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Report: Global Legal Cannabis Market Will Mature Significantly by 2031

April 26, 2022 08:00 am ET
Report: Global Legal Cannabis Market Will Mature Significantly by 2031

Growth of the worldwide legal cannabis market is unlikely to slow down anytime soon, according to the findings of a new report published by analysts at Research and Markets. Titled, the “Legal Cannabis Market Research Report by Product, Application, and RegionGlobal Forecast to 2026Cumulative Impact of COVID-19,” the new report predicts that the global market will be worth USD $54.41 billion by 2026.

In 2020, legal cannabis constituted a $12.8 billion global industry. During the forecast period stretching from 2022 to 2026, industry experts believe that the market will register an astounding compound annual growth rate (CAGR) of 27.25%.

Included in the report by Research and Markets is a segment covering the market’s overall size and forecast in five dominant currenciesUSD, EUR GBP, JPY, and AUD. This currency exchange data is provided as a means of assisting industry leaders in making informed business-related decisions.

Global Legal Cannabis Market Divergence & Scope

Included in the research report is an overview of trends in various submarkets; close analysis of each submarket makes it easier for experts to predict forthcoming revenues. 

Featured trends outlined in this report include the following:

  • Product: Flower, Oil, Hemp Oil, and Marijuana are the four main product trends.
  • Application: Adult-Use, B2B Avenues, and Medical were studied in-depth for the report, with the latter category being further segmented into Anxiety, Chronic Pain, Inflammation, and Sleep Disorders.
  • Region: A long list of locations were analyzed by researchers, including the Americas, Asia-Pacific, Europe, the Middle East, and Africa. The Americas is segmented into Argentina, Brazil, Canada, Mexico, and the United States. The United States is segmented into California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is segmented into Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, and Thailand. Europe, Middle East, and Africa is segmented into France, Germany, Italy, Netherlands, Qatar, Russia, Saudi Arabia, South Africa, Spain, United Arab Emirates, and United Kingdom.

Cumulative Repercussions of COVID-19 on the Global Legal Cannabis Market

Another interesting element of the global cannabis market report from Research and Markets is the information it pulls from the coronavirus (COVID-19) pandemic. The health emergency, which has impacted every country around the world, is expected to have long-term effects on the cannabis market throughout the forecast period.

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COVID-19 has also posed major problems for other global supply chains, mainly due to the supply shockwave that erupted in China in February of 2020. Examples of some insights highlighted in this report include purchasing habits/behaviors, consumer demand, supply chain issues, governmental intervention, and fluctuations of current market forces.

Another element of the report assesses the global cannabis market’s competitive angle in regards to the different types of application, geographic appeal, and unique markets. This information will help vendors assess opportunities for future growth. Research and Markets outlines the best route(s) for vendors to succeed with merger and acquisition (M&A) techniques, research and development (R&D) strategies, investments and funding, partnerships, product launches, and geographical expansion.

Cannabis Company Profiles

The researchers from Research Future Markets name-dropped a handful of prominent market players in their report on the global cannabis market report, many of which are headquartered in North America.

The following global legal cannabis market pioneers are featured in the report:

  • ABcann Medicinals Inc
  • Aphria, Inc.
  • Aurora marijuana Inc.
  • Cannabis Sativa, Inc.
  • Cannabis Science, Inc.
  • Canopy Growth Corporation
  • Cronos Group Inc.
  • Ecofibre Limited
  • Green Organic Dutchman Holdings Ltd.
  • Green Thumb Industries
  • Harvest Health & Recreation Inc.
  • HEXO Corp.
  • INDIVA LIMITED
  • Lexaria Corp.
  • Maricann Group, Inc.
  • Medical Cannabis, Inc.
  • OrganiGram Holding Inc.
  • Stenocare A/S
  • Terra Tech Corp.
  • Tikun Olam Ltd.
  • Tilray, Inc.
  • United Cannabis Corporation
  • VIVO Cannabis Inc.
  • VIVO marijuana Inc.

About Cannabis Research and Markets

Research and Markets was launched in Dublin, Ireland in the year 2002 with one simple aimto provide industry insights and analysis for entrepreneurs who want to scale their business. More than 30,000 companies around the world depend on this provider’s reports for their market research efforts.

Since its inception a decade ago, the acclaimed firm has evolved into a global leader for market research. The company prides itself on enticing globally-recognized clients (including more than 450 of the Fortune 500 Clients) with its high-quality statistical studies and interpretation covering 800+ industries.

To find out how you can get a complete copy of the global cannabis market report from Research and Markets, click here.

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