NEW YORK, Aug. 16, 2023 /PRNewswire/ -- The legal cannabis market size is estimated to grow by USD 54,572.33 million from 2022 to 2027, at a CAGR of 21.6% according to Technavio. Download a sample report!
Legal cannabis market insights -
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Legal cannabis market - Vendor Insights
The growing competition in the market is compelling vendors to adopt various growth strategies, such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors, including Aurora Cannabis Inc., Bhang Corp., Cannabinoid Creations, Cannoid LLC, Canopy Growth Corp., CBD American Shaman LLC, Cronos Group Inc., CV Sciences Inc., Elixinol Wellness Ltd., Folium Biosciences, Jazz Pharmaceuticals Plc, Medical Marijuana Inc., MediPharm Labs Inc., Mentor Capital Inc., PharmaHemp d.o.o., Tikun Olam, Tilray Brands Inc., and Unrivaled Brands Inc.
Legal cannabis market ? Market Dynamics
Major Drivers -
The decriminalization and legalization of cannabis in more countries drive the legal cannabis market. This shift in regulations increases the potential consumer base. Also, it contributes to a change in societal attitudes towards cannabis, which reduces stigma and boosts consumer acceptance.
Furthermore, clear legal frameworks provide structure for cultivation, production, distribution, and sale, attracting investment, promoting entrepreneurship, and stimulating market growth. Hence, such factors boost the growth of the legal cannabis market during the forecast period.
Significant Trends -
The diversification of cannabis-infused edible products is an emerging legal cannabis market trend. The limited to basic options like baked goods and candies, edibles are now becoming more sophisticated and diverse, which is driven by consumers' increasing health consciousness.
They are seeking edibles that offer both nutritional benefits and the therapeutic effects of cannabis. Hence, such trends fuel the growth of the legal cannabis market during the forecast period.
Key Challenges -
The lack of funding and investment in the cannabis market challenges the growth of the legal cannabis market. Various investment organizations have expressed their reluctance to invest in the legal cannabis industry at regular intervals. Most investment organizations in the US and Canada have also declined to take a share in the revenue generated from the legal cannabis market.
These cannabis products include hemp, marijuana, and other drug-related businesses, which results in the lack of adequate banking options for cannabis vendors. Hence, such factors hinder the market growth of the legal cannabis market during the forecast period.
The legal cannabis market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.
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Legal cannabis market scope | |
Report Coverage | Details |
Base year | 2022 |
Historic period | 2017-2021 |
Forecast period | 2023-2027 |
Growth momentum & CAGR | Accelerate at a CAGR of 21.6% |
Market growth 2023-2027 | USD 54,572.33 million |
Market structure | Fragmented |
YoY growth 2022-2023 (%) | 19.82 |
Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution | North America at 92% |
Key countries | US, Canada, Australia, Germany, and UK |
Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled | Aurora Cannabis Inc., Bhang Corp., Cannabinoid Creations, Cannoid LLC, Canopy Growth Corp., CBD American Shaman LLC, Cronos Group Inc., CV Sciences Inc., Elixinol Wellness Ltd., Folium Biosciences, Jazz Pharmaceuticals Plc, Medical Marijuana Inc., MediPharm Labs Inc., Mentor Capital Inc., PharmaHemp d.o.o., Tikun Olam, Tilray Brands Inc., and Unrivaled Brands 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 the 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. |
Table of Contents
Market Landscape
Market Sizing
Historic Market Size
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Derivative Type
Customer Landscape
Geographic Landscape
Drivers, Challenges, and Trends
Vendor Landscape
Vendor Analysis
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SOURCE Technavio
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