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Global Legal Market US $103.8B by 2030

The global legal cannabis market will be worth US $103.8 billion by the end of 2030, according to a new report by Vantage Market Research. The expected CAGR for the legal industry between 2023 and 2030 is 26.2%. The market was valued at US $16.1 billion in 2022.

Source: Vantage Market Research

Regional Growth Drivers

The report identifies Asia Pacific as the fastest growing region for legal cannabis and it is expected to dominate the market during the forecast period. North America accounted for the largest regional growth, with a revenue share of 40.9% in 2022.

In April 2022, the United States House of Representatives passed legislation to remove criminal penalties for manufacturing, distributing, or possessing cannabis. This move has created a favourable environment for market growth.

India has also shown progress in its stance on cannabis. In January 2022, the Delhi High Court declared that cannabis is not completely banned in the country and that its medical and scientific use is permitted under the law. These shifts in policy and public opinion are driving the market forward.

In the United Kingdom and New Zealand, there is a growing need to provide access to quality medical cannabis products, with the prevalence of chronic pain on the rise.

These developments in pain treatment and medical cannabis access are expected to bolster international market growth in the coming years.

Flower Buds and Recreational Use Dominate

Based on product type, the Flower Buds segment accounted for the largest market growth and contributed more than 37.7% of the total revenue share in 2022.

The increasing global legalization of cannabis for both medical and recreational purposes, growing awareness of the health benefits associated with the plant, and the expanding availability of high-quality and potent strains of cannabis are all factors driving the popularity of flower.

Based on application, the recreational segment revealed the most significant market growth and contributed more than 55.6% of the total revenue share in 2022.

Top Market Trends

The report identifies two top market trends: legalization of cannabis in various countries and product diversification and innovation. Presently, cannabis is legal for medicinal and recreational use in 33 states in the US, all of Canada, and some European countries.

The legal industry is experiencing rapid product diversification and innovation including creative and innovative methods to consume cannabis, like vaporizers, edibles, and concentrates. This focus on product diversification and innovation allows businesses to capture different market segments and develop new revenue streams.

Key Players

Major players in the legal cannabis industry are those companies that dominate the industry by exerting significant influence on consumers and competitors.

According to the report, the key players in the global legal cannabis market include several companies in Canada: Canopy Growth Corporation, Aurora Cannabis, Aphria Inc., ABcann Medicinals Inc., The Cronos Group, Maricann Group Inc., Organigram Holdings Inc., and Lexaria Corp.

Tags: Aphria (8), Aurora Cannabis (14), Canadian cannabis industry (60), Cannabis Industry (183), cannabis market (8), cannabis market statistics (2), Cannabis Sales (66), Canopy Growth (24), global cannabis industry (3), market update (2), Organigram (3), Vantage Market Research (1)