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The global legal marijuana market size was valued at USD 30.13 billion in 2023. The major drivers of the industry are growing awareness regarding the therapeutic applications of the product, favourable government policies, rising disposable incomes, increasing geriatric population, and the increasing prevalence of cancer, mental disorders, and chronic pain. The market is anticipated to grow at a CAGR of 21% during the forecast period 2024-2032 to reach a value of USD 167.51 billion by 2032.
The legal marijuana market is being driven by the growing legalisation of cannabis in different parts of the world and the growing awareness regarding the therapeutic effects of marijuana. The more open the market becomes, the higher will be the awareness, de-stigmatisation, and acceptance of marijuana, thus, leading to further market growth.
Based on type, the industry is divided into medical and recreational segments. Among these, the medical segment holds a significant share of the market owing to the increasing demand of cannabis in pharmaceutical applications. Cannabis is being increasingly adopted to treat medical conditions, like cancer, arthritis, Alzheimer's disease, and neurological disorders, among others. Further, the growing incidence of chronic pain is leading to a rise in demand for the product in pain management therapies with minimal side effects, thus, aiding the overall market growth.
The global legal marijuana market is dominated by the North America region, with the United States being the major growth driving region in the market. The United States is the world's largest market for legal cannabis, supported by favourable government policies. The presence of a large pool of patients with chronic pain and the growing geriatric population is driving the demand for medical marijuana, which is being preferred over opioid painkillers in the region.
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Marijuana refers to the viable seeds, leaves, and flowers of the cannabis plant. Cannabis, an annual, dioecious herb, is a genus of flowering plants in the family Cannabaceae. It is mostly used for recreational purposes or as a medicinal drug. However, it may also be utilised for spiritual purposes. The use and cultivation of cannabis are illegal in many countries of the world, but with the growing knowledge regarding its medicinal benefits, prohibition on its use is witnessing a steady decline.
Based on type, the industry is being segmented into:
Based on the product, the market is divided into:
On the basis of the distribution channel, the industry is categorised into:
On the basis of application, the industry is divided into:
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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The growing legalisation of cannabis and favourable government policies is driving the demand for marijuana in different parts of the world. Different research studies have found the potential benefits of cannabis in various treatments, including cancer and neurological disorders, thus increasing its demand in the medical sector. Due to the increasing prevalence of chronic pain, the demand for the product is expected to grow as it helps to relieve pain symptoms with less risk of overdose and side effects as compared to opioids. The growing geriatric population is also expected to contribute to the growth of the medical marijuana market.
Moreover, owing to the rising disposable incomes, the consumers are ready to spend more for recreational purposes. Adults are in favour of some form of legal marijuana usage, and adult-use sales are expected to drive the growth of the industry in regions like the United States and Canada.
The increasing cannabis-related research and development activities and clinical trials, coupled with the rising applications of marijuana in the pharmaceutical sector, are expected to aid the overall industry growth significantly. This is expected to positively affect the expansion of the global legal marijuana market in the next five years.
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The report gives a detailed analysis of the following key players in the global legal marijuana market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2017-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Species |
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| Breakup by Product |
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| Breakup by Distribution Channel |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Supplier Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The global legal marijuana market reached a value of USD 30.13 billion in 2023.
The market is anticipated to grow at a CAGR of 21% during the forecast period of 2024-2032 to reach a value of USD 167.51 billion by 2032.
The major drivers of the industry, such as growing awareness regarding the therapeutic applications of the product, favourable government policies, rising disposable incomes, increasing geriatric population, and the increasing prevalence of cancer, mental disorders, and chronic pain, are expected to aid the market growth.
The growing research and development activities related to cannabis is the key market trend guiding the growth of the legal marijuana market.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific, with North America accounting for the largest market share.
Medical and recreational are the major legal marijuana types in the industry.
Buds, oil, and tinctures, among others, are the significant products available in the industry.
The major distribution channels of the product include pharmacy stores and online, among others.
Chronic pain, mental disorders, and cancer, among others, are the significant application segments of the product.
The major players in the industry are Canopy Growth Corporation, Tilray Brands Inc., Aurora Cannabis, Maricann Group Inc, Jazz Pharmaceuticals plc, and VIVO Cannabis Inc, among others
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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