Legal Marijuana Market To Witness Lucrative Growth With USD 162.72 Bn Earnings By 2032

As per study of Zion Market Research study, the global Legal Marijuana market size was valued USD 20.77 billion in 2023 and is expected to rise to USD 162.72 billion by 2032 at a CAGR of 25.7%. Moreover, growth of legal marijuana market over assessment timeline is owing to rise in legalization of marijuana for medicinal use in large number of countries. In addition to this, marijuana is utilized for treating chronic ailments such as Cancer and Parkinson. Apparently, massive demand for marijuana for treating patients suffering from neurological disorders will generate new growth avenues for legal marijuana industry over forecasting period. In addition to this, massive popularity of cannabis oil for treating children having disorders such as epilepsy will embellish growth of legal marijuana market in years to come. Furthermore, supportive laws pertaining to licensing use of marijuana in countries such as Canada and the U.S. will steer elevation in growth of legal marijuana industry over forecasting period.

Medical Marijuana Segment To Record Rapid Growth Over 2024-2032

Expansion of medical marijuana segment over assessment period is owing to awareness about healthcare benefits about marijuana during treatment of pain. In addition to this, many nations have legalized use of medicinal marijuana, thereby enlarging growth scope of medical marijuana. Rise in demand for medical marijuana and its prescription depending on doctor’s physician, the product is likely to penetrate across more countries post legalization of its use. This, in turn, is projected to boost growth of segment over forecasting timespan.

Chronic Pain Segment To Dominate Application Landscape By 2032

Growth of chronic pain segment over forecast timespan is subject to rise in use of medicinal marijuana as well as its legalized use in treating chronic disorders as well as alleviating neck pain, arthritis pain, and neurogenic pain.

North America To Account Major Chunk Of Regional Market Share Over 2024-2032

Regional market growth over assessment period can be due to increase in  number of states in the U.S. legalizing use of medical marijuana for treating patients suffering from chronic disorders. Reportedly, as many as eighteen states have legalized non-medicinal use of cannabis, while nearly 13 states have de-criminalized cannabis use in June 2021. Additionally, in October 2018, Canada became first country in G20 for legalizing recreational utilization of marijuana. For the record, Canadian government passed the Cannabis Act Bill C-45 that regulated cannabis production, distribution, and sale as well as possession. All such moves will further boost swift expansion of legal marijuana industry in North America.

Key players included in the study and favorably leveraging business space are Canopy Aphria, Inc., Bhang Corporation,Elixinol, CV Sciences, ABcann Medicinals, Inc., Aurora Cannabis, Growth Corporation, Tilray, Maricann Group, Inc., Folium Biosciences, Tikun Olam, Meadow Care, Organigram Holdings, Inc., IRIE CBD, The Cronos Group, and CBD American Shaman. 

Browse the full “Legal Marijuana Market - By Application (Chronic Pain, Mental Disorders, And Cancer), By Type (Medical Marijuana And Recreational Marijuana), And By Region- Global Industry Perspective, Comprehensive Analysis, And Forecast, 2024 – 2032.” Report at https://www.zionmarketresearch.com/report/legal-marijuana-market

The global Legal Marijuana Market is segmented as follows:

By Application

• Chronic Pain
• Mental Disorders
• Cancer

By Type

• Medical Marijuana
• Recreational Marijuana

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

About Us:

Zion Market Research is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, the company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.

Contact Us:

Zion Market Research
244 Fifth Avenue, Suite N202
New York, 10001, United States
Tel: +49-322 210 92714
USA/Canada Toll-Free No.1-855-465-4651
Email: sales@zionmarketresearch.com
Website: https://www.zionmarketresearch.com