The Legal Marijuana market involves the cultivation, processing, distribution, and sale of Cannabis and Cannabis-infused products for medical and recreational use. With over 30 states in the US, 15 countries in Europe and South America and South Africa legalizing medical marijuana, the market for legal cannabis and Cannabis-derived consumer products is increasingly gaining traction. Cannabis has several medical applications for alleviating symptoms of cancers, epilepsy, multiple sclerosis, chronic pain, Alzheimer's and Parkinson's disease. The Global Legal Marijuana Market is estimated to be valued at US$ 20.05 Bn in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period between 2024 to 2031.
Key Takeaways
Key players operating in the Legal Marijuana market are Murata Machinery, Ltd., Honeywell Intelligrated, Bastian Solutions, Inc., Dematic, TGW Logistics Group, Daifuku Co., Ltd., KNAPP AG, Beumer Group, SSI Schaefer Group, and Kardex Group. These players are focusing on research and development to introduce innovative extraction techniques and new Cannabis-based products.
The demand for legal marijuana is growing steadily due to increasing awareness about several medical applications and relaxation of laws across different regions globally. With more clinical research supporting health benefits of marijuana, several countries in Europe and South America have also legalized medical marijuana in recent times.
Major players in the market are also expanding their global footprint by entering new markets to tap the increasing demand. For instance, companies like Canopy Growth Corporation have operations across several countries including Canada, South America and Europe. Such global expansion strategies by key players are expected to boost the overall industry growth during the forecast period.
Market Drivers
A major market driver has been the growing recognition of medical applications of Cannabis. Extensive research has proven Cannabis and its compounds like CBD and THC are effective in treating illnesses like epilepsy, chronic pain, post-traumatic stress disorder, cancer, arthritis, and other ailments. This has led to more countries legalizing medical use of marijuana which is expanding the overall addressable market size. Relaxation of laws and regulatory approvals in new regions will remain a key growth driver over the next decade.
The current geopolitical climate presents both opportunities and challenges for the Legal Marijuana Market Growth. While a growing number of countries and U.S. states have legalized medical and recreational cannabis in recent years, federal prohibition in the United States continues to hinder expansion. Interstate commerce of marijuana remains illegal under U.S. law, restricting companies' abilities to ship products across state lines. This fragmentation complicates supply chain operations and prevents businesses from fully realizing economies of scale. However, political winds may be shifting as more liberal drug policies gain acceptance. Future strategies in this market must consider the possibility of piecemeal or wholescale federal legalization in the U.S. that could open enormous new avenues for cross-border distribution. Adaptability will be important as regulations change rapidly in different jurisdictions.
Currently, market value in the legal marijuana industry is concentrated primarily in North America, namely Canada and certain U.S. states where medical and adult-use programs have matured. Canada stands out as the world's largest national market following full legalization in 2018. Canadian producers have aggressively expanded both domestically and abroad through partnerships and acquisitions. Several U.S. states containing large populations, such as California, Colorado, and Florida, also dominate in terms of total sales. Nevertheless, the fastest growth rates over the next decade are expected in Europe and Latin America as more countries establish medical cannabis programs or move toward decriminalization. Countries like Germany and Mexico could emerge as substantial new markets if present trends continue.
The current geopolitical situation is impacting the growth of the legal marijuana market in several ways and different geographical regions are experiencing differing effects. Future strategies must account for shifting regulations on a jurisdiction by jurisdiction basis to capitalize on new opportunities as they arise while navigating ongoing restrictions. Adaptability will be important going forward.
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Marijuana is one of the most abused drugs in the world.The commercial marijuana industry exists on a state-by-state basis, and all medical and recreational programs are technically in violation of federal drug laws.
The U.S. Department of Justice issued some guidelines in recent years that helped the marijuana industry gain traction, but these are not legally binding and could theoretically be nullified at any time.A medicinal cannabis product refers to a product which includes cannabis, and its chemical components (cannabinoids), that can be used for curing, or alleviating the symptoms of disease, ailment or injury.The two main cannabinoids that have been identified for therapeutic application are the psychoactive 9-tetrahydrocanabinol (THC) and non-psychoactive Cannabidiol (CBD).Download FREE Sample of this Report @ https://www.grandresearchstore.com/report-sample/global-legal-marijuana-2019-2024-884The global average price of Legal Marijuana is in the decreasing trend, from 11.92 USD/g in 2012 to 7.5 USD/g in 2016.
With the situation of global economy, prices will be in decreasing trend in the following five years.The classification of Legal Marijuana includes Classical Media & Salts, Serum-free MediaStem Cell Media, and the proportion of Classical Media & Salts in 2016 is about 50.07%, and the proportion is in decreasing trend from 2012 to 2017.Market competition is not intense.
Medicine Man, Canopy Growth, Aphria, Aurora Cannabis Inc. and mCig Inc are the leaders of the industry, and they hold key technologies and patents, with high-end customers; have been formed in the monopoly position in the industry.According to this study, over the next five years the Legal Marijuana market will register a 28.0% CAGR in terms of revenue, the global market size will reach US$ 35000 million by 2024, from US$ 7970 million in 2019.
In particular, this report presents the global market share (sales and revenue) of key companies in Legal Marijuana business, shared in Chapter 3.This report presents a comprehensive overview, market shares, and growth opportunities of Legal Marijuana market by product type, application, key manufacturers and key regions and countries.This study considers the Legal Marijuana value and volume generated from the sales of the following segments:Segmentation by product type: breakdown data from 2014 to 2019, in Section 2.3; and forecast to 2024 in section 11.7.IndoorGreenhouseSegmentation by application: breakdown data from 2014 to 2019, in Section 2.4; and forecast to 2024 in section 11.8.RecreationalMedicalThis report also splits the market by region: Breakdown data in Chapter 4, 5, 6, 7 and 8.AmericasUnited StatesCanadaMexicoBrazilAPACChinaJapanKoreaSoutheast AsiaIndiaAustraliaEuropeGermanyFranceUKItalyRussiaSpainMiddle East & AfricaEgyptSouth AfricaIsraelTurkeyGCC CountriesThe report also presents the market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market.
The key manufacturers covered in this report: Breakdown data in in Chapter 3.Medicine ManCanopy GrowthAphriaAurora Cannabis Inc.mCig IncIn addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key manufacturers and the market as a whole.
