The North America, Europe, and Asia Pacific legal cannabis market, is on the brink of an extraordinary expansion in the coming years. Recent market projections highlight a meteoric rise in market valuation, with figures expected to reach USD 18.42 billion by 2022. Even more remarkable growth is anticipated over the subsequent decade.
Industry analysts forecast that by 2032, the legal cannabis market will soar to an astonishing USD 175.7 billion. This exponential growth represents a Compound Annual Growth Rate (CAGR) of 25.3% over the next ten years, underscoring the immense potential and burgeoning opportunities within the cannabis sector.
The driving force behind this unprecedented expansion is the global movement towards cannabis legalization. This encompasses both medical and recreational applications, as governments and regulatory bodies worldwide increasingly recognize the multifaceted benefits of cannabis and its derivatives. This growing acceptance is paving the way for a robust and sustainable market landscape.
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Key Highlights:
- Exponential Growth Projection: The legal cannabis industry in the North America, Europe, and Asia Pacific region is anticipated to surge from USD 18.42 Billion in 2022 to an astounding USD 175.7 Billion by 2032, showcasing an impressive CAGR of 25.3%.
- Global Trend of Cannabis Legalization: The driving force behind this remarkable expansion is the progressive shift towards the legalization of cannabis for both medical and recreational purposes across the globe. Countries are increasingly acknowledging the manifold opportunities presented by cannabis, thus propelling the industry to unprecedented heights.
- Market Dynamics: The legal cannabis market is expected to witness significant dynamics, with increased investment, product innovation, and evolving regulatory frameworks contributing to sustained growth over the forecast period.
- Manifold Possibilities: Governments worldwide are embracing the manifold possibilities offered by cannabis and its derivatives. This includes its potential in medical treatments, economic contributions, and job creation, fostering a conducive environment for market growth.
- Investment Opportunities: The surge in the legal cannabis industry presents lucrative opportunities for investors, businesses, and entrepreneurs to capitalize on this burgeoning market. As the industry continues to mature, new avenues for investment and collaboration are expected to emerge.
As the legal cannabis industry gears up for this remarkable journey of growth, stakeholders, investors, and businesses are urged to stay abreast of market trends and capitalize on the evolving landscape. The period from 2022 to 2032 is expected to be transformative for the global legal cannabis industry, unlocking unprecedented opportunities and shaping the future of this dynamic market.
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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