Summary

The legal cannabis market is expected to register a CAGR of approx. 24% over the period of 2022-2028. Cannabis (Cannabis sativa) is a medicinal plant. It contains cannabinoids such as delta-9-tetrahydrocannabinol (THC) and cannabidiol (CBD). Cannabis cannabinoids work by binding to specific sites in the brain and on nerves. There are over 100 cannabinoids in cannabis, but THC and CBD have received the most attention. Cannabinoids are found in the highest concentrations in the plant's leaves and flowers. Cannabis is a popular recreational drug. Cannabis is also commonly used to treat multiple sclerosis (MS) and nerve pain. The growing demand for legal cannabis can be attributed to the increasing rate of legalization of cannabis and acceptance of its use in the medical field are the key factors that boost the adoption of inorganic growth strategies among key industry players around the globe. For instance, In Canada, The Cannabis Act (Bill C-45) legalized the use of cannabis, the government started the Canadian Cannabis Survey (CCS) in 2017, and it has been conducted annually since then. In 2020, 14% of the participants aged 16 and older indicated they used cannabis for medical use. Owing to the glaring statistics the rising use of cannabis for medical use leads to higher demand for legal cannabis across the globe and would contribute to the growth of the market in the forthcoming period as well. Furthermore, the legal cannabis market is anticipated to grow on account of the growing research and development activities. In addition, Patients affected by chronic ailments including Alzheimer's, cancer, Parkinson's, and various neurological diseases, are being treated using cannabis medically which drives the market growth. However, some of the restraints in the market including the rigid approval procedures and few side effects are impeding the growth of this market all over the world.

Canopy Growth Corporation; Jazz Pharmaceuticals, Inc; Aurora Cannabis Inc; Tilray Inc; The Cronos Group; Sundial Growers Inc.; CARA THERAPEUTICS, INC; Medical Marijuana, Inc; Pfizer Inc.; VIVO Cannabis Inc are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
“Amongst source, the marijuana category is expected to witness significant market share during the forecast period”
Based on the source, the legal cannabis market is segmented into marijuana and hemp. The marijuana segment accounted for a significant market share in 2021 and it is estimated that it will grow rapidly during the projected timeframe due to the increasing rate of legalization. The use of medical marijuana is acceptable in a number of countries including the U.S., Canada, Italy, etc.

“Amongst derivatives, the CBD category is expected to witness considerable CAGR during the forecast period”
Based on the derivatives, the market is fragmented into CBD, THC, and others. The CBD segment grabbed a considerable market share in 2021, and it is expected to grow at a significant CAGR during the forecast period since both the scientific community and consumers recognize CBD's effectiveness. Compared to the commonly prescribed traditional medications, CBD has been shown to be effective in treating nausea associated with chemotherapy and epileptic seizures. CBD has been studied for the treatment of anxiety and sleep disorders, and it was discovered to have positive effects on patients during the study; however, the long-term effects have yet to be studied.

“Amongst end-user, the medical use category is expected to witness significant CAGR during the forecast period”
Based on the end-user, the market is fragmented into medical use, recreational use, and industrial use. The medical use segment grabbed a considerable market share in 2021, and it is expected to grow at a significant CAGR during the forecast period. Studies are being conducted to determine the strength and effectiveness of cannabis and its derivatives for treating a variety of conditions, which has led to a rise in the use of medical cannabis around the globe.
“North America to witness significant growth during the forecast period”

For a better understanding of the market adoption of legal cannabis, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, U.K., and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes a major market for the legal cannabis industry owing to the growing various medical cannabis and therapeutic uses of cannabis products as well as the potential impact of cannabis legalization on the U.S. economy. For instance, in February 2020, Verda Innovations, a medical cannabis-based company in the U.S. announced the launch of its legal cannabis e-commerce and delivery platform in Canada, and U.S. Launch of such online platforms is one of the major factors expanding growth. Thus, increase in the number of countries legalizing it and an increase in the number of prescriptions filled for medicinal marijuana biopharmaceutical companies and the diagnostics industry owing to the presence of well-established market players and frequent product launches in the region.

Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:
Global legal cannabis market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

ページTOPに戻る

Table of Contents