North America Cannabis Market, By Product Type (Flowers, Concentrates, Other Product Types), Compound (Tetrahydrocannabinol (THC)-dominant, Cannabidiol (CBD)-dominant, Balanced THC and CBD), Crop Variety (Cannabis Indica, Cannabis Sativa, Others), Application (Medical, Recreational), Distribution Channel (Physical, Digital, Others), Country (U.S., Canada, Mexico) Industry Trends and Forecast to 2028.
The cannabis market is expected to witness market to reach at an estimated value of USD 528.2 billion by 2028 and grow at a CAGR of 29.90% in the forecast period of 2021 to 2028. Data Bridge Market Research report on cannabis market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The expansion of functional food sector is escalating the growth of cannabis market.
Cannabis refers to a tall plant with a stiff upright stem that is basically utilized as a drug and is being legalized for its medical usage. Medical cannabis is defined as the plant-derived psychotropic drugs used for treating various medical ailments. The product is sourced from sativa and hybrid cannabis plants, cannabis indica, and the active ingredients include tetrahydrocannabinol (THC) and cannabidiol (CBD). The products are manufactured in the form of capsules, and oils, among others.
The increase in the health consciousness across the region acts as one of the major factors driving the growth of cannabis market. The rise in number of people suffering from chronic illnesses, such as Parkinson's, Alzheimer's, and cancer, among other neurological disorders, and increase in demand for cannabis oil among countries with legalized medical marijuana accelerate the market growth. The active research genetic development and modification of the plant and surge in in the medical applications of cannabis further influence the market. Additionally, change in lifestyle, surge in disposable income, rapid urbanization, growth in awareness regarding the benefits of the product, increase in legalization of cannabis and rise in social acceptance of marijuana positively affect the cannabis market. Furthermore, product development via research and novel product delivery solutions extend profitable opportunities to the market players in the forecast period of 2021 to 2028.
On the other hand, complex regulatory structure for the usage of cannabis and myths associated with cannabis are expected to obstruct the market growth. Intensive energy consumption and issues with the maintenance of product consistency for the cultivation of cannabis are projected to challenge the cannabis market in the forecast period of 2021 to 2028.
This cannabis market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on cannabis market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
North America Cannabis Market Scope and Market Size
The cannabis market is segmented on the basis of product type, compound, crop variety, application and distribution channel. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of product type, the cannabis market is segmented into flowers, concentrates and other product types. Other product types are further segmented into capsules, topicals, edibles, and beverages.
- On the basis of compound, the cannabis market is segmented into Tetrahydrocannabinol (THC)-dominant, Cannabidiol (CBD)-dominant and Balanced THC and CBD.
- On the basis of crop variety, the cannabis market is segmented into cannabis indica, cannabis sativa, and others.
- On the basis of application, the cannabis market is segmented into medical and recreational.
- On the basis of distribution channel, the cannabis market is segmented into physical, digital and others.
North America Cannabis Market Country Level Analysis
The cannabis market is analyzed and market size, volume information is provided by country, product type, compound, crop variety, application and distribution channel as referenced above.
The countries covered in the North America cannabis market report are U.S., Canada and Mexico in North America.
The country section of the cannabis market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and North America Cannabis Market Share Analysis
The cannabis market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to cannabis market.
The major players covered in the cannabis market report are Tilray, Marley Natural, Aurora Cannabis, Cara Therapeutics, ARUMA LABS HOLDINGS PTY LIMITED, Medcan Australia, Sundial Growers Inc., Canopy Growth Corporation, GW Pharmaceuticals plc, The Scotts Company LLC, Aphria Inc., VIVO Cannabis Inc., Cannatrek, and The Cronos Group, among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.