Global Legal Cannabis Market Will Mature Significantly by 2031

The global market for legal cannabis is expected to grow from $5.0 billion in 2018 and reach $32.3 billion by 2031 according to new data released today by Zion Research Group, Inc., an independent research firm based out of New York City. The report also found that the United States will be a bigger marijuana market than Canada by 2026 with both countries reporting similar growth rates over the next decade, buoyed largely by increased sales across Europe

The “the u.s. cannabis report: 2020-2021 industry outlook” is a market research report that provides an overview of the global legal cannabis market and its expected maturation over the next 10 years.

Global Legal Cannabis Market Will Mature Significantly by 2031

According to the results of a recent analysis issued by experts at Research and Markets, the global legal cannabis industry is unlikely to slow pace anytime soon. According to the latest analysis, titled “Legal Cannabis Industry Research Report by Product, Application, and Region—Worldwide Forecast to 2026—Cumulative Impact of COVID-19,” the global market would be valued USD $54.41 billion by 2026.

Legal cannabis will be a $12.8 billion worldwide economy by 2020. Industry analysts predict that the market will develop at a staggering 27.25 percent compound annual growth rate (CAGR) from 2022 to 2026.

A section addressing the market’s overall size and forecast in five key currencies—USD, EUR, GBP, JPY, and AUD—is included in Research and Markets’ study. This currency exchange information is offered to help industry leaders in making educated business choices.

An overview of trends in several submarkets is included in the research study; a detailed analysis of each submarket makes it simpler for professionals to forecast future revenues. 

The following are some of the highlighted trends in this report:

  • The four primary product trends are flower, oil, hemp oil, and marijuana.
  • Adult-Use, B2B Avenues, and Medical were all thoroughly researched for the paper, with the latter being further divided into Anxiety, Chronic Pain, Inflammation, and Sleep Disorders.
  • Researchers looked at a wide range of areas, including the Americas, Asia-Pacific, Europe, the Middle East, and Africa. Argentina, Brazil, Canada, Mexico, and the United States make up the Americas. California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas are the states that make up the United States. Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, and Thailand make up the Asia-Pacific region. France, Germany, Italy, the Netherlands, Qatar, Russia, Saudi Arabia, South Africa, Spain, the United Arab Emirates, and the United Kingdom make up Europe, the Middle East, and Africa.

The information drawn from the coronavirus (COVID-19) pandemic is another intriguing feature of Research and Markets’ global cannabis industry analysis. Throughout the projection period, the global health crises, which has affected every nation on the planet, is projected to have long-term consequences on the cannabis industry.

Check-Out-This-Texas-Sized-Cannabis-Legalization-Update

COVID-19 has also wreaked havoc on other global supply chains, owing to a supply tsunami that began in China in February 2020. Purchasing habits/behaviors, customer demand, supply chain challenges, governmental interference, and current market force variations are some of the insights emphasized in this research.

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 Business Profiles

In their analysis on the worldwide cannabis market, the analysts from Research Future Markets mentioned a few notable industry participants, many of whom are based in North America.

The research profiles the following worldwide legal cannabis industry pioneers:

  • ABcann Pharmaceuticals Inc.
  • Aphria, Inc. is a company that produces pharmaceuticals.
  • Aurora Cannabis Inc.
  • Sativa Cannabis, Inc.
  • Cannabis Science, Inc. is a cannabis research and development company.
  • Corporation Canopy Growth
  • Cronos Group Inc. is a private company based in New York City.
  • Limited Ecofibre
  • Green Organic Dutchman Holdings Ltd. is a company that specializes in organic farming.
  • Green Thumb Manufacturing
  • Harvest Health & Recreation Inc.
  • HEXO Corporation
  • LIMITED INDIVA
  • Lexaria Corporation
  • Maricann Group, Inc. is a private corporation based in the United States.
  • Medical Marijuana, Inc.
  • Holding company OrganiGram Inc.
  • A/S Stenocare
  • Terra Tech Corporation
  • Ltd. Tikun Olam
  • Tilray, Inc. is a cannabis company based in California.
  • Cannabis Corporation of the United States
  • VIVO Cannabis Inc. is a cannabis company based in Canada.
  • VIVO Cannabis Inc.

About Cannabis Markets and Research

In the year 2002, Research and Markets was founded in Dublin, Ireland, with one clear goal in mind: to give market insights and analysis to entrepreneurs looking to develop their businesses. This provider’s reports are used by more than 30,000 firms throughout the globe for market research.

The renowned organization has grown into a worldwide leader in market research since its beginning a decade ago. With its high-quality statistical investigations and interpretation encompassing 800+ sectors, the organization prides itself on drawing internationally known clientele (including more than 450 Fortune 500 clients).

Click here to learn how to get a comprehensive copy of Research and Markets’ worldwide cannabis market study.

Recognizing-Women-of-Color-Shaping-the-Cannabis-Space

Bethan Rose is a cannabis activist, writer, and nomad who has no fixed address. She is now located in Bali and can typically be found on her hammock collecting cannabis material.

The “how many dispensaries in united states 2021” is a market that will be worth $8.2 billion by 2031. The cannabis industry is growing rapidly, and the global legal cannabis market will mature significantly over the next few years.

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