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Legal Cannabis Market by Product and Geography - Forecast and Analysis 2021-2025

  • Published: Sep 2021
  • Pages: 122
  • SKU: IRTNTR44616
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The legal cannabis market share is expected to increase by USD 34.91 trillion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 21.39%.

This legal cannabis market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers legal cannabis market segmentations by product (medical cannabis and recreational cannabis) and geography (North America, Europe, APAC, South America, and MEA). The legal cannabis market report also offers information on several market vendors, including 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. among others.

What will the Legal Cannabis Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Legal Cannabis Market Size for the Forecast Period and Other Important Statistics

 

Legal Cannabis Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The rising number of countries decriminalizing and legalizing cannabis is notably driving the legal cannabis market growth, although factors such as lack of funding and investment may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the legal cannabis industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Legal Cannabis Market Driver

The rising number of countries decriminalizing and legalizing cannabis is one of the key factors driving the growth of the global legal cannabis market. Various nations have legalized the use of cannabis for medicinal purposes and have decriminalized the possession of cannabis. In 2001, Portugal became the first country in the world to decriminalize the possession (in limited quantities) of all types of drugs, which include cannabis. Some other countries that have legalized cannabis for medicinal purposes include the UK, Thailand, Switzerland, Portugal, Poland, and Peru. Uruguay and Canada have legalized cannabis for medical purposes and decriminalized it for private recreational uses. Therefore, the prospects of the legal cannabis industry look bright, as many countries have started accepting the use of cannabis for both medical and other applications. Hence, the increasing number of countries that are decriminalizing and legalizing cannabis, owing to its medicinal applications, is driving the growth of the global legal cannabis market.

Key Legal Cannabis Market Trend

The launch of medical marijuana education programs will fuel the global legal cannabis markets growth. Several governments have legalized the use of medical marijuana. As a result, the number of dispensaries that sell medical marijuana is increasing. Hence, it is important to educate people about medical marijuana. Therefore, many educational institutions are launching educational programs related to medical marijuana. For instance, in August 2020, the University of the Sciences in Philadelphia announced three new online certification programs on marijuana, which would expand short-term education options for healthcare providers, business leaders, and retail associates that are looking to join the rapidly growing industry. Such educational programs related to medical marijuana can educate more people regarding its benefits and, thereby, drive the growth of the market in focus during the forecast period.

Key Legal Cannabis Market Challenge

The lack of funding and investment is one of the major challenges faced by the legal cannabis market. Investment organizations, such as banks and other financial institutions, have expressed their reluctance to invest in the legal cannabis industry at regular intervals. The banks and financial institutions have also declined to take a share in the revenue generated from the legal cannabis market, including hemp, marijuana, and other drug-related businesses. This has resulted in the lack of adequate banking options for cannabis vendors, which causes significant problems in the diversion of funds and accounting. Owing to the lack of support from government organizations, vendors in the legal cannabis market always look up to the investors in the private sector to obtain the required capital, which, in turn, leaves them paying high-interest rates that decrease their revenues. Moreover, the lack of funding and investments in the global legal cannabis market is expected to hinder the growth of the market during the forecast period.

This legal cannabis market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

The global legal cannabis market is a part of the global tobacco market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the legal cannabis market during the forecast period.

Who are the Major Legal Cannabis Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Aurora Cannabis Inc.
  • Bhang Corp.
  • Cannoid LLC
  • Canopy Growth Corp.
  • Cronos Group Inc.
  • CV Sciences Inc.
  • Jazz Pharmaceuticals Plc
  • Medical Marijuana Inc.
  • Tilray Inc.
  • VIVO Cannabis Inc.

 

This statistical study of the legal cannabis market encompasses successful business strategies deployed by the key vendors. The legal cannabis market is fragmented and the vendors are deploying growth strategies such as forming strategic partnerships to compete in the market.

Product Insights and News

  • Canopy Growth Corp. - In June 2021, the company acquired Supreme Cannabis Company Inc.
  • Jazz Pharmaceuticals Plc - In May 2021, the company acquired GW Pharmaceuticals plc, a leader in the science 
  • Aurora Cannabis Inc. - In November 2018, Aurora Cannabis completed the acquisition of ICC Labs Inc.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The legal cannabis market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Legal Cannabis Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the legal cannabis market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global tobacco market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for Legal Cannabis Market?

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89% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for the legal cannabis market in North America. Market growth in this region will be slower than the growth of the market in Europe and APAC.

The rising number of countries decriminalizing and legalizing cannabis will facilitate the legal cannabis market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, New York City, US, recorded the highest number of COVID-19 cases, with more than 45% of the total number. The unexpected outbreak of the COVID-19 pandemic has adversely affected the global economy. However, after the vaccination drive government lifted the lockdown and travel restriction, which resulted in everything slowly getting back to normal. Such factors will increase the market focus during the forecast period.

What are the Revenue-generating Product Segments in the Legal Cannabis Market?

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The legal cannabis market share growth by the medical cannabis segment will be significant during the forecast period. The global legal medical cannabis market was moderately concentrated in 2020 due to the presence of a reasonable number of regional and a few global vendors. Moreover, the legal medical cannabis market has been growing at an exponential rate since 2012 due to an increasing number of countries legalizing the medical use of cannabis.

This report provides an accurate prediction of the contribution of all the segments to the growth of the legal cannabis market size and actionable market insights on post COVID-19 impact on each segment.

 

Legal Cannabis Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 21.39%

Market growth 2021-2025

USD 34913.18 billion

Market structure

Fragmented

YoY growth (%)

19.40

Regional analysis

North America, Europe, APAC, South America, and MEA

Performing market contribution

North America at 89%

Key consumer countries

US, Canada, Germany, UK, and Australia

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key 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.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

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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What are the Key Data Covered in this Legal Cannabis Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive legal cannabis market growth during the next five years
  • Precise estimation of the legal cannabis market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the legal cannabis industry across North America, Europe, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of legal cannabis market vendors

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Read More Read Less

1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value chain analysis: Tobacco market

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by Product

    • 5.1 Market segments
      • Exhibit 15: Product - Market share 2020-2025 (%)
    • 5.2 Comparison by Product
      • Exhibit 16: Comparison by Product
    • 5.3 Medical cannabis - Market size and forecast 2020-2025
      • Exhibit 17: Medical cannabis - Market size and forecast 2020-2025 ($ million)
      • Exhibit 18: Medical cannabis - Year-over-year growth 2020-2025 (%)
    • 5.4 Recreational cannabis - Market size and forecast 2020-2025
      • Exhibit 19: Recreational cannabis - Market size and forecast 2020-2025 ($ million)
      • Exhibit 20: Recreational cannabis - Year-over-year growth 2020-2025 (%)
    • 5.5 Market opportunity by Product
      • Exhibit 21: Market opportunity by Product

    6 Customer landscape

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 23: Market share by geography 2020-2025 (%)
    • 7.2 Geographic comparison
      • Exhibit 24: Geographic comparison
    • 7.3 North America - Market size and forecast 2020-2025
      • Exhibit 25: North America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 26: North America - Year-over-year growth 2020-2025 (%)
    • 7.4 Europe - Market size and forecast 2020-2025
      • Exhibit 27: Europe - Market size and forecast 2020-2025 ($ million)
      • Exhibit 28: Europe - Year-over-year growth 2020-2025 (%)
    • 7.5 APAC - Market size and forecast 2020-2025
      • Exhibit 29: APAC - Market size and forecast 2020-2025 ($ million)
      • Exhibit 30: APAC - Year-over-year growth 2020-2025 (%)
    • 7.6 South America - Market size and forecast 2020-2025
      • Exhibit 31: South America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 32: South America - Year-over-year growth 2020-2025 (%)
    • 7.7 MEA - Market size and forecast 2020-2025
      • Exhibit 33: MEA - Market size and forecast 2020-2025 ($ million)
      • Exhibit 34: MEA - Year-over-year growth 2020-2025 (%)
    • 7.8 Key leading countries
      • Exhibit 35: Key leading countries
    • 7.9 Market opportunity by geography
      • Exhibit 36: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • Exhibit 37: Impact of drivers and challenges
      • 8.3 Market trends

        9 Vendor Landscape

        • 9.1 Overview
          • 9.2 Vendor landscape
            • Exhibit 38: Vendor landscape
          • 9.3 Landscape disruption
            • Exhibit 39: Landscape disruption
            • Exhibit 40: Industry risks

          10 Vendor Analysis

          • 10.1 Vendors covered
            • Exhibit 41: Vendors covered
          • 10.2 Market positioning of vendors
            • Exhibit 42: Market positioning of vendors
          • 10.3 Aurora Cannabis Inc.
            • 10.4 Bhang Corp.
              • Exhibit 47: Bhang Corp. - Overview
              • Exhibit 48: Bhang Corp. - Product and service
              • Exhibit 49: Bhang Corp. - Key offerings
            • 10.5 Cannoid LLC
              • Exhibit 50: Cannoid LLC - Overview
              • Exhibit 51: Cannoid LLC - Product and service
              • Exhibit 52: Cannoid LLC - Key offerings
            • 10.6 Canopy Growth Corp.
              • Exhibit 53: Canopy Growth Corp. - Overview
              • Exhibit 54: Canopy Growth Corp. - Business segments
              • Exhibit 55: Canopy Growth Corp. - Key News
              • Exhibit 56: Canopy Growth Corp. - Key offerings
              • Exhibit 57: Canopy Growth Corp. - Segment focus
            • 10.7 Cronos Group Inc.
              • Exhibit 58: Cronos Group Inc. - Overview
              • Exhibit 59: Cronos Group Inc. - Business segments
              • Exhibit 60: Cronos Group Inc. - Key offerings
              • Exhibit 61: Cronos Group Inc. - Segment focus
            • 10.8 CV Sciences Inc.
              • Exhibit 62: CV Sciences Inc. - Overview
              • Exhibit 63: CV Sciences Inc. - Business segments
              • Exhibit 64: CV Sciences Inc. - Key offerings
              • Exhibit 65: CV Sciences Inc. - Segment focus
            • 10.9 Jazz Pharmaceuticals Plc
              • Exhibit 66: Jazz Pharmaceuticals Plc - Overview
              • Exhibit 67: Jazz Pharmaceuticals Plc - Business segments
              • Exhibit 68: Jazz Pharmaceuticals Plc - Key News
              • Exhibit 69: Jazz Pharmaceuticals Plc - Key offerings
              • Exhibit 70: Jazz Pharmaceuticals Plc - Segment focus
            • 10.10 Medical Marijuana Inc.
              • Exhibit 71: Medical Marijuana Inc. - Overview
              • Exhibit 72: Medical Marijuana Inc. - Product and service
              • Exhibit 73: Medical Marijuana Inc. - Key offerings
            • 10.11 Tilray Inc.
              • Exhibit 74: Tilray Inc. - Overview
              • Exhibit 75: Tilray Inc. - Business segments
              • Exhibit 76: Tilray Inc. - Key offerings
              • Exhibit 77: Tilray Inc. - Segment focus
            • 10.12 VIVO Cannabis Inc.
              • Exhibit 78: VIVO Cannabis Inc. - Overview
              • Exhibit 79: VIVO Cannabis Inc. - Business segments
              • Exhibit 80: VIVO Cannabis Inc. - Key offerings
              • Exhibit 81: VIVO Cannabis Inc. - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Currency conversion rates for US$
                • Exhibit 82: Currency conversion rates for US$
              • 11.3 Research methodology
                • Exhibit 83: Research Methodology
                • Exhibit 84: Validation techniques employed for market sizing
                • Exhibit 85: Information sources
              • 11.4 List of abbreviations
                • Exhibit 86: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              The legal cannabis market market growth will increase by $27891.44 million during 2019-2024.
              The legal cannabis market market is expected to grow at a CAGR of 20.56% during 2019-2024.
              Technavio has segmented the legal cannabis market market by product (Medical and Recreational) and geographic (North America, Europe, APAC, South America, and MEA).
              Aphria Inc., Aurora Cannabis Inc., Bhang Corp., Canopy Growth Corp., Cronos Group Inc., CV Sciences Inc., GW Pharmaceuticals Plc, Medical Marijuana Inc., Tilray Inc., VIVO Cannabis Inc. are a few of the key vendors in the legal cannabis market market.
              North America will register the highest growth rate of 88.50% among the other regions. Therefore, the legal cannabis market market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
              • US
              • Canada
              • Germany
              • UK
              • Australia
              • Israel
              The key factors driving the legal cannabis market market growth are:
              • Rising number of countries decriminalizing and legalizing cannabis
              • Growing number of patients who need cannabis for medical use
              The legal cannabis market market vendors should focus on grabbing business opportunities from the medical segment as it accounted for the largest market share in the base year.
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