North America, Europe & Asia Pacific Legal Cannabis Market

North America, Europe & Asia Pacific Legal Cannabis Market by Product Types (Marijuana [Flower, Oil, and Tinctures] and Hemp Oil), Applications (Adult Use [Medical, Chronic Pain, Anxiety, Inflammation, Sleep Disorder, and Others] and B2B Channels), and Regions (Asia Pacific, North America, and Europe) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: HC-2038
  • Author: Growth Market Reports
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  • No. Of Pages: 177
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The North America, Europe & Asia Pacific legal cannabis market size was valued at USD 23.05 billion in 2020 and is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the augmented use of marijuana and hemp products along with the growing demand for medical marijuana.

North America, Europe & Asia Pacific Legal Cannabis Market Key Takeaways

Cannabis are three types of plants psychoactive plants, called as cannabis ruderalis, cannabis indica, and cannabis sativa. The flowers of the plants on collecting becomes one of the most known drugs in the world, which are known as pot, weed, or marijuana. The cultivation of cannabis is in practice from ancient time, cannabis is used with social leanings and spiritual. Cannabis is not only used to smoke and rolling joints anymore but are utilized in various products, which include topical and concentrates. Cannabis products are increasing in popularity with companies bringing in top-class advertising and packaging activities. The cannabis market is propelled by its therapeutic uses and medicinal properties.

Many countries have initiated to legalizing of laws for marijuana and hemp, which are gradually used for the treatment of many chronic diseases. In other aspect, legalization of marijuana for use is expected to create new jobs and generate billions of dollars to the economy. Additionally, the development of several sectors such as tourism, food, real estate, banking, and transportation can be related with the expansion of the legalization of marijuana. For example, various banks are approving loans based on marijuana business, which is widely practiced after the authorization of marijuana for adult use. The cannabis market is impacted by COVID-19 pandemic. The COVID-19 pandemic has disturbed the supply chain of cannabis products due to the nationwide lockdown across the world, the supply of cannabis in dispensaries has limited. The first half of pandemic showed negative impact on the market but, with easing restrictions and reducing cases, the second half of 2020 showed positive impact on the market.

Market Trends, Drivers, Restraints, and Opportunities

  • Rising utilization of medical marijuana for the cure of chronic conditions is major factor propelling the market.
  •  Increasing awareness among a large number of the global population about the medical impacts and the ease of availability of the products is further boosting the approval of marijuana and hemp as well as its derivatives. This is driving the market growth.
  • Growing numbers of quality farming products is anticipated to contribute greatly during the forecast period to the market growth.
  • A complicated regulatory structure for the use of cannabis is estimated to act as a restraint for the market growth in the coming future.
  • Vague cannabis cultivation laws that make countries to import cannabis from countries such as Australia, Canada, and the Netherlands. These laws results in increased import costs and making the product expansive on the on the final pricing. This is anticipated to surge illicit activities of cannabis distribution, which otherwise would be presented at much low rates. This is expected to restrict the cultivation market in those countries.

Scope of the Report

The report on the North America, Europe & Asia Pacific legal cannabis market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Legal Cannabis Market - North America, Europe & Asia Pacific Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Product Types (Marijuana [Flower, Oil, and Tinctures] and Hemp Oil), Applications (Adult Use [Medical, Chronic Pain, Anxiety, Inflammation, Sleep Disorder, and Others] and B2B Channels)

Regional Scope

Asia Pacific, North America, and Europe.

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Maricann Group, Inc.; Aphria, Inc.; ABcann Medicinals, Inc.; Canopy Growth Corp.; The Cronos Group; GW Pharmaceuticals, plc.; Tilray; Aurora Cannabis; Organigram Holding, Inc.; and Lexaria Bioscience Corp.

Market Segment Insights

Marijuana segment is expected to grow at a rapid pace

Based on product types, the North America, Europe & Asia Pacific legal cannabis market is bifurcated into marijuana and hemp oil. The marijuana segment is further segmented into flower, oil, and tinctures. The marijuana segment is expected to grow at a rapid pace due to its vital medical benefits along with the increasing legalization of marijuana, for adult-use as well as medical. The flower segment has the major share of the marijuana segment as smoking flower is cheaper than the use of tinctures and hemp oils, which boosted its demand in the market. However, the hemp oil segment is estimated to magnify at a rapid pace during the forecast period owing to the growing use of hemp-derived products and the rising preference of hemp by the users due to its low content of Tetrahydrocannabinol (THC). Furthermore, the emergent use of hemp-derived Cannabidiol (CBD) in skincare and beauty products, gummies, beverages, capsules, and dog treats, is further bolstering the hemp oil segment in the coming future.

North America, Europe & Asia Pacific Legal Cannabis Market BY Product Types

Adult use segment is projected to expand at a considerable CAGR

On the basis of applications, the market is divided into adult use and B2B channels. The adult use segment is further separated into medical, chronic pain, anxiety, inflammation, sleep disorder, and others. The adult use segment is projected to expand at a considerable CAGR owing to application of the in treatment of mental disorders, chronic pain, anxiety, and sleep disorders. Additionally, the spreading awareness about the segment among the medical practitioners is propelling the segment growth. The practitioners started prescribing marijuana derived products to patients because of its emergent number of clinical evidences to cure different medical problems. On the other hand, the B2B channel segment is expected to register considerable growth during the forecast period owing to the growing use of cannabis in several industries such as nutraceuticals, pharmaceuticals, food and beverages, and personal care and cosmetics.

North America is anticipated to contribute a major market share

In terms of regions, the market is classified as North America, Europe, and Asia Pacific. The market of North America is anticipated to contribute a major market share owing to key factors such as the authorization of cannabis in Canada along with the acceptance of marijuana for medical and adult-use in many states of the US. Furthermore, the approval of the Farm Bill 2018, accepted hemp-derived products in the US and upsurge in the use of CBD-based products such as cosmetics, food and beverages, and wellness products are the key contributing factors to the regional market upsurge.

The market of Asia Pacific, on the other hand, is a fast growing market due to factors such as growing number of legalization and guidelines about the usage of cannabis and its derivatives in the regional countries. For example, Thailand approved medical use of marijuana in 2018 and exempted the hemp from the list of controlled substances. This was estimated to magnify the demand for cannabis in the country. The Australian government, in 2019, passed the new cannabis law which approved the Australian Capital Territory (ACT) to grow marijuana for use in the capital city Canberra. As per this law, the citizens of Canberra are allowed to possess up to 50 gms of cannabis and are also permitted to plant two plants per person or four plants per house. These factors are anticipated to intensify the demand for cannabis in the region.

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Legal Cannabis Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Legal Cannabis Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Legal Cannabis Market - Supply Chain
  4.5. Global Legal Cannabis Market Forecast
     4.5.1. Legal Cannabis Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Legal Cannabis Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Legal Cannabis Market Absolute $ Opportunity
5. Global Legal Cannabis Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Legal Cannabis Market Size and Volume Forecast by Applications
     5.3.1. Adult Use B2B Channels
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Legal Cannabis Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Legal Cannabis Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Legal Cannabis Demand Share Forecast, 2019-2026
7. North America Legal Cannabis Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Legal Cannabis Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Legal Cannabis Market Size and Volume Forecast by Applications
     7.4.1. Adult Use B2B Channels
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Legal Cannabis Demand Share Forecast, 2019-2026
8. Latin America Legal Cannabis Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Legal Cannabis Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Legal Cannabis Market Size and Volume Forecast by Applications
     8.4.1. Adult Use B2B Channels
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Legal Cannabis Demand Share Forecast, 2019-2026
9. Europe Legal Cannabis Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Legal Cannabis Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Legal Cannabis Market Size and Volume Forecast by Applications
     9.4.1. Adult Use B2B Channels
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Legal Cannabis Demand Share Forecast, 2019-2026
10. Asia Pacific Legal Cannabis Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Legal Cannabis Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Legal Cannabis Market Size and Volume Forecast by Applications
     10.4.1. Adult Use B2B Channels
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Legal Cannabis Demand Share Forecast, 2019-2026
11. Middle East & Africa Legal Cannabis Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Legal Cannabis Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Legal Cannabis Market Size and Volume Forecast by Applications
     11.4.1. Adult Use B2B Channels
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Legal Cannabis Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Legal Cannabis Market: Market Share Analysis
  12.2. Legal Cannabis Distributors and Customers
  12.3. Legal Cannabis Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Maricann Group, Inc. Aphria, Inc. ABcann Medicinals, Inc. Canopy Growth Corp. The Cronos Group GW Pharmaceuticals, plc.  
Segments Covered in the Report
The North America, Europe & Asia Pacific legal cannabis market has been segmented on the basis of

Product Types
  • Marijuana
    • Flower
    • Oil
    • Tinctures
  • Hemp Oil
Applications
  • Adult Use
    • Medical
    • Chronic Pain
    • Anxiety
    • Inflammation
    • Sleep Disorder
    • Others
  • B2B Channels
Regions
  • Asia Pacific
  • North America
  • Europe
Key Players
  • Maricann Group, Inc.
  • Aphria, Inc.
  • ABcann Medicinals, Inc.
  • Canopy Growth Corp.
  • The Cronos Group
  • GW Pharmaceuticals, plc.
  • Tilray
  • Aurora Cannabis
  • Organigram Holding, Inc.
  • Lexaria Bioscience Corp.

Key players competing in the North America, Europe & Asia Pacific legal cannabis market are Maricann Group, Inc.; Aphria, Inc.; ABcann Medicinals, Inc.; Canopy Growth Corporation; The Cronos Group; GW Pharmaceuticals, plc.; Tilray; Aurora Cannabis; Organigram Holding, Inc.; and Lexaria Bioscience Corp.

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

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