North America Cannabis Market
North American Cannabis Market: Rapid Growth Expected
The North American cannabis market is poised for significant expansion, projected to surge from US$6,036.9 million in 2019 to an estimated US$65,161.4 million by 2027. This remarkable growth translates to a compound annual growth rate (CAGR) of 29.9% from 2020 to 2027.
Several key factors are fueling this upward trend:
- Increasing approvals for cannabis-based products are paving the way for wider accessibility and consumer acceptance.
- Growing sales and inventory of cannabis reflect a robust and expanding market.
Furthermore, the COVID-19 pandemic is anticipated to boost demand for cannabis products, particularly for managing symptoms like breathing difficulties, nausea, and vomiting.
However, the market's trajectory could be challenged by a stringent regulatory framework surrounding cannabis, which may impede growth during the forecast period.
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Market Introduction
The medical application of cannabis has expanded considerably in recent years. Derived from Indian hemp plants—Cannabis indica and Cannabis sativa—cannabis is available in various forms, including marijuana, hashish, and hash oil. Although its medicinal use dates back centuries, recent research highlights its potential in managing several health conditions. Notably, cannabis has shown promise in alleviating nausea and vomiting associated with chemotherapy, as well as in the treatment of glaucoma, epilepsy, and asthma.
Market Introduction
The medical application of cannabis has expanded considerably in recent years. Derived from Indian hemp plants—Cannabis indica and Cannabis sativa—cannabis is available in various forms, including marijuana, hashish, and hash oil. Although its medicinal use dates back centuries, recent research highlights its potential in managing several health conditions. Notably, cannabis has shown promise in alleviating nausea and vomiting associated with chemotherapy, as well as in the treatment of glaucoma, epilepsy, and asthma.
North America Cannabis: Data-Driven Strategic Insights
Our strategic insights for the North American cannabis industry offer a data-driven analysis of the current market landscape. We examine key trends, identify major players, and explore regional nuances to provide a comprehensive understanding of the sector.
These insights deliver actionable recommendations, empowering you to differentiate yourself from competitors. We'll help you pinpoint untapped market segments or develop unique value propositions that set you apart.
By leveraging data analytics, our insights enable investors, manufacturers, and other stakeholders to anticipate market shifts and position themselves for long-term success. Our future-oriented perspective is crucial for navigating this dynamic region.
Ultimately, these strategic insights equip you with the information needed to make informed decisions that drive profitability and help you achieve your business objectives within the North American cannabis market.
key company profiles
Aphria, Inc.
Aurora Cannabis
Cannabis Science, Inc.
Canopy Growth Corporation
Medical Marijuana, Inc.
VIVO Cannabis Inc.
Tikun Olam
Terra Tech Corp.
Tilray
The Cronos Group
North America Cannabis Market – Regional Insights
The geographic scope of the North American cannabis market encompasses the distinct regions where businesses operate and compete. Understanding regional differences—such as consumer preferences for specific cannabis products, economic conditions, and varying regulatory frameworks—is essential for developing effective, localized strategies. Tailoring offerings to meet the unique needs of each market enables companies to identify underserved areas, enhance customer satisfaction, and gain a competitive edge. A focused regional approach also supports more efficient resource allocation, sharper marketing strategies, and stronger positioning against local competitors, ultimately driving sustainable growth across the region.
Key Market Segments
By product type, the flowers segment accounted for the largest market share in 2019. However, the concentrates segment is projected to record the highest CAGR during the forecast period. Based on application, the medical segment held the dominant share in 2019, while the recreational segment is expected to achieve a higher market share over time. In terms of compound, pain management led the market in 2019 and is anticipated to register the highest growth rate throughout the forecast period.
Major Sources and Companies Referenced
Key sources referenced in the report include the World Health Organization (WHO), Food and Drug Administration (FDA), and Drug Enforcement Administration (DEA).
Reasons to Purchase This Report
- Gain a comprehensive understanding of the North America cannabis market landscape and identify high-return segments
- Stay ahead in a dynamic market by analyzing the evolving competitive landscape
- Strategically plan mergers, acquisitions, and partnerships by targeting the most promising segments
- Make informed business decisions through in-depth analysis of segment performance
- Access detailed revenue forecasts by segment from 2019 to 2027 across the region
About Us:
Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Défense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications
Author's Bio
Akshay
Senior Market Research Expert at Business Market Insights
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