Legal Marijuana Market is Anticipated to Witness High Growth

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Legal Marijuana Market is Anticipated to Witness High Growth
The Global Legal Marijuana Market is estimated to be valued at US$ 20.05 Billion in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period from 2024 to 2031.

The legal marijuana market comprises activities related to the cultivation, processing, distribution and sale of cannabis and cannabis-based products for medical and recreational purposes in the countries where it is legalized. Medical marijuana products consist of dried flowers, plant extracts, capsules, oils, topical creams and gels which are used to treat chronic pain, Alzheimer's, Parkinson's, arthritis, migraines and cancer. Recreational marijuana is sold through dispensaries in states where it has been decriminalized for personal consumption and use.

Key Takeaways
Key players operating in the Legal Marijuana market are Murata Machinery, Ltd., Honeywell Intelligrated, Bastian Solutions, Inc., Dematic, TGW Logistics Group, Daifuku Co., Ltd., KNAPP AG, Beumer Group, SSI Schaefer Group, and Kardex Group. These players are focusing on adopting innovative technologies and expanding their product portfolio and global presence.
The key opportunities in the market include increasing product offerings and sales through online platforms. Emerging countries are also expected to offer substantial growth potential owing to growing acceptance of cannabis-based medications and products.
Global expansion of key players through partnerships, mergers and acquisitions will also support the market growth over the forecast period. The market players are increasingly focusing on European and Asian countries for global expansion based on their changing regulations regarding the use of medical marijuana.

Market drivers
Growing support from regulatory bodies around the world regarding the use of medical marijuana is a key factor driving the growth of the Legal Marijuana Market Demand. According to the World Health Organization (WHO), cannabis can help treat chronic pain, neurogenic disorders, appetite loss, and other medical conditions. Support from regulatory bodies validates the therapeutic usage of marijuana and provides confidence to both patients and physicians.

Market restraints
Stringent regulatory framework and complex licensing procedures continue to challenge growth of the legal marijuana market. Different countries and states follow their own set of regulations regarding the use, cultivation, distribution and transportation of cannabis. Obtaining multiple licenses and maintaining strict compliance standards increases operational costs for the producers and distributors. This acts as a major hurdle especially in cross-border trade activities. Immature regulatory framework and limited product access is a key concern, which needs to be addressed to reach the market potential.

Segment Analysis
Legal marijuana comprises medical marijuana and recreational marijuana. Currently, medical marijuana dominates the legal marijuana market, accounting for over 75% share. It dominates as many countries and states have legalized medical marijuana for therapeutic uses to treat conditions such as chronic pain, arthritis, cancer, epilepsy, Alzheimer's etc. However, the demand for recreational marijuana is expected to rise significantly in the coming years as restrictions are relaxed in many regions of the world.

Global Analysis
North America is currently the largest and fastest growing regional market for legal marijuana. The U.S. and Canada dominate the North American legal marijuana market with combined shares of over 85%. Favorable regulatory framework and successful implementation of recreational use programs have boosted the market growth. The Asia Pacific region is projected to witness the highest CAGR during the forecast period with countries like Australia, Thailand, South Korea considering medical applications and exploring options to legalize recreational use. Emerging opportunities along with growing medical tourism from countries where supply is restricted will support market expansion.

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