With ten newly legalized states sited to commence the sales of cannabis in 2021–2022, the legalized cannabis market is at an all-time high. The legalization of cannabis and the creation of a new business has progressed significantly in recent years. In many aspects, legal cannabis has made significant strides in 2020, with states such as New Jersey, Montana, and South Dakota voting to legalize recreational cannabis and Arizona and Mississippi approving it. These factors contribute to a high sales number in the market.
/EIN News/ — New York, US, Sept. 23, 2021 (GLOBE NEWSWIRE) — The legalized cannabis market is expected to grow at a compound annual growth rate (CAGR) of 26.4% in the forecast period from 2020 to 2029.
The global legalized cannabis market is expected to reach USD 40 billion by 2025.
The industry is largely driven by increased demand for legal marijuana due to the swirling number of legal cannabis nations. Besides, the consumption of medical marijuana for various diseases is becoming prevalent worldwide. Thus, it is expected to generate maximum cannabis demand. In addition, the surge in cannabis-related R&D activities is likely to impact the demand further.
According to the Cannabis Industry Statistics, 2021, 12% of Americans consume marijuana recreationally. Further, according to the National Institute of Drug Abuse, 22.1% of 18–25-year-olds in the United States consumed marijuana in the past. In addition, a study report by the Cannabis Industry Statistics suggests that the buyer pool is huge as over half of the population aged 18 years have consumed marijuana in North America. Besides, the U.N. estimates that 192 million individuals smoked marijuana globally in 2018.
Due to changes in government laws, demand for legal marijuana is projected to skyrocket. Several new cannabis firms are pursuing R&D, testing, and production. Many jurisdictions in Canada are anticipating the privatization of cannabis retail outlets. Many provinces that formerly picked a single supplier are now asking numerous vendors to submit bids. These factors are expected to drive the market over the projected period.
COVID-19 Enriches Revenue
The market has witnessed significant positives due to the worldwide lockdown amidst the pandemic. The period of isolation has extensively increased the consumption rate and purchase volume of cannabis in many regions. For example, consumers in the United States spent almost USD 18 billion on cannabis during the lockdown. Although individuals bought less often during the summer of 2020, dispensaries experienced higher average order sizes and increased income. It is due to a significant rise in both shifting public opinion and the dread of lockdowns.
However, the COVID-19 pandemic has thrown the cannabis supply chain into disarray. The supply of cannabis at dispensaries has decreased due to the lockdown. As a result, the export company has generated less income. Thus, the supply chain is disrupted in key nations, affecting import and export operations.
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Legalized Cannabis Market by Compound
Proven Medical Applications Spurs the THC-Dominant Segment
The THC-dominant category is the fastest-growing segment in the market based on the compound. The medicinal advantages of THC-dominant products are driving the segment. Many medical studies have proven the compound to be highly useful in treating nausea, loss of appetite, and insomnia.
Further, the CBD market is projected to own a considerable proportion due to the increasing relevance and awareness of medical items. According to a Gallup poll, 14% of individuals in the United States consume CBD. Besides, consumers aged 18–29 years had a higher consumption rate of 20%. According to the same survey, the most prevalent reasons for taking CBD are pain (40%), anxiety (20%), insomnia (11%), arthritis (8%), and migraine (5%), among others.
Legalized Cannabis Market by Application
Recreational Dominion in the Global Market
The market is broadly classified into two applications, namely medicinal and recreational. The recreational segment dominates the market in terms of revenue due to a sturdy demand and consumption of cannabis for recreational purposes. Further, the legalization of recreational applications boosts this segment. For example, 12 states in the United States have legalized recreational cannabis (in addition to medicinal marijuana) for individuals aged above 21 years as of January 2021. These states include California, Alaska, Oregon, Washington, Maine, Colorado, Nevada, Vermont, Michigan, Massachusetts, Illinois, and Arizona (and the District of Columbia).
The medicinal segment, on the other hand, is expected to accelerate throughout the projection period. It is due to an increase in the use of cannabis products and extracts to treat medical ailments. The chronic pain management category is likely to generate the most income. The growing use of medical marijuana to treat chronic pain, such as neurogenic pain, arthritis, cancer pain, lower back pain, headache, neck pain, and facial pain, is driving the market.
Further, the market is anticipated to develop considerably due to rising awareness of the advantages of cannabis. Mental disorders are expected to emerge as a primary domain where the market products find an endless application, promoting market growth due to numerous people suffering from various mental disorders.
Legalized Cannabis Market by Regions
North American Supremacy over Others
North America is expected to dominate the global market amongst all regions with the highest market share during the forecast period. Essentially, it is due to the extensive legalization of cannabis for medicinal and recreational purposes in North America. Additionally, consumers are becoming more aware of the medical advantages of cannabis. The medical consumption of cannabis is rising rapidly. For instance, there has been an increase in the consumption of cannabis among patients suffering from anxiety due to their antipsychotic effect on the body. Mental health conditions are subjected to be treated effectively by cannabis-based products, considering their high therapeutic benefits.
According to the Anxiety and Depression Association of America, nearly 18.1% of the total population in the U.S. suffers from anxiety disorders each year, and the number is growing significantly. Thus, as the patient pool increases, the market is also likely to flourish parallelly.
Another prospective market for cannabis products is in Europe, specifically the United Kingdom, Germany, and Colombia. These nations have begun to produce locally, and thus, they are secondary markets projected to be sustainable in the coming years. Further, due to changes in government policy, market demand is projected to skyrocket. Several new cannabis businesses are attempting to investigate, develop, and manufacture the drug. The number of people using cannabis as a medicine, on the other hand, is expected to rise as the number of medical illnesses that require marijuana treatment rises.
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Detailed Table of Content
1.1 Market Definition
1.2 Market Scope
1.3 The Demand for Legal Marijuana Is Expected To Surge Rapidly Due To Changes in Government Policies
1.4 Major Markets Apart from the U.S.
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions and Exclusions
2.4 Secondary Data Sources
3 Executive Summary
3.1 Key Highlights of the Market
3.2 Major Products in the Personal Care Segment
3.3 Major Prevalent Diseases in need of Medical Marijuana
3.4 Major European Countries opening their gates for Legalized Cannabis
4 Market Overview
4.1 Research & Development by Major Players
4.2 Value Chain Analysis: Legalized Cannabis Market
4.3 Market Trends
18.104.22.168 The Shift in the Trend of Patients toward Marijuana for Adult
22.214.171.124 Legalization of Marijuana for Medical
126.96.36.199 Growth in the Prevalence of Medical Conditions That Require Marijuana as a Treatment
188.8.131.52 Culture Taboo in the Asian Countries
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Covid-19 Impact Analysis
4.5.1 COVID-19 pandemic has disrupted the Supply Chain Management of Cannabis Products
4.5.2 Pre-Covid-19 Market Scenario Analysis
4.5.3 Post-Covid-19 Market Scenario Analysis
4.5.4 Measures Taken by Top Players
4.6 Regulatory Framework by Major Regions
5 Global Legalized Cannabis Market by Compound
5.1 Tetrahydrocannabinol (THC)-dominant
5.1.1 Market Size and Forecast (Value)
5.2 Cannabidiol (CBD)-dominant
5.2.1 Market Size and Forecast (Value)
5.3 Balanced THC and CBD
5.3.1 Market Size and Forecast (Value)
6 Global Legalized Cannabis Market by Products
6.1 Flower and Buds
6.1.1 Market Size and Forecast (Value)
6.2.1 Market Size and Forecast (Value)
6.2.1 Other Products
7 Global Legalized Cannabis Market by Application
7.1.1 Market Size and Forecast (Value)
7.2 Medical Use
7.2.1 Market Size and Forecast (Value)
7.2.2 Chronic Pain
7.2.3 Mental Disorders
7.3 Cosmetics and Personal Use
7.3.1 Market Size and Forecast (Value)
8 Global Legalized Cannabis Market by End-Use
8.1.1 Market Size and Forecast (Value)
8.2 Food, Beverage Tobacco
8.2.1 Market Size and Forecast (Value)
8.3 Personal Care and Cosmetics
8.3.1 Market Size and Forecast (Value)
8.4 Research and Development
8.4.1 Market Size and Forecast (Value)
8.5.1 Market Size and Forecast (Value)
9 Regional Overview
9.1.1 Market Size and Forecast (Value)
9.2 North America
9.2.1 Economic Overview
9.2.2 Market Scenario
9.2.3 The U.S.
9. 3.1 Economic Overview
9. 3.2 Market Scenario
9. 3.3 Germany
9. 3.4 The U.K.
9. 3.5 France
9. 3.6 Italy
9. 3.7 Spain
9. 3.9 The Rest of Europe
9.4.1 Economic Overview
9.4.2 Market Scenario
9.4.7 South Korea
9.4.9 The Rest of Asia-Pacific
9. 5 The Middle East and Africa
9. 5.1 Economic Overview
9. 5.2 Market Scenario
9. 5.3 The Middle East
9. 5.4 Africa
10 Competitive Landscape — Manufacturers and Suppliers
10.1 Competition Dashboard
10.2 Market Share Analysis, 2020
10.3 Competition Dashboard
10.4 Key Developments
10.4.1 Merger & Acquisitions
10.4.3 Product Launch
10.5 Major Cannabis Cultivators in the U.S.
10.6 Major Block Buster Products
10.6.1 Personal Care
10.6.2 Medical Field
11 Company Profile
11.1 Canopy Growth Corporation
11.2 Aurora Cannabis
11.3 Aphria, Inc.
11.5 ABcann Medicinals, Inc.
11.6 The Cronos Group
11.7 Maricann Group, Inc.
12 Conclusion and Recommendation
13 Acronyms and Abbreviations
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