Legal Cannabis Market size is estimated at $10.2 billion in 2020 and is predicted to grow as CAGR of 25.2% during the forecast period 2021-2026. Legal Cannabis is also known as medical marijuana. One of the key elements increasing demand for legal cannabis is the licensing of cannabis for adult usage. Cannabis is primarily utilized as a recreational or medicinal narcotic. It is used to treat patients suffering chronic mental illness, mental disorders, cancer, and chronic pain in parts of body, gout and cholera. Euphoria, altered states of mind at times, difficulties concentrating, reduced short-term memory and body movement, relaxation, and an increase in appetite are some of the mental and physical effects of cannabis which is predicted to drive the market. Anxiety, delusions, hallucinations, panic, paranoia, and psychosis can occur as side effects of consuming cannabis. In nations where cannabis for adult use has been allowed, such as North America, the industry has observed a shift in patients choosing to consume cannabis for recreational rather than therapeutic purposes. This could be because of the low prices and quick availability. Thus, recreational, and medical applications is driving the Legal Cannabis Market and is expected to grow at a significant rate.
Legal Cannabis Market Segment Analysis - By Product Type
The oil segment has the largest market share of the Legal Cannabis Market in 2020. Cannabidiol oils are used to reduce nausea and vomiting induced about by malignancy. The cannabinoids in the oil aid in the treatment of acute sleep disorders as well as the reduction of stress and anxiety. The market for cannabis oils is projected to increase over the forecast period, leading to a significant increase in the number of patients who prefer treatment by oil.
However the cannabis flower segment is expected to grow at faster CAGR of 28.2% over the forecast period of 2021-2026. The cannabis flower is majorly used for recreational purposes. It creates a long lasting sensation of relaxation in body and mind and is increasingly popular amongst teenagers of legal age and millennials. The flower can be dried and used as a substitute for tobacco. According to medical research it produces less harmful effects than smoking tobacco or drinking alcohol, thus it has gained popularity in recreational activities. With increase in legalization of cannabis across different countries, this sector is expected to drive the Legal Cannabis Market grow significantly.
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Legal Cannabis Market Segment Analysis – By Application
In 2020, the medical application sector held the greatest proportion of the global legal cannabis market. Cannabis have an impact on sections of the brain that control pleasure, memory, thinking, concentration, movement, coordination, sensory and temporal perception. THC is able to clasp to molecules (cannabinoid receptors) on neurons in certain brain locations and activate them. The growing demand for cannabis for pain relief in various health situations such as cancer, AIDS, seizures, and other disorders, as well as increased research on medicinal cannabis around the world, have increased the demand exponentially in this sector.
The recreational segment is expected to increase at CAGR of 30.1% during the forecast period of 2021-2026. This increase is mostly due to an increase in the number of consumers following legalisation, as well as a growing tendency of using cannabis as a substitute for alcohol. In large parts of North America, cannabis is considered as substitute for tobacco related products due to its long lasting effect and price compared tobacco. This is also a major region driving growth of cannabis for recreational purposes.
Legal Cannabis Market Segment Analysis - By Geography
In 2020, North America dominated the market with a revenue share of 76.8%. Improved government rules and the partially legalizing of cannabis for recreational and medical use in the US and Canada have aided the expansion of the local marketplace. Other factors driving the local market include the presence of large cannabis manufacturers in the region, legalization of cannabis for adult use, rising consumer spending, and geographic development of convenience stores.
However Europe is also a promising markets for cannabis. Which is set to grow at high CAGR over the forecast period of 2021-2026. Particularly countries like U.K and Germany in Europe have begun to produce locally, and as a result, these markets that are predicted to become profitable in the coming years thereby contributing to the Regional growth. Furthermore, due to changes in government laws, market demand is likely to increase.
Legal Cannabis Market Drivers
Increase in Legalization of Cannabis
People can now use cannabis in a safe manner while also benefiting from its medical properties. As a result, numerous countries around the world are gradually legalising the use of cannabis. While most countries throughout the world have yet to legalise recreational cannabis consumption, attitudes toward its use have relaxed over time. As a result, cannabis is becoming increasingly popular in various places, driving the overall cannabis market forwards.
Increase in Medical Awareness
There has been an increase in medical awareness regarding the use of cannabis. In many parts of the world where consumption was considered taboo and for recreational purpose only, are now finding its medical use and application. Increase in medical use for patients suffering stress, depression, chronic mental disorder and cancer will drive the growth of Legal Cannabis Market across the world.
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Legal Cannabis Market Challenges
Lack of Regulatory Structure in the Global Cannabis Market
The market is restrained by complex regulatory framework issued by governments of different countries. Buying and selling of cannabis and by-products of cannabis have become increasingly difficult which hampers the globalization of Cannabis Market. Drug and pharmaceuticals companies selling by-products of cannabis have to comply with all the regulation and guidelines of the respective countries in which they are selling, thereby undergoing a tedious procedure.
Lack of Medical knowledge about Cannabis
There is a widespread myth about cannabis that it is used only for recreational purpose as a result many individuals categorize them with drugs such as cocaine and opium. There is also a widespread misbelief that cannabis used for medical purposes have an intoxicating effect. Education and medical awareness campaigns are essential in solving the myths about effects of cannabis. Such factors are primary reasons hampering the Cannabis Market globally.
Legal Cannabis Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Legal Cannabis Market. The key player in the Legal Cannabis Market are Canopy Growth Corporation, Aurora Cannabis, Aphria Inc., Tilray, ABcann Medicinals Inc., The Cronos Group, Maricann Group, Inc., Organigram Holding Inc., Lexaria Corp. and GW pharmaceuticals PLC.
Developments
In July 2021 According to the National Organization for the Reform of Cannabis Laws (NORML), states in US to impose Cannabis Potency Laws.
Key Takeaways
This report provides an analytical depiction of the global Legal Cannabis Market, as well as current trends and future projections, in order to identify the most potential growth opportunities.
The study includes data on major drivers, challenges, and trends, as well as a complete analysis of the market share for Legal Cannabis Market.
To highlight the worldwide Legal Cannabis Market growth scenario, the existing market is statistically examined from 2021 to 2026.
A detailed Value Chain Analysis based on past data and current market trends included in the research.
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