North America, European & Asian Pacific Legal Cannabis Market
Dublin, Aug. 18, 2022 (GLOBE NEWSWIRE) -- The "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, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The North America, Europe, and Asia Pacific legal cannabis market size is expected to reach USD 89.9 billion by 2030 and is expected to expand at a CAGR of 25.3% from 2022 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 70.0% in 2021. 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 2021 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 80.0% in 2021, 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.
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 2021.
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.
Market Driver Analysis
Growing legalization of medical marijuana in various countries
Growing adoption of medical marijuana for the treatment of chronic diseases
Increasing demand for cannabis driving cannabis cultivation across the globe
Elimination of the black market through the legalization of medical marijuana
Impending legalization of marijuana for recreational/adult use
Increasing need for potent cannabis and recent technological advancements
Increasing preference toward cannabis extracts such as oils and tinctures
Growing legalization of cannabis-based CBD products
Growing adoption of CBD-based products for treating various medical conditions
Rise in the number of retailers selling CBD-based products
Market Restraint Analysis
Absence of legalization programs in several Asian and African countries
Strict government regulations
Legalization of medical cannabis only for selected indications
High pricing of medical cannabis
High pricing of cannabis compared to illegal markets in the U.S.
Illicit cannabis trade
Incomplete evidence regarding the effectiveness of medical marijuana
Reluctance of doctors to prescribe cannabis
Lower market access to cannabis due to the absence of legalization programs, leading to smuggling
Industry Analysis -SWOT Analysis, By Factor (Political & Legal, Economic And Technological)
Analysis on Mode of Ingestion
Cannabis Pricing Analysis, By Country, 2020-2030 (USD)
COVID-19 Impact on the market
CANOPY GROWTH CORPORATION
GW Pharmaceuticals, plc.
Organigram Holdings Inc.
Lexaria Bioscience Corp.
VIVO Cannabis Inc.
The Cronos Group
ASX Listed Cannabis Companies
Cann Group Limited
THC Global Group Limited
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