NEW YORK, Nov. 10, 2021 /PRNewswire/ — The latest global legal cannabis market research report by Technavio infers that the rising number of countries decriminalizing and legalizing cannabis is driving this market’s growth.
Resulting in a market growth of USD 34.91 billion from 2020 to 2025, read additional information about the market. Fill the form and get FREE sample report.
Vendor Landscape
The market structure is fragmented due to the presence of several global and regional vendors. Vendors operating in the market are distinguishing their product and service offerings through a clear and unique value proposition to compete in the market.
Aurora Cannabis Inc., Bhang Corp., Cannoid LLC, Canopy Growth Corp., Cronos Group Inc., CV Sciences Inc., Jazz Pharmaceuticals Plc, Medical Marijuana Inc., Tilray Inc., and VIVO Cannabis Inc. are some of the few key vendors of this market. Vendors are competing to maintain their market position in the market. To succeed in this market, vendors must focus on providing legal cannabis at competitive prices. In addition to this, vendors must focus on incorporating new technologies to support workplace automation.
Some vendors in the market are trying to expand their market presence and strengthen their product portfolio by entering partnerships and launching new and innovative products. For instance, In May 2021, Jazz Pharmaceuticals Plc acquired GW Pharmaceuticals plc, a leader in the science, development, and commercialization of cannabinoid-based prescription medicines. In September 2021, the company launched Xywav for idiopathic hypersomnia.
View more about the market’s vendor landscape highlights with a comprehensive list of vendors and their offerings.
Key Market Segmentation
- Segmentation by Product:
- Medical cannabis:
- The segment contributed greatly to the overall market growth in 2020.
- Medical cannabis was the largest segment of the market in 2020 and will continue to remain as the largest segment of the market in 2025. Factors such as the growing number of patients requiring medical cannabis and the increasing number of new countries legalizing the use of medical cannabis are driving the growth of the segment.
- Recreational cannabis
- Medical cannabis:
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Regional Market Outlook
North America is leading the market with a contribution of 89% to the overall market in 2020 and would increase its contribution to a notable number of the global legal cannabis market by 2025.
North America will generate growth across all the years of the forecast period between 2020 and 2025. The rising popularity of CBD oil is driving the growth of the legal cannabis market in North America.
APAC would be the fastest-growing region within the overall market between 2020 and 2025.
Apart from regions, if we look at the country-wise market growth, the US, Canada, Germany, the UK, and Australia will contribute to the highest market growth.
Download our FREE sample report for more key highlights on the regional market share of most of the above-mentioned countries.
Latest Trends Driving the Global Legal Cannabis Market
- Legal Cannabis Market Driver:
- Rising number of countries decriminalizing and legalizing cannabis
Many countries across the world are decriminalizing and legalizing the possession of cannabis. Countries such as Argentina, Barbados, Bermuda, Brazil, Canada, Chile, Colombia, the Czech Republic, and Germany have already decriminalized the use of cannabis for recreational and medicinal purposes. Over the forecast period, several countries are expected to decriminalize the use of cannabis for private recreational uses and medical purpose. This is expected to increase the demand for legal cannabis, and hence drive the market growth.
- Rising number of countries decriminalizing and legalizing cannabis
- Legal cannabis Market Trend:
- Launch of medical marijuana education programs:
Various organizations including educational institutions are introducing educational programs to increase awareness about the health benefits of medical marijuana. For instance, The University of Maryland, Baltimore, US, launched a master’s program in medical marijuana. The curriculum is aiming to transfer the necessary knowledge and skills to educate patients, healthcare professionals and contribute toward research related to medical marijuana. Such education programs will have a positive impact on the growth of the market during the forecast period.
- Launch of medical marijuana education programs:
Find additional information about various other market drivers & Trends mentioned in our FREE sample report.
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Related Reports:
Global CBD Oil Market – Global CBD oil market is segmented by Product (Marijuana derived CBD oil and Hemp derived CBD oil) and Geography (North America, South America, Europe, APAC, and MEA).
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Global Medical Marijuana Market – Global medical marijuana market is segmented by application (chronic pain, nausea, and others) and geography (North America, Europe, APAC, South America, and MEA).
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Legal Cannabis Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of over 21% |
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Market growth 2021-2025 |
USD 34.91 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
19.40 |
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Regional analysis |
North America, Europe, APAC, South America, and MEA |
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Performing market contribution |
North America at 89% |
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Key consumer countries |
US, Canada, Germany, UK, and Australia |
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Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
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Companies profiled |
Aurora Cannabis Inc., Bhang Corp., Cannoid LLC, Canopy Growth Corp., Cronos Group Inc., CV Sciences Inc., Jazz Pharmaceuticals Plc, Medical Marijuana Inc., Tilray Inc., and VIVO Cannabis Inc. |
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Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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SOURCE Technavio
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