The North America, Europe, And Asia Pacific Legal Cannabis Industry region is set to witness an exponential surge, projected to reach a staggering valuation of US$ 18.42 Billion by the year 2022, surging to an astounding US$ 175.7 Billion by 2032. This incredible growth reflects a remarkable Compound Annual Growth Rate (CAGR) of 25.3% from 2022 to 2032.
The driving force behind this unprecedented expansion is the global trend of increasing legalization of cannabis for both medical and recreational purposes. Countries worldwide are embracing the manifold possibilities offered by cannabis and its derivatives, thereby fostering this remarkable market growth.
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Key contributors to this burgeoning industry include the growing recognition and acceptance of the myriad medicinal benefits that cannabis and its derivatives offer. As awareness about these benefits continues to expand, it fuels the burgeoning demand for legal cannabis products.
The legal cannabis market presents an array of opportunities for investors, entrepreneurs, and stakeholders across the globe. This rapidly evolving landscape not only signifies immense financial potential but also underscores the transformative impact on healthcare, wellness, and economies.
In Europe, the German market is the largest, followed by the United Kingdom market. The German government legalized the use of cannabis for medical purposes in 2017, and the market is expected to grow significantly in the coming years. The United Kingdom government is also considering legalizing the use of cannabis for recreational purposes.
In Asia Pacific, the Australian market is the largest, followed by the Japanese market. The Australian government legalized the use of cannabis for medical purposes in 2016, and the market is expected to grow significantly in the coming years. The Japanese government is also considering legalizing the use of cannabis for medical purposes.
The key takeaways from the North America, Europe & Asia Pacific legal cannabis market report are as follows:
- The legal cannabis market is expected to grow at a rapid pace in the coming years, driven by the increasing legalization of cannabis for medical and recreational use in several countries around the world.
- North America is the largest market for legal cannabis, followed by Europe and Asia Pacific.
- The United States is the largest market in North America, followed by Canada.
- The German market is the largest market in Europe, followed by the United Kingdom market.
- The Australian market is the largest market in Asia Pacific, followed by the Japanese market.
- The key trends driving the market growth include the increasing awareness of the medicinal benefits of cannabis, the growing demand for CBD products, and the legalization of cannabis for recreational use in several countries around the world.
The legal cannabis market is still in its early stages of development, but it has the potential to become a major global industry in the coming years. The increasing legalization of cannabis and the growing awareness of its benefits are driving the market growth.
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North America, Europe & Asia Pacific Legal Cannabis Market Key Players:
- Aurora Cannabis
- Canopy Growth Corporation
- Tilray
- VIVO Cannabis Inc.
- GW Pharmaceuticals
- Lexaria Bioscience Corp.
- Bod Australia
- Organigram Holdings Inc.
- The Cronos Group
- AusCann Group Holdings Ltd.
- Cann Group Limited
- THC Global Group Limited
- Althea Group
- Zelira Therapeutics
- MGC Pharma
North America, Europe & Asia Pacific Legal Cannabis Market by Segmentation:
By Source:
- Marijuana
- Flower
- Oil & Tinctures
- Hemp
- Hemp CBD
- Supplements
- Industrial Hemp
By Derivates:
- CBD
- THC
- Others
By End-Use:
- 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
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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