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Legal Cannabis Market To Generate Revenue Of USD 18.1 Billion With A CAGR Of 24.9% Worldwide By 2031

The Global Legal Cannabis Market was worth USD18.1 Billion in 2021. The market is expected to expand at a 24.9% compound annual rate (CAGR) between 2022-2031. Due to the legalization of cannabis and acceptance of it as a medical product, the market is expected to boom. Cannabis has been used as a medicinal drug since ancient times. However, it was not first-line therapy. Research into the medicinal properties of cannabis has led to many uses. The incredible therapeutic effects of cannabis on chronic pain and nausea are remarkable. The U.S Drug Enforcement Administration still considers it a Schedule I substance, even though it has been legalized in more than two-thirds of the U.S. States.

Legalization and legitimization have led to steady growth in the industry. The number of government-approved, designated buying options for medical cannabis is increasing as its demand continues to grow. The FDA approved medical marijuana, including CBD products, to treat nausea and epilepsy. The FDA is considering changing cannabis’ status to Schedule II based on evidence of the effectiveness and derivatives of medical cannabis for different indications.

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Growing Demand:

The market is divided into three segments based on end-users: pharmaceuticals, food and beverages, tobacco, personal care, research & development centers, and individual care. Food, beverages, and tobacco took the largest market share during the forecast period in the global cannabis market. The growing demand for CBD in food, drinks, and other products is driving more companies into the cannabis food & drink industry. CBD-infused foods can be sold in retail outlets like pizza shops, bakeries, and coffee shops to increase sales. Many beverage companies produce CBD-infused water, wines, and other beverages. These factors offer food industry players new opportunities to develop edibles that will increase the market growth.

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The market is divided into North America and Europe as well as the Asia Pacific, Middle East & Africa. The largest region of the cannabis market is North America, according to the forecast. The availability of many cannabis products for customers is the driving force of the North American cannabis market. The region’s cannabis market is growing due to increased research and development. FDA approvals also support the growth of the cannabis market for cannabis-related products and therapies. Regional cannabis markets are thriving because of the benefits it offers to seniors. It can be used to relieve nausea and chronic pain. Growing awareness about cannabis’ therapeutic properties in treating chronic conditions is a key factor in the region’s market growth.

Driving Factors:

The Legal Cannabis Market Revenues are expected to rise at a healthy CAGR, driven by the high demand from millennials as well as emerging markets. Technological advancements in Legal Cannabis Market enable efficient production, expanding product range, sophisticated packaging, operational maintenance, and sales monitoring to be key growth drivers.

There are several market restrictions that will affect Legal Cannabis markets over the forecast period. These include strict regulations, varying standards in the world, rising competition, inflation which is projected to remain above the upper bands in key nations, and fluctuating raw matter prices.

Restraining Factors:

Consumers are becoming more aware of the many benefits of different plants. In the case of cannabis, this curiosity is at its highest. A thriving investment in cannabis products’ innovative solutions is another positive factor.

The negative impact of society on cannabis use is one of the major restraining factors to the market for cannabis products.

Market Key Trends:

The changing regulatory landscape will likely shape the Legal Cannabis Market. TSH, the key psychoactive component of cannabis, is responsible for a lot of the negative perceptions about cannabis products. The global medicinal industry is stepping up its efforts to harness the therapeutic potential of cannabis. With an increasing number of studies supporting CBD, the Legal Cannabis Market will offer new opportunities. This is especially important because it concerns safety and uncontested claims to safety. The regulators will also treat different types of cannabis-based products differently. This will make the risk-benefit profile for cannabis pharmaceuticals clear. This will allow for more research into pure cannabidiol and expand the market’s potential.

Two areas in which the legal cannabis market holds great promise are the reduction of the opioid epidemic and the management of some difficult-to-treat diseases like certain cancers. Stakeholders are also excited about the potential of medical cannabis for aesthetic and dermatology.

Recent development:

  • STADA Arzneimittel AG – one of Germany’s top pharmaceutical companies, entered the Legal Cannabis Market together with MediPharm Labors (a Canadian company) in March 2021 to introduce two cannabis products and six others.
  • TCV Sciences, Inc., in May 2021, launched PLUSCBDTM tranquil and sleep gummies. These two delicious candies help people get back to their routines and support healthy stress responses and sleep cycles.

Key Companies:

  • Canopy Growth Corporation
  • GW Pharmaceuticals, plc
  • Aurora Cannabis, Inc.
  • Aphria, Inc.
  • Cronos Group
  • Tilray
  • Sundial Growers Inc.
  • Insys Therapeutics, Inc.
  • The Scotts Company LLC
  • VIVO Cannabis Inc.
  • Other Key Players

Segmentation:

By Source

  • Marijuana
  • Hemp

By Derivative

  • CBD
  • THC
  • Other Derivatives

Key questions:

  1. What are the emerging local players in the Legal Cannabis Market? How do they compare to the global players?
  1. Which are the key players in the global Legal Cannabis Market?
  2. Which companies have recently merged/acquired other countries in the world? How will this affect the competitive landscape for the Legal Cannabis Market?

Related Reports: –

Medicinal Cannabis Compounding Market Share 2022- Business Trends, Share, Progress Insight 2031

Global Legal Marijuana Market Development Strategy along with Pre and Post COVID-19

Global Cannabidiol Market  Size, Trends And Forecast To 2031

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Editor in chief for eTurboNew is Linda Hohnholz. She is based in the eTN HQ in Honolulu, Hawaii.

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