The North America, Europe & Asia Pacific legal cannabis market is expected to reach a market valuation of USD 18.42 Billion by the year 2022, accelerating with a moderate CAGR of 25.3% by 2022 to 2032. North America, Europe & Asia Pacific legal cannabis market size is anticipated to be valued at about USD 175.7 Billion by 2032 end.
As consumers switch from conventional treatment approaches to cannabis-based treatments, there has been an increase in the usage of marijuana, primarily for medicinal purposes, which is supporting the North America, Europe & Asia Pacific legal cannabis market growth overall. The COVID-19 epidemic has also had a significant impact on the market because a state-wide lockdown has hampered production and imposed import/export restrictions, which have decreased overall sales of North America, Europe & Asia Pacific legal cannabis.
| Attributes | Value |
|---|---|
| North America, Europe & Asia Pacific Legal Cannabis Market Size (2022) | USD 18.42 Billion |
| North America, Europe & Asia Pacific Legal Cannabis Market Projected Size (2032) | USD 175.7 Billion |
| North America, Europe & Asia Pacific Legal Cannabis Market Value CAGR (2022 to 2032) | 25.3% |
The usage of hemp and marijuana in a range of industries, including food and beverage production, pharmaceuticals, nutraceuticals, and personal care and cosmetics, has facilitated the rise in the demand for North America, Europe & Asia Pacific legal cannabis. Additionally, over the forecast period, businesses are anticipated to use more cannabis and its variants as raw materials to create their goods, fueling North America, Europe & Asia Pacific legal cannabis market growth.
As per the North America, Europe & Asia Pacific legal cannabis market study, legalizing marijuana for recreational use will greatly boost the economy and assist create new job opportunities. The industries that will gain from legalization include tourism, real estate, banking, food, and transportation. For instance, several banks have started to approve loans for marijuana firms, which would flourish if marijuana for adult use is legalized. As a result, the imminent legalization of cannabis for recreational purposes is anticipated to raise demand for it and decrease the black market for it.
In the upcoming years, the demand for medical marijuana is anticipated to increase due to the expanding number of states that have legalized the drug and the rising demand from both medical and recreational uses. This is expected to drive the demand for North America, Europe & Asia Pacific legal cannabis.
Demand for North America, Europe & Asia Pacific legal cannabis is anticipated to rise during the anticipated time frame as a result of more research and development being done.
In several parts of North America, Africa, Australia, Europe, and South America, marijuana is nominally recognized as a drug and is permitted for medical usage. But the majority of Middle Eastern and Asian nations continue to forbid it. Consumption, possession, purchase, or sale of the commodity is illegal and is regarded as a crime in developing nations like Japan, India, and Korea. As a result, it is anticipated that the legal environment for these items will prevent the North America, Europe & Asia Pacific legal cannabis industry from reaching its full growth potential. Growth is also anticipated to be constrained by adverse effects including cognitive impairment linked to its usage as medicine.
The global pandemic has significantly hampered the North America, Europe & Asia Pacific legal cannabis market growth. The North America, Europe & Asia Pacific legal cannabis market has been hit by a number of major challenges, including trade restrictions, the adoption of a lockdown in several important nations, and supply chain interruptions.
The highest North America, Europe & Asia Pacific legal cannabis market share in 2021—more than 65.0 percent—went to CBD. Since legalization, there has been a considerable increase in the use of medical cannabis, and the majority of products used for therapeutic purposes contain CBD.
Demand for North America, Europe & Asia Pacific legal cannabis is also anticipated to increase throughout the forecasted period as hemp-derived cannabidiol (CBD) is increasingly used in skincare and cosmetics, gummies, beverages, pet food, capsules, and dog treats.
In 2021, the medical use segment's North America, Europe & Asia Pacific legal cannabis revenue share was above 65.0 percent, which was the highest. Cannabis use has increased dramatically as more places legalize it, particularly in North America where most states have approved medical use of the drug. This is related to the product's expanding use in the treatment of insomnia, anxiety disorders, and chronic pain. Furthermore, the expansion of the segment is being aided by rising practitioner knowledge.
Due to the relaxation of cannabis use legislation, the Asia Pacific region of the North America, Europe & Asia Pacific legal cannabis market is anticipated to see a large increase in the recreational use segment.
Asia-Pacific region of the North America, Europe & Asia Pacific legal cannabis market is anticipated to experience the fastest growth during the anticipated time. Growth is anticipated to be boosted by the increasing legalization and supportive laws for the use of cannabis and its derivative products in various nations. For instance, Thailand delisted marijuana from its list of prohibited substances in 2020. This is expected to lead to an increase in hemp and marijuana use across the nation.
Highest North America, Europe & Asia Pacific legal cannabis market share in 2020 belonged to North America, which was worth USD 19.78 billion. As of July 2019, it was allowed for recreational use in eleven states and the District of Columbia. All state medical hemp legislation in the United States accepted it as a treatment or medication for ailments like cancer, Alzheimer's disease, anorexia, arthritis, chronic pain, epilepsy, and post-traumatic stress disorder. By taking the lead in the international legalization of marijuana, Canada has recently become recognized as a flag-bearer nation. Additionally, the number of its farmers in the U.S. has substantially expanded, supporting its use and consumption. This is expected to boost sales of North America, Europe & Asia Pacific legal cannabis and give local businesses access to new revenue streams.
Europe is the second-largest region in the North America, Europe & Asia Pacific legal cannabis market after the United States because of its progressive laws and rising medicinal marijuana use. Trials have shown that medicinal marijuana is helpful in some European nations, where it is being used lawfully in healthcare settings to treat everything from cancer to appetite stimulants for those with AIDS-related disease.
The demand for North America, Europe & Asia Pacific legal cannabis is also anticipated to rise quickly as a result of changes in government policies. The necessary legislation is very new in many nations; the Greek government legalised medical marijuana in 2018, the same year as the United Kingdom. As a result, it is anticipated that increased use of the product for medical purposes will increase regional sales.
As the tide of legalization slowly sweeps the world, the North America, Europe & Asia Pacific legal cannabis industry remains fiercely competitive and vibrantly dynamic. New collaborations and expansions are already under way. Younger consumers are predicted to develop more complex patterns of recreational consumption and take greater risks when experimenting with various product variants. Therefore, a change from flower/bud to more processed formats including edibles, oils, and topical applications is being caused by the rapidly growing popularity of recreational use, and this movement has been adequately reacted to by important North America, Europe & Asia Pacific legal cannabis market players.
Recent Developments in Global North America, Europe & Asia Pacific Legal Cannabis Market
The world's largest cannabis company will be formed through the combination of Aphria Inc. and Tilray, Inc. (Canada), according to a definitive agreement that was signed in December 2020. The combined company would have a full line of branded Cannabis 2.0 goods in Canada, supported by low-cost facilities for cultivation, processing, and manufacturing.
One of the biggest independent craft breweries, SW Brewing Company, LLC (US), was acquired by Aphria Inc. in November 2020. SweetWater provides complementing cannabis lifestyle brands, which would aid Aphria in broadening the scope of its product line.
Olla, founded in 2019, which aspires to be the WordPress of online cannabis retailers, offers a completely configurable interface that enables businesses to create custom websites without having to give up important web space to another provider's branding. Olla aims to make the process of ordering cannabis online simpler for everyone. It was created with a mobile-first attitude and has open connections with cannabis POS and CRM systems like Flow Hub and Green Bits. Olla-using retailers report an order completion rate of 88 percent, a fivefold increase in order volume, and 92 percent of customers placing mobile orders.
Table 1: North America, Europe & Asia Pacific Legal Cannabis Market Value (US$ Mn) Forecast by Region, 2017-2032
Table 2: North America, Europe & Asia Pacific Legal Cannabis Market Volume (Tons) Forecast by Region, 2017-2032
Table 3: North America, Europe & Asia Pacific Legal Cannabis Market Value (US$ Mn) Forecast by Source Type, 2017-2032
Table 4: North America, Europe & Asia Pacific Legal Cannabis Market Volume (Tons) Forecast by Source Type, 2017-2032
Table 5: North America, Europe & Asia Pacific Legal Cannabis Market Value (US$ Mn) Forecast by Derivatives, 2017-2032
Table 6: North America, Europe & Asia Pacific Legal Cannabis Market Volume (Tons) Forecast by Derivatives, 2017-2032
Table 7: North America, Europe & Asia Pacific Legal Cannabis Market Value (US$ Mn) Forecast by End-use, 2017-2032
Table 8: North America, Europe & Asia Pacific Legal Cannabis Market Volume (Tons) Forecast by End-use, 2017-2032
Table 9: North America Legal Cannabis Market Value (US$ Mn) Forecast by Country, 2017-2032
Table 10: North America Legal Cannabis Market Volume (Tons) Forecast by Country, 2017-2032
Table 11: North America Legal Cannabis Market Value (US$ Mn) Forecast by Source Type, 2017-2032
Table 12: North America Legal Cannabis Market Volume (Tons) Forecast by Source Type, 2017-2032
Table 13: North America Legal Cannabis Market Value (US$ Mn) Forecast by Derivatives, 2017-2032
Table 14: North America Legal Cannabis Market Volume (Tons) Forecast by Derivatives, 2017-2032
Table 15: North America Legal Cannabis Market Value (US$ Mn) Forecast by End-use, 2017-2032
Table 16: North America Legal Cannabis Market Volume (Tons) Forecast by End-use, 2017-2032
Table 17: Europe Legal Cannabis Market Value (US$ Mn) Forecast by Country, 2017-2032
Table 18: Europe Legal Cannabis Market Volume (Tons) Forecast by Country, 2017-2032
Table 19: Europe Legal Cannabis Market Value (US$ Mn) Forecast by Source Type, 2017-2032
Table 20: Europe Legal Cannabis Market Volume (Tons) Forecast by Source Type, 2017-2032
Table 21: Europe Legal Cannabis Market Value (US$ Mn) Forecast by Derivatives, 2017-2032
Table 22: Europe Legal Cannabis Market Volume (Tons) Forecast by Derivatives, 2017-2032
Table 23: Europe Legal Cannabis Market Value (US$ Mn) Forecast by End-use, 2017-2032
Table 24: Europe Legal Cannabis Market Volume (Tons) Forecast by End-use, 2017-2032
Table 25: Asia Pacific Legal Cannabis Market Value (US$ Mn) Forecast by Country, 2017-2032
Table 26: Asia Pacific Legal Cannabis Market Volume (Tons) Forecast by Country, 2017-2032
Table 27: Asia Pacific Legal Cannabis Market Value (US$ Mn) Forecast by Source Type, 2017-2032
Table 28: Asia Pacific Legal Cannabis Market Volume (Tons) Forecast by Source Type, 2017-2032
Table 29: Asia Pacific Legal Cannabis Market Value (US$ Mn) Forecast by Derivatives, 2017-2032
Table 30: Asia Pacific Legal Cannabis Market Volume (Tons) Forecast by Derivatives, 2017-2032
Table 31: Asia Pacific Legal Cannabis Market Value (US$ Mn) Forecast by End-use, 2017-2032
Table 32: Asia Pacific Legal Cannabis Market Volume (Tons) Forecast by End-use, 2017-2032
Figure 1: North America, Europe & Asia Pacific Legal Cannabis Market Value (US$ Mn) by Source Type, 2022-2032
Figure 2: North America, Europe & Asia Pacific Legal Cannabis Market Value (US$ Mn) by Derivatives, 2022-2032
Figure 3: North America, Europe & Asia Pacific Legal Cannabis Market Value (US$ Mn) by End-use, 2022-2032
Figure 4: North America, Europe & Asia Pacific Legal Cannabis Market Value (US$ Mn) by Region, 2022-2032
Figure 5: North America, Europe & Asia Pacific Legal Cannabis Market Value (US$ Mn) Analysis by Region, 2017-2032
Figure 6: North America, Europe & Asia Pacific Legal Cannabis Market Volume (Tons) Analysis by Region, 2017-2032
Figure 7: North America, Europe & Asia Pacific Legal Cannabis Market Value Share (%) and BPS Analysis by Region, 2022-2032
Figure 8: North America, Europe & Asia Pacific Legal Cannabis Market Y-o-Y Growth (%) Projections by Region, 2022-2032
Figure 9: North America, Europe & Asia Pacific Legal Cannabis Market Value (US$ Mn) Analysis by Source Type, 2017-2032
Figure 10: North America, Europe & Asia Pacific Legal Cannabis Market Volume (Tons) Analysis by Source Type, 2017-2032
Figure 11: North America, Europe & Asia Pacific Legal Cannabis Market Value Share (%) and BPS Analysis by Source Type, 2022-2032
Figure 12: North America, Europe & Asia Pacific Legal Cannabis Market Y-o-Y Growth (%) Projections by Source Type, 2022-2032
Figure 13: North America, Europe & Asia Pacific Legal Cannabis Market Value (US$ Mn) Analysis by Derivatives, 2017-2032
Figure 14: North America, Europe & Asia Pacific Legal Cannabis Market Volume (Tons) Analysis by Derivatives, 2017-2032
Figure 15: North America, Europe & Asia Pacific Legal Cannabis Market Value Share (%) and BPS Analysis by Derivatives, 2022-2032
Figure 16: North America, Europe & Asia Pacific Legal Cannabis Market Y-o-Y Growth (%) Projections by Derivatives, 2022-2032
Figure 17: North America, Europe & Asia Pacific Legal Cannabis Market Value (US$ Mn) Analysis by End-use, 2017-2032
Figure 18: North America, Europe & Asia Pacific Legal Cannabis Market Volume (Tons) Analysis by End-use, 2017-2032
Figure 19: North America, Europe & Asia Pacific Legal Cannabis Market Value Share (%) and BPS Analysis by End-use, 2022-2032
Figure 20: North America, Europe & Asia Pacific Legal Cannabis Market Y-o-Y Growth (%) Projections by End-use, 2022-2032
Figure 21: North America, Europe & Asia Pacific Legal Cannabis Market Attractiveness by Source Type, 2022-2032
Figure 22: North America, Europe & Asia Pacific Legal Cannabis Market Attractiveness by Derivatives, 2022-2032
Figure 23: North America, Europe & Asia Pacific Legal Cannabis Market Attractiveness by End-use, 2022-2032
Figure 24: North America, Europe & Asia Pacific Legal Cannabis Market Attractiveness by Region, 2022-2032
Figure 25: North America Legal Cannabis Market Value (US$ Mn) by Source Type, 2022-2032
Figure 26: North America Legal Cannabis Market Value (US$ Mn) by Derivatives, 2022-2032
Figure 27: North America Legal Cannabis Market Value (US$ Mn) by End-use, 2022-2032
Figure 28: North America Legal Cannabis Market Value (US$ Mn) by Country, 2022-2032
Figure 29: North America Legal Cannabis Market Value (US$ Mn) Analysis by Country, 2017-2032
Figure 30: North America Legal Cannabis Market Volume (Tons) Analysis by Country, 2017-2032
Figure 31: North America Legal Cannabis Market Value Share (%) and BPS Analysis by Country, 2022-2032
Figure 32: North America Legal Cannabis Market Y-o-Y Growth (%) Projections by Country, 2022-2032
Figure 33: North America Legal Cannabis Market Value (US$ Mn) Analysis by Source Type, 2017-2032
Figure 34: North America Legal Cannabis Market Volume (Tons) Analysis by Source Type, 2017-2032
Figure 35: North America Legal Cannabis Market Value Share (%) and BPS Analysis by Source Type, 2022-2032
Figure 36: North America Legal Cannabis Market Y-o-Y Growth (%) Projections by Source Type, 2022-2032
Figure 37: North America Legal Cannabis Market Value (US$ Mn) Analysis by Derivatives, 2017-2032
Figure 38: North America Legal Cannabis Market Volume (Tons) Analysis by Derivatives, 2017-2032
Figure 39: North America Legal Cannabis Market Value Share (%) and BPS Analysis by Derivatives, 2022-2032
Figure 40: North America Legal Cannabis Market Y-o-Y Growth (%) Projections by Derivatives, 2022-2032
Figure 41: North America Legal Cannabis Market Value (US$ Mn) Analysis by End-use, 2017-2032
Figure 42: North America Legal Cannabis Market Volume (Tons) Analysis by End-use, 2017-2032
Figure 43: North America Legal Cannabis Market Value Share (%) and BPS Analysis by End-use, 2022-2032
Figure 44: North America Legal Cannabis Market Y-o-Y Growth (%) Projections by End-use, 2022-2032
Figure 45: North America Legal Cannabis Market Attractiveness by Source Type, 2022-2032
Figure 46: North America Legal Cannabis Market Attractiveness by Derivatives, 2022-2032
Figure 47: North America Legal Cannabis Market Attractiveness by End-use, 2022-2032
Figure 48: North America Legal Cannabis Market Attractiveness by Country, 2022-2032
Figure 49: Europe Legal Cannabis Market Value (US$ Mn) by Source Type, 2022-2032
Figure 50: Europe Legal Cannabis Market Value (US$ Mn) by Derivatives, 2022-2032
Figure 51: Europe Legal Cannabis Market Value (US$ Mn) by End-use, 2022-2032
Figure 52: Europe Legal Cannabis Market Value (US$ Mn) by Country, 2022-2032
Figure 53: Europe Legal Cannabis Market Value (US$ Mn) Analysis by Country, 2017-2032
Figure 54: Europe Legal Cannabis Market Volume (Tons) Analysis by Country, 2017-2032
Figure 55: Europe Legal Cannabis Market Value Share (%) and BPS Analysis by Country, 2022-2032
Figure 56: Europe Legal Cannabis Market Y-o-Y Growth (%) Projections by Country, 2022-2032
Figure 57: Europe Legal Cannabis Market Value (US$ Mn) Analysis by Source Type, 2017-2032
Figure 58: Europe Legal Cannabis Market Volume (Tons) Analysis by Source Type, 2017-2032
Figure 59: Europe Legal Cannabis Market Value Share (%) and BPS Analysis by Source Type, 2022-2032
Figure 60: Europe Legal Cannabis Market Y-o-Y Growth (%) Projections by Source Type, 2022-2032
Figure 61: Europe Legal Cannabis Market Value (US$ Mn) Analysis by Derivatives, 2017-2032
Figure 62: Europe Legal Cannabis Market Volume (Tons) Analysis by Derivatives, 2017-2032
Figure 63: Europe Legal Cannabis Market Value Share (%) and BPS Analysis by Derivatives, 2022-2032
Figure 64: Europe Legal Cannabis Market Y-o-Y Growth (%) Projections by Derivatives, 2022-2032
Figure 65: Europe Legal Cannabis Market Value (US$ Mn) Analysis by End-use, 2017-2032
Figure 66: Europe Legal Cannabis Market Volume (Tons) Analysis by End-use, 2017-2032
Figure 67: Europe Legal Cannabis Market Value Share (%) and BPS Analysis by End-use, 2022-2032
Figure 68: Europe Legal Cannabis Market Y-o-Y Growth (%) Projections by End-use, 2022-2032
Figure 69: Europe Legal Cannabis Market Attractiveness by Source Type, 2022-2032
Figure 70: Europe Legal Cannabis Market Attractiveness by Derivatives, 2022-2032
Figure 71: Europe Legal Cannabis Market Attractiveness by End-use, 2022-2032
Figure 72: Europe Legal Cannabis Market Attractiveness by Country, 2022-2032
Figure 73: Asia Pacific Legal Cannabis Market Value (US$ Mn) by Source Type, 2022-2032
Figure 74: Asia Pacific Legal Cannabis Market Value (US$ Mn) by Derivatives, 2022-2032
Figure 75: Asia Pacific Legal Cannabis Market Value (US$ Mn) by End-use, 2022-2032
Figure 76: Asia Pacific Legal Cannabis Market Value (US$ Mn) by Country, 2022-2032
Figure 77: Asia Pacific Legal Cannabis Market Value (US$ Mn) Analysis by Country, 2017-2032
Figure 78: Asia Pacific Legal Cannabis Market Volume (Tons) Analysis by Country, 2017-2032
Figure 79: Asia Pacific Legal Cannabis Market Value Share (%) and BPS Analysis by Country, 2022-2032
Figure 80: Asia Pacific Legal Cannabis Market Y-o-Y Growth (%) Projections by Country, 2022-2032
Figure 81: Asia Pacific Legal Cannabis Market Value (US$ Mn) Analysis by Source Type, 2017-2032
Figure 82: Asia Pacific Legal Cannabis Market Volume (Tons) Analysis by Source Type, 2017-2032
Figure 83: Asia Pacific Legal Cannabis Market Value Share (%) and BPS Analysis by Source Type, 2022-2032
Figure 84: Asia Pacific Legal Cannabis Market Y-o-Y Growth (%) Projections by Source Type, 2022-2032
Figure 85: Asia Pacific Legal Cannabis Market Value (US$ Mn) Analysis by Derivatives, 2017-2032
Figure 86: Asia Pacific Legal Cannabis Market Volume (Tons) Analysis by Derivatives, 2017-2032
Figure 87: Asia Pacific Legal Cannabis Market Value Share (%) and BPS Analysis by Derivatives, 2022-2032
Figure 88: Asia Pacific Legal Cannabis Market Y-o-Y Growth (%) Projections by Derivatives, 2022-2032
Figure 89: Asia Pacific Legal Cannabis Market Value (US$ Mn) Analysis by End-use, 2017-2032
Figure 90: Asia Pacific Legal Cannabis Market Volume (Tons) Analysis by End-use, 2017-2032
Figure 91: Asia Pacific Legal Cannabis Market Value Share (%) and BPS Analysis by End-use, 2022-2032
Figure 92: Asia Pacific Legal Cannabis Market Y-o-Y Growth (%) Projections by End-use, 2022-2032
Figure 93: Asia Pacific Legal Cannabis Market Attractiveness by Source Type, 2022-2032
Figure 94: Asia Pacific Legal Cannabis Market Attractiveness by Derivatives, 2022-2032
Figure 95: Asia Pacific Legal Cannabis Market Attractiveness by End-use, 2022-2032
Figure 96: Asia Pacific Legal Cannabis Market Attractiveness by Country, 2022-2032
The North America, Europe & Asia Pacific Legal Cannabis market is expected to grow at 25.3% CAGR over 2022 to 2032.
The North America, Europe & Asia Pacific Legal Cannabis market is estimated to be around USD 18.42 Billion in 2022.
The North America, Europe & Asia Pacific Legal Cannabis market is anticipated to reach a valuation of USD 175.7 Billion by 2032.
In 2021, the medical use segment's revenue share was above 65.0 percent, which was the highest.
North America accounted for the greatest revenue share of over 80.0 percent in 2021, and it is anticipated that it would continue to grow quickly during the forecasted period.
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North America, Europe & Asia Pacific Legal Cannabis Market
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