The juggernaut behind the rapid legalization of cannabis has already resulted in monumental growth of the market. According to a new market forecast by ResearchAndMarkets.com that growth will continue, with the North America legal marijuana market expected to be valued at $42.3 billion by 2030. The analysis sees a compounded annual growth rate of 15.7 percent over the 7-year forecast period.
The juggernaut behind the rapid legalization of cannabis has already resulted in monumental growth of the market. A reformed outlook on the legalization, acceptance and adoption of marijuana for medical use greatly contributes its potential reach. A positive outlook for cannabis reform currently before the U.S. government also added to a surge in industry growth, the Research and Markets report found.
The treatment of chronic pain garnered the largest share of medical cannabis sales in 2021. An aging population and an increased prevalence of cancer and other chronic conditions is expected to continue to drive the medical cannabis market in North America. At present, medicinal products made from marijuana are being routinely prescribed as alternate medications.
In the products category, the most revenue was generated by the oil segment. CBD and other cannabinoids have of recent been the primary focus of the industry. It is the fastest-growing category due to high demand for its benefits in fighting pain over traditional, addictive opioids.
A survey conducted by the Pew Research Center stated more than 60% of respondents felt that recreational use should be legalized in the U.S., and that the wide general acceptance and demand has grown over time and is expected to continue to grow, driving the market for cannabis in North America, Research and Markets reports.