Legalized Cannabis Market Size, Share, Trends and Forecasts to 2032

legalized cannabis market Insights

According to the report published by Zion Market Research, The Global Legalized Cannabis market was valued at USD 64.22 Billion in 2023 and is predicted to reach USD 83.93 Billion by the end of 2032. The market is expected to grow with a CAGR of 3.02% during the forecast period. The report analyzes the Global Legalized Cannabis Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the rising opportunities in the Legalized Cannabis market.

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Global Legalized Cannabis Market: Overview

Though cannabis is popular across the globe, it is an illegally utilized drug, as its use for various purposes is banned by myriad governments worldwide. There are several names for the product, including hemp and marijuana. Hemp is used for psychological disorders as it has non-psychotic effects on patients. Marijuana is used for medical or therapeutic purposes as well as recreational use.

Global Legalized Cannabis Market: Growth Factors

Today, many developed nations are legalizing the use of the product for medical and recreational purposes. This, in turn, will generate new avenues for the players to increase their business. Apart from this, the escalating need for legalized cannabis in medical treatment and the pharmaceutical industry will further amplify the growth trends of the legalized cannabis market. Medical experts and renowned physicians are of the view that legalized cannabis can effectively treat neuropsychiatric anxiety, pain, and sleep disorders. Even clinical trials have successfully supported their view. This can increase the demand for the product over the coming years.

On the other hand, medical research has found that legalized cannabis can reduce pain when treating ailments such as cancer and epilepsy. Additionally, the product offers multifaceted sensory appeal to customers. All these factors above will amplify the growth trajectory of the legalized cannabis business. Furthermore, legalized cannabis is finding a slew of applications in personal care, cosmetics, baked food items, drinks, and tinctures.

Moreover, altering lifestyles and busy work schedules have made consumers use legalized cannabis, thereby offering them comfort against symptoms of depression including insomnia, irritation, and sadness. Legalized cannabis can also offer relief to patients suffering from arthritis and inflammatory joints, thereby resulting in strong demand for the product. Nevertheless, growing cases of drug trafficking, crime, and illegal import & use of cannabis may hamper the market growth in the future.

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Global Legalized Cannabis Market: Segmentation

The legalized cannabis market can be segmented into product type, end-user, compound, and form.

Product type-wise, the market is classified into cannabis herb and cannabis resin.

Based on the end-user, the legalized cannabis market can be separated into recreational and medicinal uses.

Based on the compound, the market is divided into THC-Dominant, Balanced THC & CBD, and CBD-Dominant. Form-wise, the industry is categorized into raw and processed forms.

Legalized Cannabis Market: Report Scope

Global Legalized cannabis market: Regional Analysis

Based on the region, the global legalized cannabis market can be divided into five main areas: Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. Nearly thirty-four states in the United States of America have passed legislation legalizing cannabis for medical purposes and ten states among these thirty-four have legalized cannabis for both therapeutic and recreational purposes. In 2018, Canada legalized the farming, acquisition, and use of cannabis as well as its by-products. With most of the states in the U.S. and Canada legalizing the use of cannabis, it is more likely that the legalized cannabis market in North America will gain traction in the forthcoming years.

Uruguay became the first country in the world to legalize the use of cannabis, thereby opening the gates for the cannabis business in the Latin American region. This, in turn, will encourage market players to invest in the region and thus help the legalized cannabis market in Latin America flourish and have bright growth prospects.

Reportedly, European and Australian governments are also keen on legalizing the use of cannabis for medical purposes after studying the pros & cons of the product on human health.

Global Legalized cannabis market: Competitive Players

A few of the main participants in the legalized cannabis market are

• Dixie Elixirs
• The Cronos Group
• Canopy Growth Corporation
• Aurora Cannabis
• ABcann Medicinals Inc.
• Aphria
• Maricann Group, Inc.
• and ABcann Medicinals, Inc.

The Global Legalized Cannabis Market is segmented as follows:

By Product type

• Oligopoly
• Monopolistic Competition
• Perfect Competition
• Monopoly

By Application

• personal
• cosmetics
• baked food items
• drinks
• and tinctures

Global Legalized Cannabis Market: Regional Segment Analysis

• North America
  • The U.S.
• Europe
  • The UK
  • France
  • Germany
• The Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

What Reports Provide

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, ongoing, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials are given to companies to fortify their foothold in the market.