US-Cannabis Market is to grow by USD 46.90 billion between 2022 - 2027 | Rising millennial population Drive Demand for the market - Technavio

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Nov 08, 2023, 21:15 ET

NEW YORK, Nov. 8, 2023 /PRNewswire/ -- The US-Cannabis Market is projected to witness a surge at a Compound Annual Growth Rate (CAGR) of 24.03% with USD 46.90 billion from 2022 to 2027. This comprehensive analysis delves into the market's segmentation based on key factors, such as type (CBD, medical, and recreational), channel (dispensaries, and online platforms).

Technavio has announced its latest market research report titled Cannabis Market in US 2023-2027

The US Cannabis Market is experiencing remarkable growth due to key drivers such as the rise of millennial consumers, the expansion of medical cannabis dispensaries, and growing awareness of the health benefits linked to medical marijuana. Millennials, the largest US population, are driving this growth with their enthusiasm for diverse cannabis products, particularly for recreational use. As legalization spreads, more millennials are embracing cannabis, fueling the market's strong expansion.

Growth Prospects of the US Cannabis Market in Emerging Markets include:

The emphasis on the medical potential of cannabis is propelling a surge in research and development. Government organizations like the National Institute on Drug Abuse (NIDA) are directing substantial funding toward medical cannabis studies, highlighting the increasing recognition of its therapeutic benefits.
Similar to boutique hotels, the cannabis industry is witnessing a rise in boutique and artisanal cannabis products. Consumers are seeking unique strains, locally sourced products, and personalized experiences, reflecting a broader trend toward authenticity and customization.
From edibles to vapes, the market is witnessing a surge in innovative consumption methods that cater to various preferences and health considerations. This diversification of products is broadening the appeal of cannabis to a wider demographic.

While the US Cannabis Market is set for substantial growth, it is not without its challenges. The market faces obstacles such as regulatory complexities, accessibility issues, and pricing disparities. The varying legal frameworks across states pose challenges for both businesses and consumers, necessitating careful navigation and adaptation. Technavio provides a report on US Cannabis Market that includes the market's key drivers, trends, challenges, and customer landscape, download the sample report now.

The research report on the US Cannabis Market also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including 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.

These companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and service launches, to maintain a competitive edge in the market.

The US Cannabis Market's extraordinary growth trajectory is a testament to shifting societal attitudes and regulatory changes. As millennials drive demand, medical research advances and innovative trends emerge, the market is positioned for unparalleled expansion. While challenges persist, the US Cannabis market's ability to adapt, collaborate, and provide unique offerings promises a vibrant and dynamic future for the US Cannabis Market. Buy the full report and make informed decisions to uplift your company.

Below, find a few related reports:

Cannabis Testing Market: The cannabis testing market share is expected to increase by USD 1.20 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 13.04%. The report extensively covers cannabis testing market segmentation by product (instruments, consumables, and software) and geography (North America, Europe, APAC, and ROW).

Cannabis-infused Edible Products Market: 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%. The report 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)).

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SOURCE Technavio