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.
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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.
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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.
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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.
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.
1. Executive Summary 2. Market Overview 3. Market Background 4. North America, Europe & Asia Pacific Legal Cannabis Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. North America, Europe & Asia Pacific Legal Cannabis Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Source Type 5.1. Marijuana 5.1.1. Flower 5.1.2. Oil & Tinctures 5.2. Hemp 5.2.1. Hemp CBD 5.2.2. Supplements 5.2.3. Industrial Hemp 6. North America, Europe & Asia Pacific Legal Cannabis Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Derivatives 6.1. CBD 6.2. THC 6.3. Others 7. North America, Europe & Asia Pacific Legal Cannabis Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End to use 7.1. Medical Use 7.1.1. Cancer 7.1.2. Chronic Pain 7.1.3. Depression and Anxiety 7.1.4. Arthritis 7.1.5. Diabetes 7.1.6. Glaucoma 7.1.7. Migraines 7.1.8. Epilepsy 7.1.9. Multiple Sclerosis 7.1.10. AIDS 7.2. Recreational Use 7.3. Industrial Use 7.3.1. Textile 7.3.2. Non to textile 8. North America, Europe & Asia Pacific Legal Cannabis Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 9. North America Legal Cannabis Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Europe Legal Cannabis Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Asia Pacific Legal Cannabis Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Key Countries Legal Cannabis Market Analysis 13. Market Structure Analysis 14. Competition Analysis 14.1. Aurora Cannabis 14.2. Tilray 14.3. GW Pharmaceuticals 14.4. Canopy Growth Corporation 14.5. Lexaria Bioscience Corp. 14.6. Organigram Holdings Inc. 14.7. VIVO Cannabis Inc. 14.8. The Cronos Group 14.9. AusCann Group Holdings Ltd. 14.10. Cann Group Limited 14.11. Bod Australia 14.12. Zelira Therapeutics 14.13. Althea Group 14.14. Epsilon Healthcare 14.15. MGC Pharma 14.16. ECOFIBRE 15. Assumptions & Acronyms Used 16. Research Methodology
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North America, Europe & Asia Pacific Legal Cannabis Market
