North America, Europe & Asia Pacific Legal Canabis Market Projected to Reach USD 175.7 Billion by 2032 amid Soaring Demand and Ongoing Legalization Efforts | FMI

The north america, europe & asia pacific legal canabis market is on a robust growth trajectory, with market valuation expected to climb from USD 18.42 billion in 2022 to an impressive USD 175.7 billion by 2032. This represents a compound annual growth rate (CAGR) of 25.3% during the forecast period, indicating a significant shift in both consumer behavior and regulatory landscapes.

As consumers increasingly pivot from traditional pharmaceutical treatments to canabis-based therapies, the medicinal use of marijuana has seen a surge. This changing attitude toward canabis-particularly in North America and gradually in parts of Europe and Asia Pacific-is one of the most critical growth drivers for the legal canabis market.

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Healthcare Embracing Canabis-Based Treatments

Medicinal canabis has emerged as a powerful alternative for a variety of health conditions ranging from chronic pain and anxiety to epilepsy and cancer-related symptoms. The increased acceptance of these applications by both patients and medical professionals has catalyzed growth in the legal canabis market. Additionally, ongoing research into the therapeutic benefits of canabis is encouraging health ministries and regulators in various countries to reevaluate their policies.

The COVID-19 pandemic posed temporary setbacks for the canabis industry, including disruptions in supply chains, lockdown-induced production halts, and cross-border trade restrictions. Despite these challenges, the industry rebounded quickly, showcasing resilience and adaptability, especially in regions where canabis is legally recognized for medical or adult recreational use.

Diverse Industrial Use Cases Expanding Demand

Beyond medical usage, canabis and its derivatives-hemp and marijuana-are finding widespread applications across industries. The food and beverage sector has witnessed a rise in canabis-infused products such as teas, chocolates, and functional beverages. In parallel, the nutraceutical industry is incorporating canabis-derived compounds for their wellness and therapeutic benefits.

Personal care and cosmetics companies are also investing heavily in canabinoid-enriched products, capitalizing on their anti-inflammatory and antioxidant properties. From skincare serums to bath bombs and shampoos, canabis is reshaping the beauty and wellness market.

Pharmaceutical giants are increasingly experimenting with canabis as a raw material in drug formulation, pushing the boundaries of traditional treatments and setting new benchmarks for holistic health solutions.

Legalization and Economic Upside Fueling Momentum

The push toward legalizing marijuana for recreational purposes is expected to be a game-changer for the canabis ecosystem in North America, Europe, and Asia Pacific. In regions where adult-use canabis is being legalized, governments are witnessing a considerable boost in tax revenues, job creation, and foreign investments.

Sectors such as tourism, real estate, food services, and banking are among the key beneficiaries of legalization. Banks and financial institutions, which once distanced themselves from canabis-related ventures due to regulatory risks, are now becoming more open to providing funding and services, particularly in regions with clear legal frameworks.

For example, several banks in North America have started issuing loans to marijuana enterprises, supporting their expansion and encouraging innovation. With the imminent legalization of recreational canabis across more countries, a further surge in demand is expected, along with a marked decline in black-market sales.

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Key Takeaways: North America, Europe & Asia Pacific Legal Canabis Derivatives Market

• Canabis Derivative Dominates the Market: In 2021, canabidiol (Canabis Derivative) held over 65.0% market share, making it the most preferred legal canabis derivative across North America, Europe, and Asia Pacific. Canabis Derivative's popularity is driven by its widespread use in medical therapies, as well as in cosmetics, food, beverages, and pet products.

• Medical Use Leads by End-Use Segment: The medical segment accounted for more than 65.0% of the total revenue share in 2021. Growing legalization, particularly in North America, and increasing awareness among healthcare practitioners are boosting canabis use for treating chronic pain, anxiety, and insomnia.

• Recreational Use on the Rise in Asia Pacific: The Asia Pacific region is expected to see a significant surge in recreational canabis use, spurred by regulatory relaxations and growing public acceptance.

• North America Leads the Global Market: In 2020, North America dominated with a market value of USD 19.78 billion. Widespread legalization for both medical and recreational use, especially in the U.S. and Canada, has positioned the region as a global canabis leader.

• Asia Pacific Poised for Fastest Growth: Rapid growth is expected in Asia Pacific, driven by supportive legislation such as Thailand's delisting of marijuana from its list of banned substances in 2020.

• Europe Shows Strong Momentum: Europe ranks second after North America, supported by progressive laws and the growing acceptance of medical canabis. Government policy shifts and clinical trials validating therapeutic efficacy are expected to accelerate market expansion.

A Bright Future Beckons for the Legal Canabis Industry

As the legal canabis industry matures, key stakeholders are expected to continue capitalizing on its growth potential. Policy shifts, increasing public awareness, and the growing acceptance of canabis for both medical and recreational purposes are reshaping the global outlook on marijuana.

The report emphasizes that proactive regulation, investment in research and development, and broader industrial integration will be instrumental in unlocking the full potential of the canabis market across North America, Europe, and Asia Pacific.

In conclusion, the legal canabis industry is not merely an emerging market but a transformative force that is redefining modern healthcare, lifestyle, and economic development. With legalization efforts gaining traction and cross-industry adoption accelerating, the market is well-positioned to reach its projected valuation of USD 175.7 billion by 2032.

Competitive Landscape of the Legal Canabis Market in North America, Europe, and Asia Pacific

As legalization continues to gain momentum across the globe, the legal canabis market in North America, Europe, and Asia Pacific remains highly competitive and rapidly evolving. Industry leaders are forging strategic collaborations and pursuing aggressive expansion efforts to stay ahead in this dynamic space.

The rise of recreational canabis use-especially among younger consumers who are more open to experimentation-is shifting preferences from traditional flower/bud products to more refined offerings like edibles, oils, and topicals. In response, key players across these regions are actively diversifying their portfolios to meet evolving consumer demand.

Recent Developments in the Legal Canabis Market

• In December 2020, Aphria Inc. and Tilray, Inc. (Canada) signed a definitive agreement to merge, creating the world's largest canabis company. This powerhouse will offer a broad portfolio of branded Canabis 2.0 products in Canada, supported by cost-effective cultivation, processing, and manufacturing operations.

• In November 2020, Aphria Inc. acquired SW Brewing Company, LLC (US), one of the largest independent craft breweries. Known for its canabis lifestyle branding, SweetWater enhances Aphria's product offerings and strengthens its position in the infused beverages market.

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Key Players in the Legal Canabis Market - North America, Europe & Asia Pacific

• Aurora Canabis
• Canopy Growth Corporation
• Tilray
• VIVO Canabis Inc.
• GW Pharmaceuticals
• Lexaria Bioscience Corp.
• Bod Australia
• Organigram Holdings Inc.
• The Cronos Group
• AusCann Group Holdings Ltd.
• Cann Group Limited
• Althea Group
• Zelira Therapeutics
• MGC Pharmaceuticals

North America, Europe & Asia Pacific Legal Canabis Market by Segmentation

By Source:
• Marijuana
o Flower
o Oil & Tinctures
• Hemp
o Hemp
o Supplements
o Industrial Hemp

By Derivates:
• Canabis Derivative
• Others

By End-Use:
• Medical Use
o Cancer
o Chronic Pain
o Depression and Anxiety
o Arthritis
o Diabetes
o Glaucoma
o Migraines
o Epilepsy
o Multiple Sclerosis
o AIDS
o Amyotrophic Lateral Sclerosis
o Alzheimer's
o Post-Traumatic Stress Disorder (PTSD)
o Parkinson's
o Tourette's
o Others
• Recreational Use
• Industrial Use
o Textile
o Non-textile

By Region:
• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East and Africa

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This release was published on openPR.