Legal cannabis market to grow at a CAGR of 21.6% from 2022 to 2027; The diversification of cannabis-infused edible products is a market trend - Technavio

NEW YORK, Aug. 16, 2023 /PRNewswire/ -- The legal cannabis market size is estimated to grow by USD 54,572.33 million from 2022 to 2027, at a CAGR of 21.6% according to Technavio. Download a sample report!

Legal cannabis market insights -

• Vendors: 15+, Including Aurora Cannabis Inc., Bhang Corp., Cannabinoid Creations, Cannoid LLC, Canopy Growth Corp., CBD American Shaman LLC, Cronos Group Inc., CV Sciences Inc., Elixinol Wellness Ltd., Folium Biosciences, Jazz Pharmaceuticals Plc, Medical Marijuana Inc., MediPharm Labs Inc., Mentor Capital Inc., PharmaHemp d.o.o., Tikun Olam, Tilray Brands Inc., and Unrivaled Brands Inc., among others
• Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
• Segments: Product (Medical cannabis and Recreational cannabis), Derivative Type (CBD, THC, Balanced THC and CBD), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

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Legal cannabis market - Vendor Insights

The growing competition in the market is compelling vendors to adopt various growth strategies, such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors, including Aurora Cannabis Inc., Bhang Corp., Cannabinoid Creations, Cannoid LLC, Canopy Growth Corp., CBD American Shaman LLC, Cronos Group Inc., CV Sciences Inc., Elixinol Wellness Ltd., Folium Biosciences, Jazz Pharmaceuticals Plc, Medical Marijuana Inc., MediPharm Labs Inc., Mentor Capital Inc., PharmaHemp d.o.o., Tikun Olam, Tilray Brands Inc., and Unrivaled Brands Inc.

Legal cannabis market – Market Dynamics

Major Drivers - 

The decriminalization and legalization of cannabis in more countries drive the legal cannabis market. This shift in regulations increases the potential consumer base. Also, it contributes to a change in societal attitudes towards cannabis, which reduces stigma and boosts consumer acceptance.

Furthermore, clear legal frameworks provide structure for cultivation, production, distribution, and sale, attracting investment, promoting entrepreneurship, and stimulating market growth. Hence, such factors boost the growth of the legal cannabis market during the forecast period.

Significant Trends -

The diversification of cannabis-infused edible products is an emerging legal cannabis market trend. The limited to basic options like baked goods and candies, edibles are now becoming more sophisticated and diverse, which is driven by consumers' increasing health consciousness.

They are seeking edibles that offer both nutritional benefits and the therapeutic effects of cannabis. Hence, such trends fuel the growth of the legal cannabis market during the forecast period.

Key Challenges - 

The lack of funding and investment in the cannabis market challenges the growth of the legal cannabis market. Various investment organizations have expressed their reluctance to invest in the legal cannabis industry at regular intervals. Most investment organizations in the US and Canada have also declined to take a share in the revenue generated from the legal cannabis market.

These cannabis products include hemp, marijuana, and other drug-related businesses, which results in the lack of adequate banking options for cannabis vendors. Hence, such factors hinder the market growth of the legal cannabis market during the forecast period.

Drivers, Trends, and Challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

The legal cannabis market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.

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What are the key data covered in this legal cannabis market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the legal cannabis market between 2023 and 2027
• Precise estimation of the size of the legal cannabis market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the legal cannabis market across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of legal cannabis market vendors

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Related Reports:

The global cannabis-infused edible products market size is expected to increase by USD 5,638.94 million from 2022 to 2027, and the market's growth momentum will accelerate at a CAGR of 19.32%. Furthermore, this report extensively covers global cannabis-infused edible products market segmentation by distribution channel (offline and online), product (food and beverage), and geography (North America, Europe, and Rest of World (ROW)). The growing social acceptance of cannabis is notably driving the global cannabis-infused edible products market growth.

The US cannabis market size is projected to increase by USD 46,904.91 million and the market size is estimated to grow at a CAGR of 24.03% between 2022 and 2027. The market is segmented by Derivative (CBD, THC, Balanced THC and CBD), and Product (Medical, Recreational). The rising millennial population in key cannabis markets is driving the market growth.

Table of Contents

Market Landscape

Market Sizing

Historic Market Size

Five Forces Analysis

Market Segmentation by Product

Market Segmentation by Derivative Type

Customer Landscape

Geographic Landscape

Drivers, Challenges, and Trends

Vendor Landscape

Vendor Analysis

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SOURCE Technavio