Legal Marijuana Market Size, Share, And Growth Report 2032

Legal Marijuana Market Size

According to Zion Market Research, the global Legal Marijuana Market was worth USD 20.77 Billion in 2023. The market is forecast to reach USD 162.72 Billion by 2032, growing at a compound annual growth rate (CAGR) of 25.7% during the forecast period 2024-2032.

The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Legal Marijuana Market industry over the next decade.

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Legal Marijuana Market: Overview

Marijuana, which is also referred as cannabis, is a natural psychoactive medicinal herb derived from cannabis plant. Apart from this, legalized marijuana is also utilized for recreational purposes. In addition to this, the product is utilized for reducing nausea as well as vomiting during chemotherapy treatment for cancer patients. Furthermore, marijuana is also utilized in treating chronic pain and muscle spasms. Many countries in North America and Latin America have legalized use of marijuana for medicinal purpose and hence the move is likely to be followed by European countries and other sub-continents in near future.

The growth in the global legal marijuana market is driven by cannabis legalization for medical and recreational purposes in various countries around the world. Huge investments made for the research and development of safe marijuana for ingesting, such as oils, tinctures, and vapes, among other edibles, is also expected to fuel the legal marijuana market in the future.

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Legal Marijuana Market: Growth Drivers

The legalization of marijuana in countries such as Canada, Uruguay, and the U.S. along with its utilization for treating cancer, Parkinson's, stress, Alzheimer's, neurological conditions, and arthritis will steer the growth of the legal marijuana market. In addition to this, increment in proficient pain management therapeutics for treating patients having chronic pain in aging populace as well as adult persons will promulgate market growth. Nevertheless, rise in hydroponically harvested marijuana and ease in the harvesting of such high-quality products will offer a slew of growth avenues for the legal marijuana market in upcoming years.

With rise in popularity of cannabis oil in countries that have legalized medical marijuana, the growth of the market for legal marijuana is projected to gain momentum in ensuing years. Medical marijuana is also used for treating epilepsy in children. However, social stigma related to smoking of cannabis and adverse impact of smoking of cannabis on human health can disrupt growth of legal marijuana market.  

Legal Marijuana Market: Segmentation

Legal marijuana market is segmented on the basis of type, product type, and application.

Based on the type, this market is bifurcated into medical marijuana and recreational marijuana.

By product type, the market is segmented into buds, oil, and tinctures.

On the basis of application, the legal marijuana market is divided into chronic pain, mental disorders, cancer, and others. 

Legal Marijuana Market: Report Scope

Legal Marijuana Market: Regional Landscape

North America Market To Account Majorly Towards Regional Landscape By 2032

Growth of legal marijuana market in North America over assessment period is due to favorable government laws and legalization of medicinal cannabis in countries such as Canada and the U.S. In addition to this, major marijuana cultivators in sub-continent along with rise in product sales in retail sector will embellish regional market trends.

Legal Marijuana Market: Competitive Landscape

Key players included in report and steering growth of legal marijuana market are:

• Canopy Aphria Inc.
• CV Sciences
• Aurora Cannabis
• Growth Corporation
• Tilray
• Maricann Group Inc.
• Meadow Care
• Bhang Corporation
• Organigram Holdings Inc.
• IRIE CBD
• The Cronos Group
• ABcann Medicinals Inc.
• Folium Biosciences
• Tikun Olam
• Elixinol
• CBD American Shaman

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