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.
North America Cannabis market research report has put forth a bench-marking example for a vibrant market that explores several recommendations and practical growth strategies in relation to the market. The market report covers a wide spectrum of regions and also focuses on key regions that include North America, Europe, Asia Pacific, Middle East, South America, and the Middle East & Africa (MEA). The chapter of the competitive landscape is presented well in the market research report and is analysed based on the tools such as Porter’s five forces analysis. The study throws light upon market attractiveness where all the segments are arranged based on the compound growth rate, size, and general attractiveness.
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Market Insights and Scope
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.
For effective business outlook, an all-inclusive North America Cannabis market report covers different global regions such as North America, Latin America, Asia-pacific, Europe, and India on the basis of productivity of the various industries. This document gives details about global market overview, global market competition by manufacturers, type and application, top players in the market, regional analysis with respect to volume, value and sales price, analysis of global market by manufacturer, cost analysis, industrial chain, sourcing strategy and downstream buyers, marketing strategy analysis, distributors or traders, and market effect factors analysis.
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Industry Segmentation and 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.
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.
Industry Share Analysis
- 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.
North America Cannabis Market Report Answers the Following Questions:
- What is the current size of the North America Cannabis Market?
- What are the key drivers and challenges for the North America Cannabis Market?
- What are the different types of North America Cannabis Market?
- What are the leading companies operating in the North America Cannabis Market?
- What is the future outlook for the North America Cannabis Market?
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