IMARC Group, a leading market research company, has recently releases report titled “Legal Cannabis Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global legal cannabis market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Legal Cannabis
Legal cannabis refers to a drug that is derived from dried flowers, leaves, seeds, and stems of a plant known as cannabis sativa. It comprises various compounds, such as tetrahydrocannabinol (THC) and cannabidiol (CBD), which have various potential medicinal and recreational uses. It assists in alleviating chronic pains and chemotherapy-induced nausea, and multiple sclerosis spasticity symptoms. As it aids in increasing appetite and reducing the risk of inflammation, migraine, and seizures, the demand for legal cannabis is rising across the globe.
How Big Is the Legal Cannabis Market?
The global legal cannabis market size reached US$ 20.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 74.5 Billion by 2028, exhibiting a growth rate (CAGR) of 23.9% during 2023-2028.
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What are the growth prospects and trends in the legal cannabis industry?
At present, the increasing acceptance of legal cannabis for medical and recreational purposes represents one of the major factors contributing to the growth of the market. Apart from this, the rising adoption of legal cannabis, as it assists in lowering anxiety, stress, and depression among individuals, is propelling the growth of the market.
Moreover, the increasing integration of legal cannabis in food and beverages products is bolstering the growth of the market. Additionally, the growing demand for legal cannabis due to the increasing prevalence of various chronic conditions, such as seizures and Alzheimer’s disease, among the masses around the world is positively influencing the market.
Furthermore, the rising preference for cannabis-based treatments among individuals is strengthening the growth of the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Source:
- Marijuana
- Hemp
Breakup by Derivatives:
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
Breakup by Distribution Channel:
- Recreational Stores
- Pharmacies
- Online Stores
- Others
Breakup by End User:
- Medical Use
- Recreational Use
- Industrial Use
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Aurora Cannabis Inc.
- Cannabis Sativa Inc.
- Canopy Growth Corporation
- Green Thumb Industries
- GW Pharmaceuticals plc (Jazz Pharmaceuticals plc)
- HEXO Corp.
- Organigram Holdings Inc.
- Sundial Growers Inc.
- The Cronos Group
- The Green Organic Dutchman Holdings Ltd.
- The Scotts Miracle-Gro Company
- Tilray
- VIVO Cannabis Inc.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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