Legal Cannabis Market size is set to grow by USD 54.57 billion from 2022-2027, The decriminalization and legalization of cannabis in more countries to drive the market growth, Technavio
NEW YORK, March 4, 2024 /PRNewswire/ -- The legal cannabis market size is estimated to grow by USD 54.57 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 21.6% during the forecast period. The global expansion of the legal cannabis industry, driven by decriminalization and legalization in more countries, fuels market growth and broadens consumer bases. These regulatory changes not only fuel market growth but also shift societal perceptions, reducing stigma and evolving acceptance. Increasing demand for both recreational and medicinal cannabis products follows. Well-defined legal frameworks governing cultivation, production, distribution, and sales attract investments, encourage entrepreneurship, and stimulate market expansion. Adherence to established regulations enables companies to flourish and boost the growth of the global legal cannabis market. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) - buy the report
Segment Overview
Technavio has segmented the market based on Product (Medical cannabis and Recreational cannabis), Derivative Type (CBD, THC, and Balanced THC and CBD), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).
- During the forecast period, substantial market share growth is anticipated in the medical cannabis segment within the global legal cannabis market. This segment encompasses the therapeutic utilization of cannabis and its derivatives, demonstrating potential therapeutic advantages for various medical conditions and symptoms.
Geography Overview
By geography, the global legal cannabis market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global legal cannabis market.
- During the forecast period, North America is projected to contribute 92% to the global market growth. Within this region, both the US and Canada have legalized medical cannabis, with various government initiatives boosting market expansion. In 2022, North America dominated as the largest region in the legal cannabis market, characterized by a moderate concentration owing to the presence of numerous regional and global companies. Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021) and forecast market size (2023 to 2027) - View PDF Sample
Diversification of cannabis-infused edibles, catering to health-conscious consumers seeking nutritional value alongside therapeutic cannabis effects. Companies respond to consumer education by introducing tailored edibles for specific effects (e.g., relaxation, pain relief, energy), expected to drive global market growth. Lack of funding and investment due to reluctance from banks and financial institutions in the US and Canada, forcing companies to seek private sector investors at higher interest rates. Limited opportunities for foreign investment in Islamic countries due to complete cannabis bans on religious grounds, restricting expansion of the legal cannabis sector during the forecast period. Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027). View PDF sample
Analyst Review
In recent years, the market has emerged as a transformative force within the medical field, offering promising avenues for addressing chronic pain, mitigating the side effects of chemotherapy, and navigating regulatory frameworks set by entities such as the U.S. Drug Enforcement Administration (DEA) and the California Pharmacists Association.
With the passage of landmark legislation like The Cannabis Act (Bill C-45) in various jurisdictions, including Canada, the legal landscape surrounding cannabis cultivation, distribution, and consumption has undergone significant evolution. This legislation has opened doors for the exploration of cannabinoids like CBD, derived from both hemp and marijuana plants, for medicinal purposes.
CBD, or cannabidiol, has garnered attention for its potential therapeutic benefits in managing chronic pain and alleviating symptoms associated with conditions such as PTSD. This cannabinoid, extracted from hemp, offers a non-intoxicating alternative to traditional pharmaceuticals, making it an attractive option for patients seeking relief without the adverse effects of opioids or other prescription drugs.
Hemp, a variety of the cannabis plant, has gained prominence not only for its CBD content but also for its versatile applications in industries ranging from textiles to construction materials. The legalization of hemp cultivation has stimulated economic growth and provided farmers with a lucrative crop alternative.
Meanwhile, marijuana, with its psychoactive properties, remains subject to stringent regulations enforced by organizations like the DEA. However, the recognition of marijuana's medicinal potential has led to the establishment of medical cannabis programs in several states, allowing patients access to cannabis products under medical supervision.
The role of pharmacists in the market is pivotal, as they navigate complex regulations, educate patients on product selection and usage, and ensure compliance with state and federal laws. The California Pharmacists Association, for instance, plays a crucial role in advocating for the integration of cannabis education into pharmacy curricula and promoting best practices for cannabis dispensing.
In conclusion, the legal cannabis market represents a paradigm shift in healthcare, offering innovative solutions for chronic pain, chemotherapy-induced symptoms, PTSD, and various other medical conditions. As regulations evolve and societal attitudes toward cannabis continue to evolve, the potential for cannabis to revolutionize patient care and public health remains immense. Request a sample report
Related Reports:
Cannabis Testing Market: The cannabis testing market size is forecast to increase by USD 1.50 billion between 2022 and 2027, accelerating at a CAGR of 13.06%. In 2017, the US held the largest market share, projecting an annual revenue of USD 0.43 billion.
Cannabis-based Alcoholic Beverage Market: The cannabis-based alcoholic beverages market share is expected to increase by USD 155.28 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 18.53%.
TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Product
- Market Segmentation by Derivative Type
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Technavio Research
Jesse Maida
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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