North America, Europe & Asia Pacific Legal Cannabis Market Size Is Expected To Reach USD 89.8 Billion By 2030

 San Francisco, 11 June 2024: The Report North America, Europe & Asia Pacific Legal Cannabis Market Size, Share & Trends Analysis Report By Source Type, By Derivatives, By End-use, By Region, And Segment Forecasts, 2023 - 2030

The North America, Europe, and Asia Pacific legal cannabis market size is expected to reach USD 89.8 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 22.3% from 2023 to 2030. As more individuals become aware of the medical benefits of hemp, marijuana, and its derivatives, and as these products become more generally available, acceptance is expanding. Another key factor boosting market expansion is the increased acceptance of medicinal marijuana for the treatment of chronic diseases. Legalizing marijuana for adult use in many countries will assist in creating 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. Manufacturers are facing challenges in setting up a functional and legalized channel for the development and trade of cannabis-derived products like cannabidiol due to the presence of strict laws.

The marijuana product segment led the market with a revenue share of over 74.5% in 2022. Marijuana for medical purposes is increasing in popularity as a result of recent legalizations in a number of nations. Patients with chronic diseases like Parkinson's disease, cancer, arthritis, Alzheimer's disease, and neurologic issues like depression, anxiety, and epilepsy are treated with marijuana. As a result, one of the primary reasons behind the expansion of this market is the widespread use of marijuana for the treatment of numerous chronic illnesses.

The CBD derivatives segment accounted for the largest revenue share in 2022 owing to the vast applications of these derivatives. It is extensively being used for medicinal purposes as well as for the cosmetic industry. In the APAC region, the cosmetic industry is a huge business and there has been a surge in the use of CBD derivatives in various skincare products. The others segment, being the fastest-growing category, is seeing an upward trend due to the increasing number of studies proving their prowess in the medical field.

The medical use segment emerged as the largest end-use segment in 2021. As medical cannabis is allowed in more countries than adult-use cannabis, the medical sector is likely to stay dominant during the forecast period. The increasing usage of cannabis and its derivatives in a variety of applications, including medicines, nutraceuticals, personal care and cosmetics, and edibles, is expected to increase the demand for these goods.

With a revenue share of over 84.3% in 2022, North America led the market. The availability of a large customer pool in the region and the early legalization of marijuana for medical and recreational use are major factors driving the market. Asia Pacific is predicted to be the fastest-growing market from 2022 to 2030 owing to the increased understanding of cannabis' medical and health benefits, which has prompted Asian countries to legalize cannabis and its derivatives.

During the pandemic, lockdowns and transit disruptions produced a disturbance in product supply, increasing the supply-demand disparity. As a result, the localized market and the worldwide market have been hampered. As customers gravitate away from traditional treatment approaches and move toward cannabis-based treatment, increased use of marijuana, largely for medicinal purposes, boosts the total market growth. Furthermore, the COVID-19 pandemic has significantly impacted the legal cannabis industry as a statewide lockdown has interrupted product production and imposed import/export restrictions, resulting in lower total revenue.

Access Research Report of North America, Europe & Asia Pacific Legal Cannabis Market @ https://www.grandviewresearch.com/industry-analysis/north-america-europe-asia-pacific-legal-cannabis-market

North America, Europe & Asia Pacific Legal Cannabis Market Report Highlights

• The market growth can be attributed to the greater use of hemp and marijuana products and increasing preference for medical marijuana. In addition, the upcoming legalization of marijuana for adult use is expected to boost growth over the predicted period
• Due to the increased acceptance of marijuana for various medical illnesses, marijuana emerged as the leading source type in 2022
• By end-use, the medical use segment held the largest revenue share in 2021. This is due to an increase in the product's use for chronic pain, mental illnesses such as anxiety, and sleep difficulties and increased knowledge among practitioners
• Owing to the increasing consumption rate as a result of legalization, North America accounted for the largest revenue share in 2021

North America, Europe & Asia Pacific Legal Cannabis Market Report Scope

Report Attribute	Details
The market size value in 2023	USD 18.1 billion
The revenue forecast in 2030	USD 89.8 billion
Growth rate	CAGR of 22.3% from 2023 to 2030
Base year for estimation	2022
Historical data	2017 - 2021
Forecast period	2023 - 2030

List of Key Players of North America, Europe & Asia Pacific Legal Cannabis Market

• CANOPY GROWTH CORPORATION
• Aurora Cannabis
• Tilray
• GW Pharmaceuticals, plc
• Organigram Holdings Inc
• Lexaria Bioscience Corp.
• 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

Access Press Release of North America, Europe & Asia Pacific Legal Cannabis Market @ https://www.grandviewresearch.com/press-release/north-america-europe-asia-pacific-legal-cannabis-market-analysis

About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

For More Information: https://www.grandviewresearch.com/horizon