North America Legal Cannabis Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Market Overview:
The North America legal cannabis market size reached US$ 27.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 130.3 Billion by 2028, exhibiting a growth rate (CAGR) of 30.1% during 2023-2028. The growing use for recreational use, wide availability through various distribution channels, and increasing utilization to treat chronic diseases represent some of the key factors driving the market.
Legal cannabis refers to a drug derived from dried leaves, stems, seeds, and flowers of a plant called Cannabis sativa. It has various components, such as cannabidiol (CBD) and tetrahydrocannabinol (THC). It can be easily smoked, vaped, and ingested while having psychoactive properties that provide relaxing and calming effects in the body. It offers an enhanced sense of hearing, vision, and taste and improves sleeping problems. It prevents relapse into drug and alcohol addiction, treats anxiety disorders, and lowers blood pressure. It assists in relieving chronic pains that are caused by numerous diseases among adults. It aids in chemotherapy-induced nausea and multiple sclerosis spasticity symptoms. Besides this, it increases appetite and reduces the risk of migraine, inflammation, and seizures. As it is also consumed to treat asthma and glaucoma, as an antidepressant and anticonvulsant and anti-spasmodic, the demand for legal cannabis is rising across the North American region.
North America Legal Cannabis Market Trends:
At present, the increasing consumer preference from conventional treatment to cannabis-based treatments represents one of the key factors impelling the growth of the market in the North American region. Besides this, the growing demand for cannabis to reduce stress, anxiety, and depression among individuals is offering a positive market outlook across the region. In addition to this, several banks are approving loans for marijuana businesses to enhance the production process, which is supporting the growth of the market in the region. Moreover, the increasing utilization of legal cannabis to treat several chronic diseases, such as epileptic seizures, chronic pain, and Alzheimer’s, among individuals is propelling the growth of the market in the North American region. Apart from this, the wide availability of legal cannabis through various distribution channels, such as regulated dispensaries, recreational stores, and stand-alone retailers, is positively influencing the market. Additionally, there is a rise in the demand for cannabis for recreational use among the masses. This, coupled with the increasing utilization of hemp-derived cannabidiol (CBD) in the skincare and the cosmetic industry, is offering lucrative growth opportunities to industry investors in the region. Furthermore, the rising demand for marijuana oils and tinctures for treating vomiting and nausea problems among individuals is strengthening the growth of the market in the North American region.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the North America legal cannabis market report, along with forecasts at the regional and country level from 2023-2028. Our report has categorized the market based on products derived and distribution channel.
Products Derived Insights:
Marijuana
Industrial Hemp
Others
The report has provided a detailed breakup and analysis of the North America legal cannabis market based on the products derived. This includes marijuana, industrial hemp, and others. According to the report, marijuana represented the largest segment.
Distribution Channel Insights:
Regulated Dispensary
Recreational Stores
Stand-Alone Retailers
Others
A detailed breakup and analysis of the North America legal cannabis market based on the distribution channel has also been provided in the report. This includes regulated dispensary, recreational stores, stand-alone retailers, and others. According to the report, regulated dispensary accounted for the largest market share.
Regional Insights:
United States
Canada
The report has also provided a comprehensive analysis of all the major regional markets, which include United States and Canada. According to the report, United States was the largest market for North America legal cannabis. Some of the factors driving the United States legal cannabis market included favorable government rules and legalization, rising utilization of hemp-based products, increasing adoption of marijuana for medicinal usage, etc.
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the North America legal cannabis market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include 22nd Century Group, Inc, Medical Marijuana Inc, Hemp, Inc., Axim Biotechnologies, Inc, Arena Pharmaceuticals, Inc., Canopy Growth Corporation, Aphria Inc., Aurora Cannabis Inc., Abcann Medicinals Inc., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report
1. What was the size of the North America legal cannabis market in 2022?
2. What is the expected growth rate of the North America legal cannabis market during 2023-2028?
3. What has been the impact of COVID-19 on the North America legal cannabis market?
4. What are the key factors driving the North America legal cannabis market?
5. What is the breakup of the North America legal cannabis market based on the products derived?
6. What is the breakup of the North America legal cannabis market based on the distribution channel?
7. What are the key regions in the North America legal cannabis market?
8. Who are the key players/companies in the North America legal cannabis market?
- 1 Preface
- 2 Scope and Methodology
- 2.1Objectives of the Study
- 2.2Stakeholders
- 2.3Data Sources
- 2.3.1Primary Sources
- 2.3.2Secondary Sources
- 2.4Market Estimation
- 2.4.1Bottom-Up Approach
- 2.4.2Top-Down Approach
- 2.5Forecasting Methodology
- 3 Executive Summary
- 4 Introduction
- 4.1Overview
- 4.2Key Industry Trends
- 5 North America Legal Cannabis Market
- 5.1Market Overview
- 5.2Market Performance
- 5.3Impact of COVID-19
- 5.4Market Breakup by Products Derived
- 5.5Market Breakup by Application
- 5.6Market Breakup by Country
- 5.7Market Breakup by Distribution Channel
- 5.8Market Forecast
- 5.9SWOT Analysis
- 5.9.1Overview
- 5.9.2Strengths
- 5.9.3Weaknesses
- 5.9.4Opportunities
- 5.9.5Threats
- 5.10Value Chain Analysis
- 5.10.1Overview
- 5.10.2Research and Development
- 5.10.3Raw Material Procurement
- 5.10.4Manufacturing
- 5.10.5Marketing
- 5.10.6Distribution
- 5.10.7End-Use
- 5.11Porters Five Forces Analysis
- 5.11.1Overview
- 5.11.2Bargaining Power of Buyers
- 5.11.3Bargaining Power of Suppliers
- 5.11.4Degree of Competition
- 5.11.5Threat of New Entrants
- 5.11.6Threat of Substitutes
- 5.12Key Success and Risk Factors in the North American Cannabis Market
- 6 Performance of Key Regions
- 6.1United States
- 6.1.1Market Overview
- 6.1.2Market Performance
- 6.1.3Market Breakup by Products Derived
- 6.1.4Market Breakup by Application
- 6.1.5Market Breakup by States
- 6.1.6Market Breakup by Distribution Channel
- 6.1.7Market Forecast
- 6.1.8Legal & Regulatory Framework
- 6.2Canada
- 6.2.1Market Overview
- 6.2.2Market Performance
- 6.2.3Market Breakup by Products Derived
- 6.2.4Market Breakup by Application
- 6.2.5Market Breakup by Distribution Channel
- 6.2.6Market Forecast
- 6.2.7Legal & Regulatory Framework
- 7 Market by Products Derived
- 7.1Marijuana
- 7.1.1Market Performance
- 7.1.2Market Breakup by Application
- 7.1.2.1Medical
- 7.1.2.1.1Migraine
- 7.1.2.1.2Arthritis
- 7.1.2.1.3Cancer
- 7.1.2.1.4Others
- 7.1.2.2Recreational Use
- 7.2Industrial Hemp
- 7.2.1Market Performance
- 7.2.2Market Breakup by Application
- 7.2.2.1Personal Care
- 7.2.2.2Hemp CBD
- 7.2.2.3Food
- 7.2.2.4Consumer Textile
- 7.2.2.5Others
- 7.3Others
- 8 Market Breakup by Distribution Channel
- 8.1Regulated Dispensary
- 8.2Recreational Stores
- 8.3Stand-Alone Retailers
- 8.4Others
- 9 Competitive Landscape
- 9.1Market Structure
- 9.2Key Players
- 9.3Profiles of Key Players
- 9.3.122nd Century Group, Inc
- 9.3.2Medical Marijuana Inc
- 9.3.3Hemp, Inc.
- 9.3.4Axim Biotechnologies, Inc
- 9.3.5Arena Pharmaceuticals, Inc.
- 9.3.6Canopy Growth Corporation
- 9.3.7Aphria Inc.
- 9.3.8Aurora Cannabis Inc.
- 9.3.9Abcann Medicinals Inc.
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