Dublin, Nov. 03, 2020 (GLOBE NEWSWIRE) -- The "North America Cannabis Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product Type; Application; Compound, and Country" report has been added to ResearchAndMarkets.com's offering.
The North America cannabis market is expected to reach US$ 65,161.4 million by 2027 from US$ 6,036.9 million in 2019. The market is anticipated to grow at a CAGR of 29.9% from 2020 to 2027.
The growth of the North America cannabis market is attributed to increasing approvals for cannabis-based products and growing sales and inventory for cannabis. However, stringent regulatory framework for cannabis is likely to hinder the market growth during the forecast period.
Canada is among the fastest and largest countries in terms of production of cannabis and commercialization of its products. In October 2018, the Federal Government accepted the Cannabis Act, and since after the cannabis industry has boomed in the country. Various companies have initiated production and manufacturing to embrace the recreational and medical use of cannabis.
According to the Government of Canada's data published in May 2020, ~7,840,577 packaged units of cannabis were sold in Canada. It was sold for medical and recreational uses. Approximately 73% of total sales were contributed by dried cannabis, whereas cannabis extracts contributed 14%, and edible cannabis contributed 13% in the country's total sales of cannabis.
In addition, the data also stated that ~43,309,909 packaged units of cannabis products are kept in inventory by cultivators, manufacturers, and suppliers across the country. Among the total inventories, 42% is held by the distributors and retailers for packaged units of cannabis-based products. Moreover, the number of cultivators is growing rapidly across the country. For instance, as of May 2020, ~6,518,054 cultivators had a federal license. Thus, growing cultivation has enabled to increase sales and inventory for packed and unpacked cannabis products in the market. Hence, it is expected to grow the cannabis market significantly during the forecast period.
Based on product type, the North America cannabis market is segmented into flower, concentrates, and others. In 2019, the flowers segment held a largest market share of the cannabis market. However, the concentrates segment is expected to witness the highest CAGR over the forecast period.
In terms of application, the North America cannabis market is segmented into medical and recreational. In 2019, the medical segment held a larger share of the market. However, the recreational segment is anticipated to witness a faster growth in the cannabis market.
Based on compound, the North America cannabis market is segmented into tetrahydrocannabinol (THC)-dominant, cannabidiol (CBD)-dominant, and balanced THC and CBD. In 2019, the tetrahydrocannabinol (THC)-dominant segment held the largest share of the market. However, the cannabidiol (CBD)-dominant segment is anticipated to witness the fastest growth in the cannabis market.
Food and Drug Administration, Multidisciplinary Association for Psychedelic Studies and Mexico's Federal Commission for the Protection against Sanitary Risk, and Drug Enforcement Administration are among the major primary and secondary sources for the North America cannabis market.
Key Topics Covered:
1.1 Scope of the Study
1.2 Report Guidance
1.3 Market Segmentation
2. Cannabis Market - Key Takeaways
3. Research Methodology
3.2 Secondary Research
3.3 Primary Research
4. Cannabis - Market Landscape
4.2 PEST Analysis
4.2.1 North America PEST Analysis
4.3 Expert Opinion
5. North America Cannabis Market - Industry Dynamics
5.1 Key Drivers
5.1.1 Growing Approvals for Cannabis-based Products
5.1.2 Growing Sales and Inventory for Cannabis
5.2 Key Market Restraints
5.2.1 Stringent Regulatory Framework for Cannabis
5.3 Key Market Opportunities
5.3.1 Rising Market Consolidations
5.4 Future Trends
5.4.1 Growing Acceptance of Cannabis Products
5.5 Impact Analysis
6. Cannabis Market - Regional Analysis
6.1 North America Cannabis Market Revenue Forecast And Analysis
6.2 Market Positioning of Key Players
7. Cannabis Market Analysis - By Product Type
7.2 Cannabis Market Revenue Share, by Product Type, 2019 and 2027 (%)
7.2.1 North America Cannabis Market, by Product Type - Revenue and Forecast to 2027 (USD Million)
7.3 Flowers Market
7.3.2 Flowers Market Revenue and Forecast to 2027 (US$ Mn)
7.4 Concentrates Market
7.5 Others Market
8. Cannabis Market - By Application
8.2 Cannabis Market, by Application, 2019 and 2027 (%)
8.2.1 North America Cannabis Market, by Application - Revenue and Forecast to 2027 (USD Million)
8.3 Medical Market
8.3.2 Medical Market Revenue and Forecast to 2027 (US$ Mn)
8.3.3 Pain Management
8.3.4 Neurological Health Management
8.3.5 Mental Health Management
8.4 Recreational Market
9. Cannabis Market - By Compound
9.2 Cannabis Market, by Compound, 2019 and 2027 (%)
9.2.1 North America Cannabis Market, by Compound - Revenue and Forecast to 2027 (USD Million)
9.3 Tetrahydrocannabinol (THC)-Dominant Market
9.3.2 Tetrahydrocannabinol (THC)-Dominant Market Revenue and Forecast to 2027 (US$ Mn)
9.4 Cannabidiol (CBD)-Dominant Market
9.5 Balanced THC and CBD Market
10. Cannabis Market- Regional Analysis
11. Impact of COVID-19 Pandemic on North America Cannabis Market
11.1 North America: Impact Assessment of COVID-19 Pandemic
12. Cannabis Market-Key Company Profiles
12.1 Key Facts
12.2 Business Description
12.3 Financial Overview
12.4 Product Portfolio
12.5 SWOT Analysis
12.6 Key Developments
Cannabis Science, Inc.
Canopy Growth Corporation
Medical Marijuana, Inc.
VIVO Cannabis Inc.
Terra Tech Corp.
The Cronos Group
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