Cannabis Market in US to grow by USD 46.9 billion from 2022 to 2027 | Market driven by the rising millennial population in key cannabis markets - Technavio

NEW YORK, Aug. 22, 2023 /PRNewswire/ -- The cannabis market in US size is projected to progress at a CAGR of  24.03 % from 2022 to 2027, the size of the market is forecast to increase by USD 4,6904.91 million during the forecast period. The rising millennial population in key cannabis markets is notably driving market growth. The popularity of cannabis products, particularly for recreational use, is significantly high among millennials. Their greater openness to experimenting with different cannabis variants, as compared to older generations, contributes to the increased consumption of cannabis products by millennials. For instance, based on data from the National Survey on Drug Use and Health, around 36.4 million individuals aged 12 and above used marijuana for both recreational and medical purposes in 2021. The percentage of individuals aged 12 and above who reported marijuana use steadily grew from 6.1% in 2008 to 13.0% in 2021, driven by marijuana legalization in many states for recreational and medical use. As a result, these factors are anticipated to fuel growth in the U.S. Cannabis Market within the US during the forecast period. For further information on Market growth and size -Request a sample report

Market Dynamics

Trends - The increase in funding for research and production of medical marijuana is an emerging trend shaping the market growth. 

Challenges

The accessibility and high price of medical cannabis are challenges that hinder growth. Medical cannabis is widely consumed in all states of the US. However, it is not accessible to all consumers. Besides, it is not covered under insurance and cannot be sold at local medical pharmacies. Hence, patients need to visit legalized dispensaries to access medical cannabis in a controlled, safe, and legal manner. Dispensaries generally keep records of the storage and sales of medical cannabis. Some dispensaries maintain a list of doctors that allow the use of the product. In many states in the US, such as Alaska, Arizona, Arkansas, California, and Colorado, patients are required to have an active identification card with the recommendation of doctors to purchase and possess medical cannabis. Such regulations can make it difficult for many consumers to obtain and possess medical cannabis. Hence, these factors can hinder the growth potential of the market in focus during the forecast period.

Further information on market dynamics  – Request a sample report

Other Key Data Covered in Cannabis market in US report- 

• Detailed information on factors including driver details 
• Market segmentation by Derivative Type (CBD, THC, and Balanced THC and CBD) and Product (Medical and Recreational) 
• Precise estimation of the cannabis market in US size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Comprehensive analysis of factors that will challenge the growth of crowdfunding market vendors
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Growth of the industry across APAC, North America, Europe, Middle East and Africa, and South America
• CAGR of the market during the forecast period

Download Sample Report to get an overview of market size, comparing historic market values with future estimates, analysis of segmentation, current market dynamics, competitive intelligence with key developments and growth strategies of major players

Cannabis Market In US - Company Analysis and Scope

Some of the major companies in the cannabis market in US are Aurora Cannabis Inc., Canopy Growth Corp., Charlottes Web Holdings Inc., Columbia Care Inc., Cresco Labs LLC, Cronos Group Inc., Curaleaf Holdings Inc., Folium Biosciences, Green Roads Inc., Jazz Pharmaceuticals Plc, Lexaria Bioscience Corp., Medical Marijuana Inc., MM Enterprises USA LLC, Pure Spectrum CBD, Sundial Growers Inc., Terrascend Canada, Tilray Brands Inc., Trulieve Cannabis Corp., Unrivaled Brands Inc., and Verano Holdings LLC. 

Company Offerings 

• Columbia Care Inc. - The company offers cannabis solutions such as spanning flower, edibles, oils and tablets, and manufactures popular brands including Seed and Strain, Triple Seven, Hedy, gLeaf, Classix, Press, and Amber.
• Cresco Labs LLC- The company offers cannabis solutions through its subsidiary High Supply.
• Cronos Group Inc. - The company offers cannabis solutions through its subsidiary Spinach.

What's New? -

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Gain instant access to 17,000+ market research reports. 

Technavio's SUBSCRIPTION platform

Related Reports:

The global cannabis-infused edible products market share is expected to increase by USD 5,638.94 million from 2022 to 2027, and the market's growth momentum will accelerate at a CAGR of 19.32%. This report extensively covers global cannabis-infused edible products market segmentation by distribution channel (offline and online), product (food and beverage), and geography (North America, Europe, and Rest of World (ROW)). Growing awareness about the health benefits of cannabis is the key factor driving the growth of the global cannabis-infused edible products market.

The cannabis-based alcoholic beverages market share is expected to increase by USD 155.28 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 18.53%. This report extensively covers market segmentation by type (cannabis-infused beers, cannabis-infused spirits, and cannabis-infused wines) and geography (North America, Europe, APAC, South America, and MEA). Advanced techniques used in the cultivation of cannabis are a major factor influencing the market growth.

Table of contents

Executive Summary

Market Landscape

Market Sizing

Historic Market Size

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by Product

Customer Landscape

Geographic Landscape

Drivers, Challenges, and Trends

Vendor Landscape

Vendor Analysis

Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio