Azoth Analytics has released a research report titled â€śNorth America Cannabis Market (2023 Edition)â€ť which provides a complete analysis of the North American Cannabis industry in terms of market segmentation By Derivative (CBD, THC, and Other Derivatives), By Source (Marijuana, and Hemp), By End Use (Medical, Recreational, and Therapeutic) for the historical period of 2019-2022, the estimates of 2023 and the forecast period of 2024-2029.
The North America Cannabis market showcased growth at a CAGR of 10.20% during 2019-2022. The market was valued at USD 25.82 Billion in 2022 which is expected to reach USD 54.52 Billion in 2029. The cultivation of cannabis has become more sophisticated, with the advent of modern growing techniques and technologies. This has led to increased product quality and diversity, ranging from traditional flower products to concentrates, edibles, topicals, and more.
The North America Cannabis Market is expected to grow at a CAGR of 11.49% during the forecast period. E-commerce platforms and online delivery services have gained popularity, allowing consumers to conveniently purchase cannabis products. However, regulations and restrictions vary across different jurisdictions, impacting the availability and accessibility of these services. Moreover, the industry consists of various sectors, including cultivation, manufacturing, distribution, and retail. Licensed producers and dispensaries play a vital role in supplying cannabis products to consumers, both for medical and recreational purposes.
Additionally, research and development in the cannabis industry have been ongoing, focusing on refining cultivation techniques, exploring new medical applications, and developing alternative consumption methods. This continuous advancement contributes to the expansion and maturation of the North American cannabis market.
The implementation of innovative and diversified product offers serves to accommodate a wider range of consumers. The expansion and diversification of the cannabis market's client base can be achieved by the development of goods that cater to a wide range of demographics, encompassing both novice users and experienced consumers. The advent of innovative products has provided consumers with the opportunity to personalize and tailor their cannabis experience according to their preferences. The act of personalizing cannabis experiences, whether it be through the selection of certain strains, adjusting dose levels, or choosing different consuming methods, has been found to significantly boost user happiness and promote customer loyalty.
The development of high-quality concentrates, such as shatter, wax, and live resin, caters to experienced users seeking potent and flavorful options. Concentrates offer a premium experience for enthusiasts.
The decrease in the stigmatization of cannabis usage can be attributed to the increased level of social acceptance. Consequently, an increasing number of persons are receptive to regarding cannabis as a real and valid option for both medical and recreational applications. The cannabis customer base has experienced growth as a result of a society that is increasingly receptive. Individuals from various age cohorts, socio-cultural origins, and demographic profiles exhibit an increased inclination towards the exploration of cannabis-based products.
The increasing cultural acceptability of cannabis has had a significant impact on legislative reforms. As societal attitudes increasingly favor pro-cannabis legislation, governments have demonstrated a growing inclination towards the legalization and regulation of the cannabis business. Social acceptance has encouraged efforts to educate the public about cannabis. This includes information about responsible use, health effects, and the potential benefits of cannabis.
Scope of the Report
â€˘ The report analyses the Cannabis Market by Value (USD Billion).
â€˘ The report presents the country-wise number of users of Cannabis for the historical period of 2019-2022, the estimated year 2023 and the forecast period of 2024-2029 in North America.
â€˘ The report presents the analysis of the Cannabis Market for the historical period of 2019-2022, the estimated year 2023 and the forecast period of 2024-2029.
â€˘ The report analyses the Cannabis Market By derivatives (CBD, THC, and Other Derivatives).
â€˘ The report analyses the Cannabis Market By Source (Marijuana, and Hemp).
â€˘ The report analyses the Cannabis Market By End Use (Medical, Recreational, and Therapeutic).
â€˘ The report presents the country-wise penetration rate of Cannabis for the historical period of 2019-2022, the estimated year 2023 and the forecast period of 2024-2029 in North America.
â€˘ The key insights of the report have been presented through the frameworks of SWOT and Porterâ€™s Five Forces Analysis. Also, the attractiveness of the market has been presented by region, By Types, by mode of operation & by end users.
â€˘ Also, the major opportunities, trends, drivers and challenges of the industry have been analyzed in the report.
â€˘ The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include Canopy Growth Corporation, Gw Pharmaceuticals Limited, Aurora cannabis inc., Coronos Group, Tilray, Sundial Growers, Medipharm Labs Corp., Curaleaf, Pure sunfarms corp., and Trulieve Cannabis Corp.
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