Market Overview and Dynamics
The North America cannabis market is expected to reach US$ 65,161.4 million by 2027 from US$ 6,036.9 million in 2019. The market is anticipated to grow at a CAGR of 29.9% from 2020 to 2027. Factors driving the market growth include increasing approvals for cannabis-based products, and growing sales and inventory for cannabis. The COVID-19 outbreak is expected to increase the demand for cannabis products to treat breathing illness, nausea, and vomiting symptoms. However, stringent regulatory framework for cannabis is likely to hinder the market growth during the forecast period
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Market Introduction
The use of cannabis in the medical industry has grown significantly in recent years. It is obtained from Indian hemp plants named cannabis indica and cannabis sativa. There are different forms of cannabis available, such as marijuana, hashish, and hash oil. Cannabis is being used for medical purposes for many years. Recent studies show that cannabis may be useful to help with conditions, such as nausea and vomiting, particularly when associated with chemotherapy, glaucoma, epilepsy, and asthma.
North America Cannabis Strategic Insights
Strategic insights for the North America Cannabis provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
Market leaders and key company profiles
ï‚· Aphria, Inc.
ï‚· Aurora Cannabis
ï‚· Cannabis Science, Inc.
ï‚· Canopy Growth Corporation
ï‚· Medical Marijuana, Inc.
ï‚· VIVO Cannabis Inc.
ï‚· Tikun Olam
ï‚· Terra Tech Corp.
ï‚· Tilray
ï‚· The Cronos Group
North America Cannabis Regional Insights
The geographic scope of the North America Cannabis refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
Key Market Segments
In terms of product type, the flowers segment held the largest share of the market in 2019; however, the concentrates segment is anticipated to register the highest CAGR during the forecast period. In terms of application, the medical segment held a larger share of the market in 2019 and the recreational segment is estimated to register a higher market share during the forecast period. In terms of compound, the pain management segment held a larger share of the market in 2019 and is estimated to register a higher CAGR during the forecast period.
Major Sources and Companies Listed
World Health Organization, Food and Drug Administration, and Drug Enforcement Administration are some of the major primary and secondary sources for the North America cannabis market included in the report.
Reasons to buy the report
- To understand the North America cannabis market landscape and identify market segments that are most likely to guarantee a strong return
- To stay ahead of the race by comprehending the ever-changing competitive landscape for the North America cannabis market
- To efficiently plan M&A and partnership deals in the North America cannabis market by identifying market segments with the most promising probable sales
- To help in taking knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segments of the North America cannabis market
- To obtain market revenue forecast for market by various segments from 2019 to 2027 in the region
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Author’s Bio
Akshay
Senior Market Research Expert at Business Market Insights
