Legal Marijuana Market Growth & Trends
The global legal marijuana market size is expected to reach USD 102.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 25.4% from 2023 to 2030. An increase in the rate of legalization of marijuana for medicinal and adult-use/recreational marijuana and the growing adoption of these products for the treatment of chronic ailments are the primary factors responsible for the growth of the market.
The oil and tinctures product segment held the largest revenue share of over 53.2% in 2022. Owing to its proven medical prowess in the treatment of various health indications and the increasing number of patients preferring it over usually prescribed medicines, governments of many countries are either legalizing or approving it for medicinal use. This is expected to be the key driver for the oil and tinctures segment.
The medical application segment captured the largest revenue share of over 82.6% in 2022 and is expected to grow at a significant CAGR during the forecast period. This can be attributed to the growing demand among the younger generation and patients for the prescription of cannabis for medicinal purposes. Medical marijuana is anticipated to grow at a steady rate throughout the forecast period owing to the legitimization in different geographies in comparison to recreational/ adult-use marijuana.
In the medical application segment, the chronic pain segment held the largest revenue share of over 25.0% in 2021. The medicinal use of cannabis has been embraced increasingly by governments and people all over the world. The sub-segment is expected to grow at a steady pace throughout the forecast period due to the increase in the use of marijuana for relieving pain symptoms across geographies.
North America led the market with a revenue share of over 78.8% in 2022. This is due to the fact that North America was one of the first regions to legitimize the use of medical and recreational cannabis owing to its vast consumer base. The COVID-19 pandemic has adversely affected the supply chain of legal cannabis as with other markets. The market also witnessed the effect of the supply chain disruptions during the pandemic. An increase in the number of countries legalizing it and an increase in the number of prescriptions filled for medicinal marijuana are an indication of the fact that the growth spur will continue post-pandemic.
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Legal Marijuana Market Report
Legal Marijuana Market Report Highlights
- In 2022, the oil and tinctures product type segment accounted for the largest revenue share of over 53.2% owing to the low price and ease of accessibility of flowers compared to other products
- Based on application, the medical segment accounted for the largest revenue share of over 82.6% in 2022 owing to the high demand among millennials and patients for medicinal marijuana
- In the medical application segment, the chronic pain segment accounted for the largest revenue share of over 25.0% in 2021 owing to the rising adoption by the governments and people all over the world
