The U.S. cannabis market size is expected to reach USD 31.7 billion by 2025, exhibiting a CAGR of 14.5% during the forecast period, according to a new study by Grand View Research, Inc. Increasing adoption of medical marijuana for treatment of various medicinal conditions, along with addition of various applications in medical marijuana programs of each state, is expected to drive the market over the forecast period.
The
use of cannabis for medical purposes is gaining momentum due to its recent
legalization in various states of the country. The application areas for
cannabis can be classified into chronic pain, mental disorders, cancer, and
other medicinal conditions. Chronic pain accounted for the largest share by
application in 2018 and is expected to grow at a lucrative rate over the
forecast period. This due to a large patient base and increasing number of
medical conditions/trauma associated with chronic pain. On the other hand,
marijuana use for treatment of mental disorders is anticipated to be the
fastest growing segment over the forecast period.
The
buds segment dominated the U.S. cannabis market in 2018, with a revenue of USD
7.8 billion, and is expected to grow at a lucrative rate over the forecast
period. Dried buds are used for smoking and have found widespread application
in treating a variety of diseases such as cancer and Alzheimer’s. Furthermore,
buds are more affordable than oral products or tinctures, which increases its
adoption.
California
accounted for the largest market share in U.S. in 2018 and is expected to grow
at a significant rate over the forecast period. The market expansion in this
state can be attributed to expanding population base and growing number of
marijuana businesses. Furthermore, the state has also legalized both forms of
marijuana use i.e. medical and recreational, which considerably increases
product adoption.
The
industry is expected to witness significant growth due to alterations in
regulatory norms related to the commercial usage of marijuana and decline in
its illicit sales. For instance, the use of medical marijuana has been
legalized in 33 states in the U.S. and the District of Columbia, owing to
continuous political movement supporting its legalization across the remaining
states. Moreover, policymakers are focusing on generating tax revenues in order
to aid businesses by providing suitable funding.
Some
of the players operating in the U.S. market are Green Man Cannabis, Los Suoenos
Farms LLC, and Vireo Health of New York, which operate in their individual
states as interstate trading is banned in the country. With increasing pressure
on federal legalization of cannabis in U.S., the market is expected to
significantly increase after its federal approval in the next few years.
Full Research Report On U.S. Cannabis Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/us-cannabis-market
Further key
findings from the report suggest:
- California accounts for the
largest market share in the U.S. owing to high demand, large population
base, and significant number of cannabis businesses operating in the state
- The medical marijuana
segment dominated the market as it is legal in a greater number of states
compared to states that have legalized the product for recreational
purposes
- Consumption of marijuana oil
does not have any adverse impact on the body as compared to smoking
cannabis. This is expected to boost demand for oil, especially for medical
use, over the projected timeframe
- Buds dominated the U.S.
cannabis market in 2018, with a revenue of USD 7.8 billion, owing to its
affordable pricing compared to oils and tinctures. The segment is
anticipated to grow at a significant rate over the forecast period
Request a Sample Copy of the Report @
https://www.grandviewresearch.com/industry-analysis/us-cannabis-market/request/rs1
Grand View Research has segmented
the U.S. cannabis market based on marijuana type, product type, and region:
U.S. Cannabis
Type Outlook (Revenue, USD Million, 2014 - 2025)
- Medical
- Recreational
U.S. Cannabis
Product Type Outlook (Revenue, USD Million, 2014 - 2025)
- Buds
- Oil
- Tinctures
U.S. Cannabis
Medical Application (Revenue, USD Million, 2014 - 2025)
- Chronic Pain
- Mental Disorders
- Cancer
- Others
U.S. Cannabis State
Outlook (Revenue, USD Million, 2014 - 2025)
- Washington
- Oregon
- California
- Nevada
- District of Columbia
- Georgia
- Alaska
- Colorado
- Michigan
- Maine
- Vermont
- Massachusetts
- Montana
- Utah
- Arizona
- New Mexico
- North Dakota
- Oklahoma
- Missouri
- Arkansas
- Louisiana
- Illinois
- Minnesota
- Ohio
- West Virginia
- Pennsylvania
- Maryland
- Delaware
- New Jersey
- New York
- Connecticut
- Rhode Island
- New Hampshire
- Florida
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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