North America Cannabis Market: Focus on Product Type, Medical Application, Distribution Channel, Countries Data (U.S. and Canada) and Competitive Landscape - Analysis and Forecast, 2019-2025
Key Questions Answered in the Report:
- How did the market for cannabis evolved in North America and what is its scope in the future
- What are the major market drivers, trends, challenges, and opportunities present in the North America cannabis market
- What are the regulations pertaining to the North America Cannabis market When was medical and recreational use of cannabis legalized in the U.S. and Canada and under what conditions
- What are the initiatives implemented by different government bodies of different states of the U.S. and Canada to legalize the cultivation, production, possession, and distribution of cannabis
- How much revenue is expected to be generated by different segments, such as product, distribution channel, and country of the North America Cannabis Market
- What are the different medical applications of cannabis Which medical application is expected to witness the highest growth rate and why
- What are the different distribution channels existing in the North America cannabis market Which distribution channel dominated the market in 2018 in the U.S. and Canada and which distribution channel is expected to witness the highest growth rate during the forecast period between 2019 and 2025
North America Cannabis Market Size, 2019-2025
The North America cannabis industry analysis by BIS Research highlights that the market was valued at $13.21 billion in 2018 and is expected to reach $36.7 billion in 2025. The market is expected to witness a significant growth during the forecast period from 2019 to 2025.
The legalization of cannabis in both the U.S. and Canada for medical and recreational purposes has been the most prominent driving force toward the growth of cannabis market in North America. The rising demand for cannabis products among consumers in both the countries further boosts the adoption rate of cannabis products in North America.
In addition, increasing investment from both private and public sectors for research and the development of safer forms of cannabis products are also acting as a stimulant for the growth of the North America cannabis market. However, factors such as risk of adverse side-effects, stringent regulatory and approval process, and complex distribution channel are some of the challenges that the market is currently facing.
Expert Quote on the North America Cannabis Market
“Recreational cannabis contributed to highest market share of the North America cannabis market in 2018 and is also expected to grow at higher CAGR as compared to that of medical cannabis. Stringent regulation controlling the production and distribution of medical cannabis and the risk of negative side effects associated with the medical use of cannabis acted as major restraints limiting the growth of the medical cannabis market in North America. In contrast, upsurge in demand for recreational cannabis aided in the growth of the recreational cannabis market in both the U.S. and Canada.”
Scope of the North America Cannabis Market
The purpose of the study is to gain a holistic view of the North America cannabis market in terms of various factors influencing it such as recent trends and research advancements in the market. The scope of this report is centered upon conducting a detailed study of the products allied with the North America cannabis market.
This research report aims at answering various aspects of the North America cannabis market with the help of the key factors driving the market, restraints that can possibly inhibit the overall market growth, and the current growth opportunities that are going to shape the future trajectory of the market expansion. The report includes an in-depth examination of the key ecosystem players and key strategies and developments taking place in this market.
The North America cannabis market is segmented into four different parts i.e. by product type, by medical application, by distribution channel, and by region. The North America market value was estimated using these four different approaches which were validated with one another. These segments are further segmented into several sub-segments to ease the market estimation.
The North America cannabis market is segmented by countries into U.S. and Canada. In 2018, U.S. accounted for almost 96% of the total market share of the North America cannabis market. This was mainly attributed to the increasing legalization of cannabis products for both medical and recreational use in different states of the U.S. However, Canada is expected to witness higher growth rate during the forecast period between 2019 and 2025 as compared to the U.S.
Key Companies Operating in the North America Cannabis Market
The key players who have significant contributions to the North America cannabis market are Aphria, Inc., Aurora Cannabis Inc., Canopy Growth Corporation, CannTrust Holdings Inc., Cronos Group Inc., Curaleaf Holdings, Inc., Cresco Labs, Inc., Terra Tech Corp., Tilray, Inc., and Trulieve Cannabis Corp., among others."
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