Cannabis Market in US Size to grow by USD 89.50 billion between 2024-2028
According to a research report “ Cannabis Market in US” by Derivative Type (CBD, THC, Balanced THC and CBD) Product (Medical, Recreational) Geography (North America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 89.50 billion, at a CAGR of 32.14% during the forecast period. The cannabis market in the US, particularly the segment catering to millennials, experiences significant growth due to their propensity to explore new cannabis product variants. According to the 2022 National Survey on Drug Use and Health, approximately 30% of adolescents aged 12 to 17, equating to 7.7 million individuals, sought mental health treatment in the past year. Among the 4.8 million adolescents who experienced a major depressive episode (MDE) during the same period, over half, or 2.7 million, received mental health treatment. This demographic's interest in cannabis products, driven by their willingness to experiment, contributes to the market's expansion.
Browse market data tables, figures, and in-depth TOC on “Cannabis Market in US” by Derivative Type (CBD, THC, Balanced THC and CBD) Product (Medical, Recreational) Geography (North America) Global Forecast to 2028. Download Free Sample
By Derivative Type, the CBD segment is projected to dominate the market size in 2024
The cannabis market in the US is experiencing significant growth, with estimated revenues surpassing USD25 billion by 2025. This expansion is driven by increasing legalization, consumer demand, and advancements in technology. Key players include Constellation Brands, Canopy Growth Corporation, and Aurora Cannabis, who are investing heavily in research and development, as well as strategic partnerships and acquisitions. The industry's future looks promising, with opportunities in various sectors such as medical, recreational, and industrial hemp.
By Product, Medical segment is expected to hold the largest market size for the year 2024
The CBD segment, distinguished by its derivative type, held a dominant position in the US cannabis market in 2022. This trend is anticipated to persist throughout the forecast period, primarily due to the federal legality of hemp-derived CBD oil. Notably, Georgia and Indiana have authorized hemp-derived CBD oil for medicinal purposes. The relaxation of government regulations regarding CBD usage in most states and at the federal level is further fueling the adoption of CBD-based products. For instance, CBD is legally permissible at the federal level if its THC content does not exceed 0.3%. However, its legal status varies in the South and Midwest, where it is conditionally allowed for medical use or with a prescription, but otherwise remains illegal.
North America is forecasted to hold the largest market size by region in 2024
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The Cannabis Market in US growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Cannabis market in the US has seen significant growth in recent years due to the liberalization of laws and the increasing recognition of the medicinal benefits of the plant. Medical marijuana dispensaries are now commonplace, offering a range of Cannabis products including extracts, flowers, edibles, and Cannabis-infused beverages. Extracts, such as CBD oil and THC concentrates, have gained popularity for their therapeutic applications in treating conditions like multiple sclerosis, epilepsy, and chronic pain. Technological advancements, including genetic engineering and Artificial Intelligence, are also transforming the industry. New strains of Cannabis, such as hybrids, Indica, Ruderalis, and flowering plants, are being developed to enhance the medicinal benefits of the plant. The medical marijuana segment continues to dominate the market, with CBD-related products leading the way. Cannabis vapes and Cannabis-infused products are also gaining traction among consumers. The legalization of marijuana for recreational use in some states is further fueling the growth of the industry. Overall, the Cannabis market in the US is poised for continued expansion, offering new opportunities for entrepreneurs and investors alike.
Market Research Overview
The Cannabis market in the US has seen significant growth with the ongoing legalization of marijuana for both medical and recreational use. The market includes a wide range of products such as Cannabis vapes, infused beverages, edibles, and topicals. With the advancement of technology, there are innovations in the industry through genetic engineering and Artificial Intelligence. However, social stigma and the ban on certain substances continue to pose challenges. Medical practitioners are recognizing the therapeutic effects of Cannabis for mental health management, neurological health management, pain management, and various medical indications including multiple sclerosis, epilepsy, chronic pain, and cancer. The medical cannabis segment is growing rapidly, with CBD-related products gaining popularity due to their non-psychoactive properties. The recreational market includes a variety of consumable products such as budder, wax, shatter, and concentrates, which can be used through various methods like bongs, pipes, joints, and vaporizers. The flower segment is also popular, with craft hemp and natural unprocessed products gaining traction. Despite the liberalization of marijuana laws, there are concerns regarding inhalation hazards and subtle use, especially for edibles and infused products. Packaging-related modifications and labeling are essential to ensure consumer safety. The Cannabidiol segment is expected to dominate the market due to its medicinal benefits and minimal mind-altering effects. The use of Cannabis extends beyond medical and recreational purposes, with the beauty and wellness industry also exploring its potential. The future of the Cannabis market in the US looks promising, with clinical trials and research continuing to uncover new therapeutic applications and medicinal benefits.
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