The global legal marijuana market size is expected to be more than USD 59.58 billion by 2029 according to a new study by Polaris Market Research. The report “Legal Marijuana Market Share, Size, Trends, Industry Analysis Report By Application [Medical (Chronic Pain, Mental Disorders, Cancer, Others), Recreational]; By Type; By Product; By Compound; By Mode Of Delivery; By Region, Segment Forecast, 2021 – 2029” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The legal marijuana industry is driven by the increasing legalization 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 marijuana, resulting in market expansion.
Rising demand in North America is the primary factor for market growth as U.S. is the largest consumer of marijuana owing to favorable federal regulations. The increasing geriatric population in the country has led to the growing incidences of ailments requiring legal marijuana. This is expected to have a positive impact on the market growth over the forecast period.
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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 marijuana and medications in the U.S.
Nevertheless, with the legalization of recreational or individual marijuana in major U.S. states like California, Colorado, and Washington, and others; easy accessibility; and increasing medicinal uses of marijuana is expected to have a positive impact on the market growth over the forecast period.
Major market 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, 2017 – 2029)
Legal Marijuana, Product Outlook (Revenue, USD Billion, 2017 – 2029)
- Oils & Concentrates
Legal Marijuana, Compound Outlook (Revenue, USD Billion, 2017 – 2029)
- Tetrahydrocannabinol (THC)-Dominant
- Cannabidiol (CBD)-Dominant
- Balanced THC & CBD
Legal Marijuana, Mode of Delivery Outlook (Revenue, USD Billion, 2017 – 2029)
Legal Marijuana, Application Outlook (Revenue, USD Billion, 2017 – 2029)
- Chronic Pain
Legal Marijuana Regional Outlook (Revenue, USD Billion, 2017 – 2029)
- North America
- Czech Republic
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Middle East & Africa
- Rest of MEA
- Central & South America
- Rest of CSA