The North America legal marijuana market size is expected to reach USD 104.9 billion by 2027, expanding at a CAGR of 15.5% over the forecast period, according to a new report by Grand View Research, Inc. Growing consumer awareness regarding various health benefits offered by medical cannabis and increasing legalization is contributing to the adoption of these products in the region. Moreover, consumer shift towards plant-based treatments such as marijuana for pain management is likely to fuel the growth of the market. Furthermore, changing buyer perception and attitude toward these products is further bolstering revenue growth during the forecast period.
Based
on the product type, the flower segment dominated the market in 2019. This
growth is attributed to various factors such as increasing legalization, rise
in the consumption of these products, increasing usage of marijuana flowers for
smoking, and growing awareness regarding benefits offered by marijuana. In
addition, companies are constantly trying to diversify their products into
different forms to cater to a larger consumer pool to improve product
penetration into newer consumer segments and increase brand visibility.
However, the adverse effects of the smoking flower are anticipated to hinder
segment growth over the forecast period. On the other hand, the oil products
segment is anticipated to witness the fastest growth over the forecast period
owing to potential health benefits offered by these products as well as
increasing efficiency in managing health conditions.
Based
on the marijuana type, the adult-type segment dominated the market in 2019
owing to the legalization of marijuana for adult use. Moreover, health benefits
offered by medical cannabis for various conditions such as sleep disorders,
analgesia, and mental disorders have fueled market growth in the region. On the
other hand, the medical type segment is anticipated to be the fastest-growing segment
during the forecast period owing to the presence of a large patient pool in the
region.
Based
on medical use, the chronic pain segment accounted for the largest revenue
share in the legal marijuana market in 2019. Growing susceptibility
towards chronic pain among the geriatric population coupled with increasing
legalization of marijuana is contributing towards the segment growth in the
region. Moreover, consumer shift from opioid treatment towards plant-based
treatments such as marijuana for pain management is further boosting its
adoption. On the other hand, the mental disorders segment is anticipated to be
the fastest-growing segment during the forecast period owing to the increasing
acceptance, and rise in product demand for treating mental disorders.
In
2019, Canada dominated the market owing to the recent legalization of
recreational marijuana, a large population base, and the presence of key marijuana
cultivators and manufacturers in the country. On the other hand, the U.S. is
anticipated to be the fastest-growing country during the forecast period owing
to the rise in product adoption and increasing government approvals. Moreover,
increasing support by U.S. citizens regarding the usage of medical cannabis in
the country will fuel the market growth during the forecast period.
Full Research Report On North America Legal Marijuana Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/north-america-legal-marijuana-market
North America Legal
Marijuana Market Report Highlights
- The flower product type
segment dominated the market in 2019, owing to affirmative legal
scenarios, easy availability, and lower costs
- The adult marijuana type
segment dominated the market in 2019 owing to increasing legalization of
medical cannabis for adult use
- The chronic pain medical use
segment dominated the market in 2019 owing to the rising geriatric
population and increasing prevalence of chronic pain in the region
- Canada dominated the market
in 2019 owing to a large population base and the presence of a large
number of manufacturers in the country.
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North America Legal
Marijuana Market Segmentation
Grand View Research has segmented
the North America legal marijuana market based on product type, marijuana type,
medical use, and country.
North America Legal
Marijuana Product Type Outlook (Revenue, USD Million, 2016 - 2027)
- Flower
- Oil
North America Legal
Marijuana Type Outlook (Revenue, USD Million, 2016 - 2027)
- Adult
- Medical
North America Legal
Marijuana Medical Use Outlook (Revenue, USD Million, 2016 - 2027)
- Chronic Pain
- Mental Disorders
- Cancer
- Others
North America Legal
Marijuana Regional Outlook (Revenue, USD Million, 2016 - 2027)
- The U.S.
- 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
- Canada
- Alberta
- British Columbia
- Prince Edward Island (PEI)
- Manitoba
- New Brunswick
- Nova Scotia
- Ontario
- Quebec
- Saskatchewan
- Newfoundland and Labrador
(N.L)
- Nunavut
- Yukon
- Northwest Territories
List of Key Players
of North America Legal Marijuana Market
- Canopy Growth Corporation
- Aphria, Inc.
- Aurora Cannabis
- Tilray
- Organigram Holdings, Inc.
- Lexaria Bioscience Corp.
- ABcann Medicinals, Inc.
(Part of Vivo Cannabis)
- The Cronos Group
- Wayland Group Corp.
(Maricann Group Inc.)
- CannTrust Holdings
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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