Legal Marijuana Market Size Worth $84.0 Billion By 2028 | CAGR: 14.3%: Grand View Research, Inc.
20 Apr, 2021, 04:05 ET
SAN FRANCISCO, April 20, 2021 /PRNewswire/ -- The global legal marijuana market size is expected to reach USD 84.0 billion by 2028, according to a new report by Grand View Research, Inc. This market is expected to expand at a CAGR of 14.3% from 2021 to 2028. Increased legalization of marijuana for medical and adult-use and the growing adoption of these products for the treatment of chronic diseases are the key factors driving the market for legal marijuana.
Key suggestions from the report:
- Based on marijuana type, the adult-use segment accounted for the largest share of 60.3% in 2020 owing to high demand among millennials and patients who do not qualify for medical cannabis
- In 2020, the flower product type segment accounted for the largest revenue share of 65.8% owing to the low price and ease of accessibility of flowers compared to other products
- By medical application, the mental disorders segment is expected to witness the fastest growth over the forecast period owing to the high number of people suffering from various mental disorders
Read 100 page research report with ToC on "Legal Marijuana Market Size, Share & Trends Analysis Report By Marijuana Type (Medical, Adult Use), By Product Type (Flower, Oil), By Medical Application (Chronic Pain, Mental Disorders), And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/legal-marijuana-market
The adult-use segment dominated the market with a revenue share of 60.3% in 2020 and is expected to expand at a significant CAGR over the forecast period owing to the high demand among millennials and patients who do not qualify for medical cannabis. Medical marijuana is expected to grow at a stable rate throughout the forecast period owing to the legalization in various markets as compared to the adult use of marijuana.
Based on product type, the flower segment accounted for the largest revenue share in 2020. With its rich medical properties and the increasing patient population, the governments of many countries are either decriminalizing or approving its usage. This is expected to boost the growth of the flower segment.
In 2020, the chronic pain segment accounted for the largest revenue share owing to the increase in awareness and a rise in social acceptance of medical use of cannabis. The mental disorder segment is estimated to witness the fastest growth over the forecast period owing to the rising patient population suffering from stress and anxiety.
North America accounted for the largest revenue share of 91.1% in 2020, owing to the early legalization of medical and recreational cannabis in the region and the large customer pool. However, the COVID-19 pandemic has caused lockdowns all around the world, deflating the supply of raw materials and disrupting the manufacturing, and in turn, the supply chain of cannabis products across the globe.
Grand View Research has segmented the global legal marijuana market based on marijuana type, product type, medical application, and region:
- Legal Marijuana Type Outlook (Revenue, USD Million, 2016 - 2028)
- Adult Use
- Legal Marijuana Product Type Outlook (Revenue, USD Million, 2016 - 2028)
- Legal Marijuana Medical Application Outlook (Revenue, USD Million, 2016 - 2028)
- Chronic Pain
- Mental Disorders
- Legal Marijuana Regional Outlook (Revenue, USD Million, 2016 - 2028)
- Czech Republic
- New Zealand
List of Key Players of Legal Marijuana Market
- Aurora Cannabis
- Canopy Growth Corporation
- Maricann Group, Inc.
- Aphria, Inc.
- The Cronos Group
- ABcann Medicinals, Inc.
- Lexaria Corp.
- Organigram Holding, Inc.
Find more research reports on Pharmaceuticals Industry, by Grand View Research:
- North America Legal Marijuana Market – The North America legal marijuana market size was valued at USD 30.1 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 15.5% from 2020 to 2027.
- Cannabis Cultivation Market – The global cannabis cultivation market size was valued at USD 123.9 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.3% from 2020 to 2027.
- Medical Marijuana Market – The global medical marijuana market size was valued at USD 11.4 billion in 2015 and is projected to grow with CAGR of 17.1% during the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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