Legal Marijuana Market Size worth $82.79 Billion By 2030 | CAGR: 25.0%

The global legal marijuana market size is expected to reach USD 82.79 Billion by 2030, according to a new study by Polaris Market Research. The report “Legal Marijuana Market Share, Size, Trends, Industry Analysis Report By Application; By Type (Medical, Adult-Use); By Product (Buds, Oils & Concentrates, Tinctures); By Compound; By Mode Of Delivery (Capsules, Concentrates, Edibles, Others); By Region, Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The industry is driven by the increasing authorization of cannabis across North America and Europe and the growing knowledge of marijuana’s medicinal properties. With the rise in awareness pertaining to the medicinal benefits associated with the product, there will be a greater de-stigmatization, and acceptability of cannabis, resulting in market expansion.

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Rising demand in North America is the primary factor for industry growth as the U.S. is the largest consumer of cannabis owing to favorable federal regulations. The increasing geriatric population in the country has led to the growing incidences of ailments requiring lawful cannabis. This is expected to have a positive impact on the industry growth over the forecast period.

The COVID-19 outbreak has increased the use of medicinal cannabis in various jurisdictions in the U.S. and Canada. Throughout the COVID-19 outbreak, there was a huge increase in the number of medicinal cannabis and medications in the U.S.

Nevertheless, with the legalization of recreational or individual cannabis in major U.S. states like California, Colorado, and Washington, and others; easy accessibility; and increasing medicinal uses of cannabis is expected to have a positive impact on the industry growth over the forecast period.

Major industry players operating in the market include Aphria, Inc., ABcann Medicinals, Inc., Cannabis Sativa, Inc., Tikun Olam, Ltd., Aurora Cannabis, Canopy Growth Corporation, Lexaria Corp, GW Pharmaceuticals, plc., Maricann Group, Inc., The Cronos Group, Organigram Holding, Inc., Tilray, and United Cannabis Corporation. These leading market participants are pursuing strategies such as collaboration and investing in research & development for product innovation.

Polaris Market Research has segmented the legal marijuana market report on the basis of type, product, compound, mode of delivery, application, and region:

Legal Marijuana, Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Medical
• Adult-use

Legal Marijuana, Product Outlook (Revenue, USD Billion, 2018 - 2030)

• Buds
• Oils & Concentrates
• Tinctures

Legal Marijuana, Compound Outlook (Revenue, USD Billion, 2018 - 2030)

• Tetrahydrocannabinol (THC)-Dominant
• Cannabidiol (CBD)-Dominant
• Balanced THC & CBD

Legal Marijuana, Mode of Delivery Outlook (Revenue, USD Billion, 2018 - 2030)

• Capsules
• Concentrates
• Edibles
• Others

Legal Marijuana, Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Medical
• Chronic Pain
• Arthritis
• Migraine
• Cancer
• Others
• Recreational

Legal Marijuana, Regional Outlook (Revenue - USD Million, 2018 - 2030)

• North America
  • U.S.
  • Canada
• Europe
  • France
  • Germany
  • UK
  • Italy
  • Netherlands
  • Russia
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Malaysia
  • South Korea
  • Indonesia
• Latin America
  • Mexico
  • Brazil
  • Argentina
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa