North America, Europe, and Asia Pacific Legal Cannabis Market Analysis Based On Source Type, Derivatives, End-Use, and Region

 North America, Europe & Asia Pacific Legal Cannabis Industry Overview

The North America, Europe, and Asia Pacific legal cannabis market size was valued at USD 18.1 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 22.3% from 2023 to 2030.  On the economic front, recreational-use marijuana legalization will help create new job possibilities and add significantly to the economy. Tourism, real estate, finance, food, and transportation are just a few of the industries that will benefit from legalization. Many banks, for example, have begun to accept loans for marijuana businesses, which will gain traction following the legalization of marijuana for adult use. As a result, the upcoming recreational-use legalization is likely to increase the demand for legal cannabis and shrink the criminal market.

The presence of strict laws, on the other hand, makes it more difficult for manufacturers to establish a workable and legal route for the production and distribution of cannabis-derived goods like cannabidiol. Because different governments allow different activities in terms of hemp processing, extraction, and cultivation, several firms are obliged to operate in different countries. This makes determining the origin of the cannabidiol product and who is accountable for the end product's quality challenging. As a result, the legal cannabis market is expected to be hampered by the varying restrictions for these goods in different countries.


Gather more insights about the market drivers, restraints and growth of the North America, Europe & Asia Pacific Legal Cannabis Market



The growing number of states that have legalized medical marijuana and the rising demand from both medical and recreational applications are expected to drive the demand for medical marijuana in the coming years. Over the projected period, the drug's demand is expected to be driven by increasing research and development activities. The global pandemic has slowed market expansion dramatically. Trade restrictions, the implementation of a lockdown in major countries, and supply chain disruptions are just a few of the primary issues that have impacted the market.

During the pandemic, lockdowns and transportation interruptions disrupted product supply, resulting in a worsening of the supply-demand gap. As a result, not only the localized but also the global market was damaged. Increased use of marijuana, mostly for therapeutic purposes, is boosting total market growth as customers migrate away from traditional treatment methods and move toward cannabis-based treatment. Furthermore, the COVID-19 pandemic has had a severe influence on the market since a state-wide lockdown has disrupted product manufacturing and imposed import/export restrictions, reducing overall revenues.

The use of marijuana and hemp in a variety of businesses, including personal care and cosmetics, pharmaceuticals, nutraceuticals, and food and drinks, has aided expansion. Furthermore, the market is expected to be driven by the increasing use of cannabis and its variants as a raw material by enterprises to manufacture their products over the projected period.


Browse through Grand View Research's Pharmaceuticals Industry Related Reports

  • California Legal Cannabis Market - The California legal cannabis market size was valued at USD 2.2 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 12.2 % from 2023 to 2030. The growth is attributed to the rising awareness regarding the use of cannabis products for pain management therapies.

 

  • Colorado Legal Cannabis Market - The Colorado legal cannabis market size was valued at USD 864.4 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 16.3% from 2023 to 2030. The growth is attributed to the rising increasing technological advancement coupled with ease of access to cannabis products.

 

North America, Europe & Asia Pacific Legal Cannabis Market Segmentation

Grand View Research, Inc. has segmented the North America, Europe, and Asia Pacific legal cannabis market based on source type, derivatives, end-use, and region:

North America, Europe & Asia Pacific Legal Cannabis End-use Outlook (Revenue, USD Million, 2017 - 2030)

  • Marijuana
    • Flower
    • Oil & Tinctures
  • Hemp
    • Hemp CBD
    • Supplements
    • Industrial Hemp

North America, Europe & Asia Pacific Legal Cannabis Derivatives Outlook (Revenue, USD Million, 2017 - 2030)

  • CBD
  • THC
  • Others

North America, Europe & Asia Pacific Legal Cannabis End-use Outlook (Revenue, USD Million, 2017 - 2030)

  • Medical Use
    • Cancer
    • Chronic Pain
    • Depression and Anxiety
    • Arthritis
    • Diabetes
    • Glaucoma
    • Migraines
    • Epilepsy
    • Multiple Sclerosis
    • AIDS
    • Amyotrophic Lateral Sclerosis
    • Alzheimer’s
    • Post-Traumatic Stress Disorder (PTSD)
    • Parkinson's
    • Tourette’s
    • Others
  • Recreational Use
  • Industrial Use
    • Textile
    • Non-textile

 


Key Companies profiled:

Some prominent players in the North America, Europe, and Asia Pacific legal cannabis market include:

  • Aurora Cannabis
  • Tilray
  • GW Pharmaceuticals
  • Canopy Growth Corporation
  • Lexaria Bioscience Corp.
  • Organigram Holdings Inc.
  • VIVO Cannabis Inc.
  • The Cronos Group
  • AusCann Group Holdings Ltd.
  • Cann Group Limited
  • Bod Australia
  • Zelira Therapeutics
  • Althea Group
  • THC Global Group Limited
  • MGC Pharma
  • ECOFIBRE

 

Order a free sample PDF of the North America, Europe & Asia Pacific Legal Cannabis Market Intelligence Study, published by Grand View Research.


About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.


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