The new report by Expert Market Research titled, ‘Global Legal Cannabis Market Report and Forecast 2023-2028’, gives an in-depth analysis global legal cannabis market assessing the market based on product type, application, distribution channel and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 23%
The growing geriatric population that requires treatment for chronic conditions, as well as technological developments in cultivation, are all contributing to the expansion of the legal marijuana market around the world.
Industry Definition and Major Segments
Cannabis is a psychotropic substance made from the cannabis flower. In addition to being used medicinally, cannabis is eaten for its calming and relaxing properties. It is made up of marijuana and hemp and is used in industries like food and textiles. Cannabis and cannabis-based goods are legal now.
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The major products derived from legal cannabis are:
The market can be broadly categorised on the basis of its application into:
- Marijuana
- Medical
- Migraine
- Arthritis
- Cancer
- Others
- Recreational Use
- Medical
- Industrial Hemp
- Personal Care
- Hemp CBD
- Food
- Consumer Textile
- Others
Based on distribution channel, the market is divided into:
- Regulated Dispensary
- Recreational Stores
- Stand-Alone Retailer
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Market Trends
Increased demand for marijuana as a pain reliever in disorders including cancer, AIDS, seizures, and other ailments, as well as an increase in research into the therapeutic properties of marijuana are largely responsible for this market’s sizeable position. But the recreational application category is predicted to increase rapidly over the projection period. This increase is mostly due to the rise in the number of people who use marijuana now that it has been legalised, as well as the rising popularity of marijuana use as an alcohol substitute.
Following North America, Latin America, Europe, and Asia-Pacific each held a sizable portion of the worldwide legal marijuana market. Cannabis production and processing technology, a huge marijuana consumer base, and a shift in attitudes regarding marijuana use for both medical and recreational purposes are all factors that contribute to this region’s rapid growth.
Key Market Players
The major players in the market are Canopy Growth Corporation, Aurora Cannabis Enterprises Inc., Maricann Inc. and among others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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