medicinals, Inc., The Cronos Group, Maricann Group, Inc., Organigram Holding, Inc., Lexaria Corp., GW Pharmaceuticals, United Cannabis Corporation, Tikun Olam, Ltd), According to the analysis of Market Research Community, The market is projected to grow at a significant pace reaching a CAGR of approximately 25.3%, over the forecast period of 2023–2030.
Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Billion) | 100.86 Billion |
| CAGR (2023-2030) | 25.3% |
| By Product Type | Flower, Oil and Tinctures |
| By Species | Cannabis Indica, Cannabis Sativa, Cannabis Hybrid |
| By End Use | Pharmaceutical, Food, Beverages, and Tobacco, Personal Care, Research and Development Centre |
| By Geography | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Key Players | Canopy Growth Corporation, Aurora Cannabis, Aphria, Inc., Tilray, ABcann Medicinals, Inc., The Cronos Group, Maricann Group, Inc., Organigram Holding, Inc., Lexaria Corp., GW Pharmaceuticals, United Cannabis Corporation, Tikun Olam, Ltd |
Covid-19 Impact:
The COVID-19 pandemic has had a substantial negative influence on the Legal Marijuana market in many different regions of the world. The factors such as limited availability of raw materials, transportation restrictions, the shutdown of manufacturing facilities, and economic slowdown are the major impacts of COVID-19 which hampered the market growth. Shipments were impacted during the initial lockdown due to halted automotive productions and stringent government rules. The overall impact of COVID-19 on the industry is estimated to be minimal because the situation has stabilised. Post covid-19, there was a positive impact on the market growth due to the increased industrial manufacturing processes and rising demand for environment-friendly alternatives.
Industry Competitive Landscape:
The research includes comprehensive profiles of the key players in the market and an analysis of the competitive landscape. The market for sample preparation has grown more quickly as a result of the spike in research and development (R&D), product innovation, different business strategies, and application releases. Key players in the market include-
Canopy Growth Corporation, Aurora Cannabis, Aphria, Inc., Tilray, ABcann Medicinals, Inc., The Cronos Group, Maricann Group, Inc., Organigram Holding, Inc., Lexaria Corp., GW Pharmaceuticals, United Cannabis Corporation, Tikun Olam, Ltd
Market Segment Analysis:
By Product Type
- Flower
- Oil and Tinctures
By Species
- Cannabis Indica
- Cannabis Sativa
- Cannabis Hybrid
By End-Use
- Pharmaceutical
- Food, Beverages, and Tobacco
- Personal Care
- Research and Development Centre
Region
The regional segment includes Asia Pacific, Europe, North America, the Middle East, and Africa, Latin America. In 2022, some of these regions expected to contribute the largest share during the forecast period.
The factors such as the large and easy availability of basic things, rising purchasing power among the population, and favorable government policies and industrial facilities are estimated to accelerate the industry growth in the region. The growing rate of industrialization is anticipated to boost the presence of Legal Marijuana industries in the region.
Key Legal Marijuana Market Trends
– Based on type, sub-type, technology utilised, applications, end-users, and geographies, the research identifies, defines, and predicts the Global Legal Marijuana Market segments.
– Largest Market Share Held by Industry to Industry for Legal Marijuana
– Based on their expected growth, development patterns and prospects for the future, and contributions to the overall market, it analyses the micro markets.
– Demand from the geographical area is estimated to boost growth.
– Growing Market Segment Adoption in the Legal Marijuana Industry
– Over the forecast period, higher growth rates are anticipated in in some regions
Why Purchase the Industry Report by MRC
There is a huge amount of information in the report, including market trends and business opportunities for the forecast period.
Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) statistics.
Data at the regional, sub-regional, and national levels also includes information on the market’s supply and demand dynamics.
The competitive landscape includes the proportions of important players, recent innovations, and strategy.
Comprehensive product offerings, important financial data, latest advancements, SWOT analysis, and key player tactics.
Table of Content
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