New York, United States , March 11, 2023 (GLOBE NEWSWIRE) — The Global Legalized Cannabis Market Size to grow from USD 22.3 billion in 2021 to USD 135.2 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 26.2% during the forecast period. Due to the recent exponential growth in the production and use of cannabis worldwide, businesses have developed a wide range of cannabis-based goods that are driving the legal cannabis market. The North American region dominated the global cannabis market, owing to the growing legalization trends in most of the states in the US and the increase in usage of cannabis for recreational purposes. The medical field are the key factors due to which the market is expected to boom.
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The technological contribution to the creation of cannabis is also regarded as being crucial at a time when numerous nations are moving to legalise the medical applications of cannabis. In the past, growers concentrated on growing cannabis in little amounts. But as technology advanced, they began to concentrate on producing cannabis-based capsules, candies, sweets, and vape oils. For good, a number of technologies, including genetic engineering and artificial intelligence, have revolutionised the cannabis industry. The cannabis market is developing, and artificial intelligence is a key factor. Farmers can modify the strains of cannabis-based goods and forecast weather changes with the use of artificial intelligence. Also, they can change the genetic make-up of the cannabis plant to create different strain kinds that will sell the most by utilising the necessary CBD content. In fact, a lot of businesses are looking at effective ways to apply AI in the cannabis industry. Although legalising cannabis has many benefits, like greater employment prospects and increased tax income, it also increases the risk of cannabis overdose. The industry is seeing an increase in cases of anxiety, panic attacks, mental health issues, and heart arrhythmia as a result of cannabis overdose. The introduction of numerous cannabis-based goods by businesses, including capsules, oils, and other forms, raises the possibility of product overdose. This is the reason that many nations have not legalised cannabis, which could impede the expansion of the legal cannabis market as a whole.
Browse key industry insights spread across 199 pages with 111 market data tables and figures & charts from the report “Global Legalized Cannabis Market Size, Share, and COVID-19 Impact Analysis, By Product (flowers, concentrates, edibles, topicals, and tinctures), By Application (Medical, Adult Use), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030” in detail along with the table of contents
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The edibles segment is witnessing the highest market growth over the forecast period.
On the basis of product, the legalized cannabis market is segmented into flowers, concentrates, edibles, topicals, and tinctures. Among these, the edible segment is witnessing the highest market growth over the forecast period. Cannabis edibles are essentially cannabis-based drinks or foods that provide customers stronger effects. These goods go through a rigorous process to ensure their safety before consumption.
The medical use segment is dominating the market with the largest market share over the forecast period.
On the basis of application, the legalized cannabis market is segmented into medical and adult use. Due to the growing legalisation and decriminalisation of medical cannabis, the medical use segment of the market is dominating with the biggest market share over the forecast period. Because marijuana is so easily accessible and so reasonably priced in these areas, patients who are from these areas have started using cannabis for therapeutic purposes.
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North America is dominating the market with the largest market share over the forecast period.
Due to the fastest decriminalisation of cannabis usage for both recreational and medical purposes throughout the region, North America now holds the greatest market share and will continue to dominate the market during the forecast period. This motivation prompted the major market players to launch more sophisticated products and establish a significant market presence.
Despite strict laws against the use and possession of cannabis, Asia is the fastest-growing regional market. This can be due to the increase in the acceptance of cannabis across different countries in the region. China has been growing hemp, a part of the cannabis plant used to make fibers, and is frequently used in beauty products, followed by Japan which has strict norms up to 5 years punishable offence.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Canopy Growth Corporation; GW Pharmaceuticals, plc; Aurora Cannabis, Inc.; Aphria, Inc.; Cronos Group; Tilray; Sundial Growers Inc.; Insys Therapeutics, Inc.; The Scotts Company LLC; VIVO Cannabis Inc.; Cara Therapeutics Inc. and among others.
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Source: Globenewswire