The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
North America, Europe & Asia Pacific Legal Cannabis Market Growth & Trends
The North America, Europe, and Asia Pacific legal cannabis market size is anticipated to reach USD 67.7 billion by 2026, registering a CAGR of 19.6% during the forecast period, according to a new report by Grand View Research, Inc. The increased adoption of hemp and marijuana products coupled with the rising demand for medical marijuana is anticipated to drive the market growth. Furthermore, the impending legalization of marijuana for adult use is an important factor supporting the growth over the forecast period.
Based on product type, marijuana dominated the market with a revenue share of USD 96.6% in 2019. The use of marijuana for medical purposes is gaining momentum owing to recent legalizations in various countries. Marijuana is used for the treatment of patients with chronic conditions such as Parkinson’s disease, cancer, arthritis, Alzheimer’s disease, neurologic problems like depression, anxiety, epilepsy, and others. Thus, wide application of marijuana for the treatment of various chronic conditions is one of the major factors driving the growth of this segment.
Based on application, medical use segment dominated the market with the revenue share of 66.0% in 2019. The medical use of cannabis is legal in a greater number of countries as compared to adult-use, owing to which the segment is expected to remain dominant throughout the forecast period. On the other hand, B2B channels segment is expected to witness the fastest CAGR over the forecast period. The growing use of cannabis and its derivates in various applications areas such as pharmaceuticals, nutraceuticals, personal care and cosmetics, and edibles, is anticipated to boost the demand for these products.
North America dominated the market in 2019 with a revenue share of 91.0%. The early legalization of marijuana for medical and adult-use and the presence of a large customer pool in the region are the key factors driving the market growth. On the other hand, Asia Pacific is expected to be the fastest-growing region, owing to rising awareness regarding the medical and health benefits of cannabis, encouraging the Asian countries to legalize cannabis and its derivatives.
North America, Europe & Asia Pacific Legal Cannabis Market Report Highlights
- Marijuana emerged as leading product segment in 2019 with a revenue share of 96.6%, owing to the growing adoption of marijuana for various medical conditions
- B2B channel is anticipated to be the fastest-growing application segment, owing to the increasing use of cannabinoids for a wide range of industries
- North America accounted for the largest share, owing to the higher consumption rate due to legal acceptance of cannabis
- Some of the key players include Aphria, Inc.; Canopy Growth Corporation, Aurora Cannabis, Maricann Group, Inc.; ABcann Medicinals, Inc.; Tilray, The Cronos Group, GW Pharmaceuticals, plc., Organigram Holding, Inc.; and Lexaria Bioscience Corp