Cannabis is expected to witness rising applications across different industries over the next couple of years. Market Research Future (MRFR)’s assessment asserts that the North America cannabis market was valued at over USD 3.5 Bn in 2015 and is anticipated to reflect a double-digit CAGR of 33% over the forecast period of 2016 to 2021.
Legalization of cannabis for medicinal purposes in over 30 states of the U.S. is the primary factor expected to encourage the growth curve of the North American Legal Cannabis Market in the forthcoming years. In addition, the legalization of the product for recreational purposes in certain regions is further expected to catapult the market on upward trajectory. Rising investments in research & development of drugs are likely to generate demand for cannabis as it is widely used in the production of painkillers. This, in turn, is poised to boost the growth of the North America cannabis market in the foreseeable future.
By derivatives, the North America cannabis market has been segmented into marijuana/flowers, industrial hemp, other concentrates/products.
By application type, the North America cannabis market has been bifurcated into applications of marijuana, applications of hemp.
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By region, the North America cannabis market has been segmented into the United States and the Rest of America. The U.S. currently accounts for the maximum market share accounting for over 95% share. It is anticipated to maintain its pole position over the next couple of years. The regional segment was valued at over USD 3 Bn in 2015 and is expected to register a robust CAGR of 30% over the assessment period. Although cannabis is banned in most of the states in the U.S. for recreational purposes, the medical application of the product has led to its legalization in 33 states. These states have different laws regarding the production and application of cannabis. But it has unleashed tremendous opportunities for the development of the North America cannabis market in the recent times. In addition, 11 states have legalized even the use of cannabis for recreational purposes. This, in turn, is expected to boost the growth of the North America cannabis market over the next couple of years. Also, some of the derivative components of cannabis has been approved by the U.S. Food & Drug Administration (FDA) which is poised to accelerate revenue growth for the participants of the North America cannabis market in the years to come. The increasing use of cannabis as well as hemp oil in medical applications is anticipated to catapult the market on upward trajectory. Factors such as the growth of the healthcare sector and rising investments in research & development are expected to favor the expansion of the North America cannabis market in the U.S. On the other hand, Rest of America is also expected to witness substantial growth over the next couple of years. The regional segment’s growth can primarily be ascribed to the legalization of cannabis in Canada. Canada is expected to contribute to the development of the regional segment in the years to come.
The major players operating in the North America cannabis market studied in this MRFR report are Plandai Biotechnology., Canadian Cannabis Corporation, Tweed Marijuana Inc, Privateer Holdings, Inc, Cannabis Sativa Inc, Affinor Growers., Cannavest, Omnicanna Health Solutions., Canna Brands Inc, and Arena Pharmaceuticals, Inc.
The competitive landscape of the market exhibits robust competition and is likely to attract massive investments over the next couple of years. With more and more governments legalizing cannabis production, the market in North America is expected to witness an influx of new entrants in the nearby future. The marketing strategies adopted by the key players for gaining market share are mergers & acquisitions, collaboration, product innovation, portfolio development, etc.
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