Legal Marijuana Market Expected to Surpass $80.1 Billion and Grow at 16.9% CAGR in the 2022-2031 Timeframe

The global legal marijuana market is expected to grow by 2031 due growing legalization of marijuana for medical purposes. The market in the North America region is predicted to be the most lucrative.

According to the report, the global legal marijuana market is predicted to register a revenue of $80.1 billion by 2031, growing at a healthy CAGR of 16.9% during the forecast period 2022-2031.

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Dynamics of the Market

Drivers: The legal marijuana market is expected to flourish in the forecast period due to increasing legalization of marijuana across different countries. Along with this, growing demand for organic leaves across the globe is predicted to push the market forward in the forecast period.

Opportunities: Growing demand for medical applications is expected to offer numerous growth opportunities to the market. Moreover, surge in local and national economies due to increased use of legal marijuana is predicted to take the market higher.

Restraints: According to market analysts, strict regulations on use of hemp in different countries, however, may become a challenge in the growth trajectory of the legal marijuana market.

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Covid-19 Impact on the Market

Since the Covid-19 pandemic, strict lockdowns and travel restrictions were put in place by various governments worldwide. As a result, there was a major decline in the supply of legal marijuana due to disruptions in global supply chains. Also, there was a substantial decline in demand for marijuana during the pandemic which further plummeted the growth rate of the legal marijuana market.

Segments of the Market

The report has fragmented the legal marijuana market into a few segments based on product type, application, and regional analysis.

By product type, the flower buds sub-segment of the legal marijuana market is anticipated to have a significant growth rate by 2031. Flower buds of marijuana plant can be smoked in a pipe, inhaled through a vaporizer, or can be used as an ingredient in foods. This adaptability of flower buds is predicted to boost the growth of this sub-segment in the forecast period.

By application, the medical sub-segment is predicted to have the highest CAGR by 2031. The growing demand for marijuana as a pain reliever from the medical sector is anticipated to push the growth rate of this sub-segment higher.

By regional analysis, the legal marijuana market in the North America region is estimated to be the most dominant.

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Prominent Market Players

Some prominent market players are Tilray, Canopy Growth Corporation, Maricann Group Inc., The Cronos Group, Lexaria Corp, GW Pharmaceuticals, plc., ABcann Medicinals, Inc., Organigram Holding, Inc., and Aphria, Inc., among others. These players are building several strategies like product development and enhancement, merger and acquisition, partnerships and collaborations to assist market growth.

For instance, in October 2022, Flora Growth Corp., a leading global company, announced the acquisition of Franchise Global Health Inc., a medical marijuana and pharmaceutical company based in Germany. This acquisition is predicted to expand the market share of Flora Growth Corp. substantially in the coming period.

The report also sums up various crucial facets including financial performance of the global market players, SWOT analysis, product portfolio, and the latest strategic developments.

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