June 2024 | Report Format: Electronic (PDF)
Legal Marijuana Market Growth & Trends
The global legal marijuana market size is expected to reach USD 102.24 billion by 2030, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 25.7% from 2024 to 2030. Increase in rate of legalization of marijuana for medicinal and adult-use/recreational marijuana, growing adoption of these products for the treatment of chronic ailments and rise in a number of new product launches are the primary factors responsible for the growth of the market. For instance, in March 2023, Irwin Naturals Inc., a herbal supplement formulator, introduced company’s’ new CBD 25mg Softgels in Canada. It is available through the Starseed Medicinal Medical Group platform across the nation.
In April 2022, New Jersey legalized recreational and medical marijuana, and it is being sold at 13 facilities. This move has made New Jersey one of the 18 states in the United States where recreational marijuana is legal. The market is experiencing growth due to the widespread acceptance of cannabis and its high demand. Since its legalization, the use of marijuana in medical treatments has increased, leading to a decrease in the illegal trade of cannabis. According to a study conducted by New York University, the usage of cannabis among individuals aged 50–64 has doubled in the last decade and has now reached 9.0%.
Moreover, price of legal marijuana is lower than medical marijuana, and taxes would be levied on marijuana products after its legalization. Therefore, cultivators are focusing on cultivating marijuana in areas that are exempt from taxes. For instance, in New York, marijuana cultivators are focusing on tribal regions to get exempted from the taxes levied by the government. This is expected to lower the overall cost of cultivation of marijuana in the state, and cultivators can sell marijuana at lower prices. Lower prices of marijuana are further anticipated to boost the adoption of marijuana in the market.
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Legal Marijuana Market Report
Legal Marijuana Market Report Highlights
- By application, medical segment accounted for the largest revenue share of 79.1% in 2023 owing to the high demand among healthcare practitioners and patients for medicinal marijuana.
- By product type, oil and tinctures held the largest market share in 2023 owing to low price and ease of accessibility of flowers compared to other products.
- In 2023, North America dominated the overall market with a revenue share of 76.0% owing to its large consumer base, North America was among the first regions to legalize the use of medical and recreational cannabis.
Legal Marijuana Market Report Segmentation
Grand View Research has segmented the global legal marijuana market on the basis of application, product type, and region:
Legal Marijuana Application Outlook (Revenue, USD Billion, 2018–2030)
- Medical
- Chronic Pain
- Cancer
- Depression and Anxiety
- Arthritis
- Diabetes
- Glaucoma
- Migraines
- Epilepsy
- Multiple Sclerosis
- AIDS
- Amyotrophic Lateral Sclerosis
- Alzheimer’s
- Post-traumatic Stress Disorder (PTSD)
- Parkinson’s
- Tourette’s
- Others
- Adult Use
Legal Marijuana Product Type Outlook (Revenue, USD Billion, 2018–2030)
- Flower
- Oil & Tinctures
Legal Marijuana Regional Outlook (Revenue, USD Billion, 2018–2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Italy
- Netherlands
- Croatia
- Poland
- Czech Republic
- Switzerland
- Spain
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- Thailand
- Latin America
- Brazil
- Mexico
- Uruguay
- Colombia
- Middle East and Africa (MEA)
- South Africa
- Israel
List of Key Players of Legal Marijuana Market
- Canopy Growth Corporation
- AURORA CANNABIS INC.
- Tilray Brands Inc. (Aphria, Inc.)
- ABcann Medicinals, Inc. (VIVO Cannabis Inc.)
- The Cronos Group
- MARICANN INC.
- Organigram Holdings Inc.
- Lexaria Bioscience
- GW Pharmaceuticals (Jazz Pharmaceuticals, Inc.)
- Tikun Olam
- United Cannabis Corporation
