DUBLIN, Jan. 24, 2023 /PRNewswire/ — The “North America Legal Cannabis Market Size, Share & Trends Analysis Report by Sources (Marijuana, Hemp), by Derivatives (CBD, THC), by End Use (Medical, Recreational), and Segment Forecasts, 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The North America legal cannabis market size is expected to reach USD 38.2 billion by 2028, registering a CAGR of 16.6% from 2023 to 2028. The rising legalization and growing use of marijuana for medical purposes are expected to propel market growth.
In addition, as countries in the region are actively liberalizing laws related to marijuana, the market is likely to witness increased demand for cannabis-based products as well as their derivatives. The marijuana segment dominated the market in 2023. The higher efficiency of marijuana-derived CBD is one of the crucial factors signifying the larger share of this segment.
The segment is also projected to grow at the fastest CAGR during the forecast period. The CBD segment dominated the market in 2023 due to the growing awareness about the positive effects of CBD for the treatment of various medical conditions, such as chronic pain, cancer & multiple sclerosis. In 2023, the recreational segment dominated the market.
The legalization of marijuana for adult use has driven the product demand in the recreational use application segment. In countries, such as Canada and the U.S., where marijuana for recreational use has been legalized, the market has witnessed a dynamic shift of patients from traditional methods or medicine to opting to use marijuana for medical and other purposes.
This can be attributed to the easy availability and low pricing. Moreover, an increase in the preference for Cannabidiol (CBD)-based products, such as food & beverages, cosmetics, and wellness products in the country supports market growth. Canada is anticipated to register the fastest growth rate during the forecast period.
Rising cannabis cultivation, the emergence of local players, favorable government initiatives, and increasing adoption of cannabis-based products are some of the key factors supporting the market growth in the country. The COVID-19 pandemic has substantially affected the market.
The supply chain disruptions and interruption in the transportation of cannabis & related raw materials, as a result of nationwide lockdown in the U.S. & Canada, hampered the market growth. In addition, panic-buying scenarios in these countries during the initial months of the pandemic led to a shortage in product stocks, thereby widening the demand-supply gap.
However, with situations heading toward normalcy, the cannabis-based product sales and the supply chain in the North American region are expected to stabilize and grow during the forecast period.
North America Legal Cannabis Market Report Highlights
- The market is anticipated to have significant growth over the forecast period owing to rising legalization and growing use of marijuana for medical purposes
- The marijuana segment dominated the market in 2023 owing to the growing adoption of marijuana products along with the increasing legalization of medical marijuana
- In 2023, the CBD segment accounted for the highest revenue share owing to the increasing adoption of CBD for various medical purposes and growing awareness about affirmative effects of CBD for the treatment of various medical conditions
- The recreational application segment accounted for the highest revenue share, owing to factors such as increased adoption of cannabis for recreational purposes and changing consumer behavior toward the use of cannabis
- The U.S. is anticipated to be the largest market by 2028 owing to various factors, such as high awareness about cannabis-based products, the introduction of the 2018 Farm Bill that legalized hemp-derived products in the country, and an increase in the preference for Cannabidiol (CBD)-based products
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 North America Legal Cannabis Market: Variables, Trends & Scope
3.1 Market Segmentation
3.2 Penetration & Growth Prospect Mapping
3.3 Market Dynamics
3.3.1 Market Driver Analysis
3.3.1.1 Growing adoption of medical marijuana for treatment of chronic diseases
3.3.1.2 Elimination of black market through the legalization of medical marijuana
3.3.2 Market Restraint Analysis
3.3.2.1 High pricing of cannabis compared to illegal markets in the U.S.
3.3.2.2 Illicit cannabis trade due to surplus cultivation
3.4 Industry Analysis-SWOT Analysis, By Factor (Political & Legal, Economic, And Technological
3.5 Cannabis Market-Porter’s Analysis
3.6 History of Medical Use of Cannabis in North America
3.7 History of Industrial Use of Cannabis in North America
3.8 North America Legal Cannabis Number of clinical trials
3.9 Legal Cannabis Industry: Legalization Timeline in North America
3.9.1 Legalization Landscape (Timeline)
3.9.2 The U.S. Legalization Landscape
3.9.3 The Canada Legalization Landscape
3.9.4 North America Legal Cannabis Regulatory Scenario, By Country
3.10 North America Legal Cannabis Industry: Consumption Pattern Analysis
3.11 Trade Opportunity Analysis, by region
3.12 Legal Cannabis Industry: Country Case Study
3.12.1 U.S.
3.12.1.1 Legalization of Cannabis
3.12.1.2 Reason for Legalization
3.12.1.3 Scenario After Legalization and Consumer Attitude
3.12.1.4 Competitive Landscape Post Legalization
3.12.2 Canada
3.13 Human Abuse Liability Experience in North America Cannabis Market
3.14 Qualitative analysis on synthetic cannabinoids and cannabis in North America
Chapter 4 North America Legal Cannabis Market: Source Type Estimates & Trend Analysis
4.1 North America Legal Cannabis Market: Source Type Movement Analysis
4.2 North America Legal Cannabis Market: Source Type Analysis
4.2.1 Hemp
4.2.1.1 Hemp Market Estimates and Forecasts, 2016-2028 (USD Million)
4.2.1.2 Hemp CBD
4.2.1.3 Supplements
4.2.1.4 Industrial Hemp
4.2.2 Marijuana
4.2.2.1 Marijuana Market Estimates and Forecasts, 2016-2028 (USD Million)
4.2.2.2 Flower
4.2.2.3 Oils and Tinctures
Chapter 5 North America Legal Cannabis Market: Derivatives Type Estimates & Trend Analysis
5.1 North America Legal Cannabis Market: Derivatives Type Movement Analysis
5.2 North America Legal Cannabis Market: Derivatives Type Analysis
5.2.1 CBD
5.2.2 THC
5.2.3 Others
Chapter 6 North America Legal Cannabis Market: End-use Estimates & Trend Analysis
6.1 North America Legal Cannabis Market: End Use Movement Analysis
6.2 North America Legal Cannabis Market: End Use Analysis
6.2.1 Recreational Use
6.2.2 Medical Use
6.2.2.1 Medical Use Market Estimates and Forecasts, 2016-2028 (USD Million)
6.2.2.2 Chronic Pain
6.2.2.3 Cancer
6.2.2.4 Depression and Anxiety
6.2.2.5 Arthritis
6.2.2.6 Diabetes
6.2.2.7 Glaucoma
6.2.2.8 Migraines
6.2.2.9 Epilepsy
6.2.2.10 Multiple Sclerosis
6.2.2.11 AIDS
6.2.2.12 Amyotrophic Lateral Sclerosis (ALS)
6.2.2.13 Alzheimer’s
6.2.2.14 Post Traumatic Stress Disorder (PTSD)
6.2.2.15 Parkinson’s
6.2.2.16 Tourette’s
6.2.2.17 Others
6.2.3 Industrial Use
6.2.3.1 Textile
6.2.3.2 Non-Textile
Chapter 7 North America Legal Cannabis Market: Regional Estimates & Trend Analysis
7.1 North America Legal Cannabis Market: Region Movement Analysis, 2016-2028
Chapter 8 Competitive Analysis
8.1 Company Market Position Analysis
8.2 Recent Developments & Impact Analysis, By Key Market Participants
8.3 Company/Competition Categorization (Key Innovators, Market Leaders, Emerging Players)
8.4 List of Tobacco Companies Investing in Cannabis
Chapter 9 Competitive Landscape
- Canopy Growth Corporation
- GW Pharmaceuticals, plc
- Aurora Cannabis
- Aphria, Inc. (Prior to the merger with Tilray)
- Cronos Group
- Tilray
- Sundial Growers
- Insys Therapeutics, Inc.
- Vivo Cannabis Inc.
- Cara Therapeutics, Inc
For more information about this report visit https://www.researchandmarkets.com/r/hisbz1
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