The global legal marijuana market is set to experience substantial growth over the next decade, according to a recent report by Prophecy Market Insights.
Currently valued at $47 billion in 2024, the market is expected to surge to $194 billion by 2034, growing at an annual rate of 16.9%.
The “Legal Cannabis Market Report” breaks down the market into segments by source (flowers, seed oil, others), compound (THC, CBD, balanced THC & CBD), product (cannabis oil, beverages, chocolates & gummies, others), and application (medical, scientific, industrial, and horticultural). This comprehensive report underscores the rapid legalization and growing acceptance of cannabis worldwide, transforming it into a multi-billion-dollar industry with vast potential.
Cannabis, once an illicit drug across most of the world, is now becoming legal in many countries, creating a burgeoning market. Medical cannabis, used for treating various diseases, and recreational cannabis are the two primary segments. The majority of consumers are young adults, particularly millennials, with males using it more than females. These consumers are typically social, open to new experiences, and health-conscious.
The legal cannabis market offers a wide variety of products, ranging from flowers to extracts and consumables like cookies and chocolate. Concentrates are gaining popularity due to their potency, while edibles—especially baked goods and sweets—are favored for their discreetness and effectiveness.
North America leads the market due to early legalization and relatively permissive laws in countries like Canada and several U.S. states. The region benefits from a loyal customer base and a wide array of products. Major players in the market include Canopy Growth Corporation, Aurora Cannabis, Cresco Labs, and Green Thumb Industries.
Technological advancements and changing consumer expectations are driving shifts in the legal cannabis sector. Companies are introducing new product lines to cater to health-conscious consumers who demand a variety of cannabis-infused products. There is a growing preference for organically grown, pesticide-free cannabis, with quality and safety being paramount. Personalized experiences are also becoming important, with dispensaries playing a crucial role in guiding customers to the right products.
Medical marijuana is a significant driver of market growth, with numerous countries recognizing its health benefits. The recreational use of marijuana is also projected to grow rapidly, creating jobs and boosting economies. The market is continually evolving, with new consumers and products emerging regularly.
Overall, the legal marijuana market is on a fast track to significant expansion, with its value projected to quadruple over the next decade. This growth is supported by increasing legalization, consumer demand, and technological advancements, making it a promising industry for the future.
