North America Legal Cannabis Market Size Is Expected To Reach USD 38.2 Billion By 2028


 San Francisco, 21 March 2022: The Report 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, 2022 - 2028

The North America legal cannabis market size is expected to reach USD 38.2 billion by 2028, registering a CAGR of 16.6% from 2022 to 2028 over the forecast period, according to a new report by Grand View Research, Inc. 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 2021. 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 2021 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 2021, 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.

Access Research Report of North America Legal Cannabis Market @ https://www.grandviewresearch.com/industry-analysis/north-america-legal-cannabis-market-report

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 2021 owing to the growing adoption of marijuana products along with the increasing legalization of medical marijuana
  • In 2021, 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

List of Key Players of North America Legal Cannabis Market

  • Canopy Growth Corp.
  • GW Pharmaceuticals, plc
  • Aurora Cannabis
  • Aphria, Inc. (Prior to the merger with Tilray)
  • The Cronos Group
  • Tilray
  • Sundial Growers
  • Insys Therapeutics, Inc.
  • Vivo Cannabis, Inc.
  • Cara Therapeutics, Inc.

Access Press Release of North America Legal Cannabis Market @ https://www.grandviewresearch.com/press-release/north-america-legal-cannabis-market-analysis

 

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