The legal marijuana global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Legal Marijuana Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The legal marijuana market size has grown exponentially in recent years. It will grow from $21.79 billion in 2023 to $26.56 billion in 2024 at a compound annual growth rate (CAGR) of 21.9%. The growth in the historic period can be attributed to shift in public attitudes towards cannabis, increase in legalization for medicinal and recreational use, growth in awareness of its therapeutic benefits, strong advocacy movements, rise in government tax revenue from legal sales, and decline in stigma associated with cannabis consumption.
The legal marijuana market size is expected to see exponential growth in the next few years. It will grow to $58.93 billion in 2028 at a compound annual growth rate (CAGR) of 22.0%. The growth in the forecast period can be attributed to increasing legalization and decriminalization efforts, growing medical cannabis applications, rising consumer demand for recreational use, expanding product variety, heightened investment in research and development, and favorable government regulations. Major trends in the forecast period include advancements in cannabis cultivation, innovation in extraction methods, adoption of edibles and infused products, advancements in cannabis-infused products, advancements in medical research, and adoption of CBD-based wellness products.
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Scope Of Legal Marijuana Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Legal Marijuana Market Overview
Market Drivers –
The rise in the incidence of epilepsy is expected to propel the growth of the legal marijuana market going forward. Epilepsy is a brain condition that causes frequent seizures due to irregular electrical activity in the brain. The rise in epilepsy cases can be attributed to better diagnosis, increased awareness, and enhanced reporting, alongside potential environmental, genetic, and lifestyle influences. Medical marijuana, particularly cannabidiol (CBD), has shown considerable potential in reducing the frequency and intensity of seizures in epilepsy patients, including those with severe forms such as Dravet syndrome. This alternative treatment is gaining momentum due to its favorable safety profile compared to traditional anti-epileptic drugs, offering hope for individuals unresponsive to conventional therapies. For instance, in April 2022, according to the European Brain Council, a Belgium-based non-profit organization, over 600 neurological diseases and nearly 300 psychiatric conditions afflict millions globally, including 65 million with epilepsy. Therefore, the rise in the incidence of epilepsy drives the growth of the legal marijuana market.
Market Trends –
Major companies operating in the legal marijuana market are focusing on product innovations, such as cannabis beverages, to cater to evolving consumer preferences, differentiate their offerings, and capture a larger share of the growing market. Cannabis beverages are infused drinks that deliver the benefits of cannabis, offering consumers a smoke-free consumption option. For instance, in March 2023, Canopy Growth Corporation, a Canada-based cannabis company, launched six new beverage flavors, a cannabis-infused beverage- Deep Space Propulsion. It is a cannabis beverage with naturally occurring caffeine. Canopy’s new cannabis beverages, featuring caffeinated sodas and iced teas, offer unique flavors and aim to boost consumer enjoyment with refreshing, THC-infused drinks.
The legal marijuana market covered in this report is segmented –
1) By Product: Buds, Oils And Concentrates, Tinctures
2) By Compound: Tetrahydrocannabinol (THC)-Dominant, Cannabidiol (CBD)-Dominant, Balanced THC And CBD
3) By Mode Of Delivery: Capsules, Concentrates, Edibles, Other Mode Of Deliveries
4) By Application: Chronic Pain, Mental Disorders, Cancer, Other Applications
5) By End-User: Pharmaceutical, Food, Beverages, Tobacco, Personal Care, Research And Development Centers
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Regional Insights –
North America was the largest region in the legal marijuana market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the legal marijuana market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the legal marijuana market are Trulieve Cannabis Corp., Green Thumb Industries Inc., Cresco Labs Inc., Tilray Brands Inc., Canopy Growth Corporation, Acreage Holdings Inc., Aurora Cannabis Inc., Organigram Holdings Inc., Cronos Group, Gaia Herbs, Medical Marijuana Inc., Green Roads, MediPharm Labs (VIVO Cannabis Inc.), CV Sciences Inc., Maricann inc., Dr. Hemp Me., Spring Creek Labs, Tikun Olam Ltd., United Cannabis Corporation, Cannabis Sativa Inc., Royal CBD, Lexaria Bioscience Corp., Isodiol International Inc.
Table of Contents
1. Executive Summary
2. Legal Marijuana Market Report Structure
3. Legal Marijuana Market Trends And Strategies
4. Legal Marijuana Market – Macro Economic Scenario
5. Legal Marijuana Market Size And Growth
…..
27. Legal Marijuana Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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