In 2021, the legal cannabis market size around the world was worth USD 17.8 billion, and it is expected to grow by 25.3% between 2022 and 2030. Growing legalization and acceptance of cannabis as a medicine are expected to help the business. Cannabis has been a medicine for a long time, but not the first.
Cannabis’s healing properties have led to a wide range of uses. Cannabis can help with both chronic pain and nausea caused by chemotherapy. Even though it is still on Schedule I, more than two-thirds of states have made it legal.
The fact that people are acknowledging the benefits of weed, therefore the cannabis market size has increased since then.
How big is the legal cannabis market?
By 2030, the legal cannabis market size around the world could be worth as much as $102.2 billion. It is thought that the market will grow by 25.5% from 2022 to 2030. More states are legalizing medical and adult-use/recreational marijuana, and more people are using these products to treat chronic diseases.
Almost half of the money that 2021 made came from oil and tinctures. Many countries are legalizing or allowing its use as medicine because it can help treat a wide range of health problems, and more and more people prefer it to commonly prescribed drugs. It will drive the segment of oils and tinctures.
Over 80% of 2021’s income came from medical applications, which are expected to grow quickly. Younger people and patients want more prescriptions for cannabis. This market size cannabis is expected to grow because it is becoming legal in more and more places.
In 2021, more than 25% of all money made from medical apps was from chronic pain. People and governments everywhere now agree that medical marijuana is a good thing. This subsegment will likely grow the cannabis market size steadily over the next five years because more people in all regions are using marijuana to treat pain.
Last 2021, North America brought in more than 80% of the market’s income. North America was among the first to legalize marijuana for medical and recreational usage. The COVID-19 pandemic has hurt the legal cannabis supply chain, just as it has hurt other cannabis market size.
What is the legal cannabis market growth?
Ten states will sell cannabis to the public in 2021 or 2022. By 2025, this will bring in $43 billion. It is one of the shocking things that New Frontier Data has shown us. “US cannabis market size. 2021 Mid-Year Market Update” looks at market trends and numbers after states legalized marijuana and make new predictions for 2021 and beyond.
In the 18 adult-use states, 141 million people live, or 43% of the adult population. By 2025, 42% of the cannabis used in the U.S. will be legal. 24% above 2020. New Frontier Data says that spending on legal markets and the movement of spending from illegal markets to legal needs controlled by the government are to blame for the expected rise in consumer demand.
By 2025, 5.4 million Americans, or 2.4% of the population, will use cannabis for medical purposes. As more states legalize cannabis use and people use it, investor confidence has increased. In May 2021, when cannabis was legal, it made $6 billion.
Not all of the results were good. The black market is doing well. In 2020, when the pandemic was common, people bought and used illegal cannabis worth more than $65 billion. Without legalization, the cannabis market size is growing very quickly. More legal states won’t stop the black market from happening.
The scope of the Cannabis Report
Cannabis is a tall, straight-up plant with a stiff stem. It is a drug, and its use in medicine is now legal. The capsules, concentrates, edibles, and other products comprise different parts of the cannabis global market size. Based on how it is used, the market is split into medical and recreational, compound-type cannabidiol, and THC/CBD products that are well-balanced.
Key Market Trends in the Cannabis Market
Most of the cannabis market trends are made up of medical cannabis. Many countries have legalized medical cannabis. Germany made medical cannabis legal to meet the needs of patients. In Germany, medical cannabis products can only be bought at pharmacies and are only given as a last resort. In 2019, the Croatian parliament made it legal for doctors to use cannabis.
As of July 2019, people can use marijuana in 11 states and the District of Columbia. In the U.S., medical cannabis is legal in 30 states. Given how much people want cannabis and how healthy it is, it’s likely that more states will follow suit. This in turn will help proliferate the cannabis market size to the fullest.
Most people who use it in states where it is legal are over 50. Chronic diseases are more common in people over 50, and cannabis can help with these issues. Because of this, the demand for cannabis in the country is likely to rise. People with Alzheimer’s, anorexia, HIV/AIDS, and many other diseases can get better with cannabis.
In Summary
The future of cannabis is full of possibilities. This industry’s future looks bright, from growing investments and sales to new products. The growth of cannabis market size businesses depends on financial institutions.
Cannabis businesses have several options to expand and reach new markets. It will be great to see what occurs next in this quickly rising industry, with many opportunities. QRX Dispensary has cannabis industry information.