United States Cannabis market was valued at USD 11.3 billion in 2020 and is expected to grow at a CAGR of close to 15% over the forecast period. The key factor for the growth of United States Cannabis market is its use in medical applications. The cannabis has been widely used for curing severe medical conditions like cancer, Parkinson’s disease, Alzheimer’s disease, arthritis, and other neurological conditions as a part of a medicinal product. Increasing requirement for pain management therapies and growing chronic pain among elder citizens has been projected to record high traction in the coming years. Moreover, cannabis market has shown a significant growth over the past few years as more states have legalized it. Till now, 33 US states and the District of Columbia have legalized the use of marijuana for medical, recreational, or both purposes, which is giving a healthy push to growth of Cannabis market.
The United States Cannabis market is segmented based on product type, compound, application, region and company. Based on Product Type, the market can be segmented into Flower and Concentrates. The concentrates segment dominated the market and is anticipated to record the highest CAGR in the next 5 years on the account of their ease in usage, and their versatility in the method of delivery, such as dabbing, ingestible oils, and tinctures. Furthermore, the concentrates are cleaner, smoother, and less skunky when compared to flowers. In addition, the concentrates are more potent in nature having a potency rate of about 50% to 80% which is making it a popular choice among the end users and thereby boosting the growth of United States Cannabis market.
The major players operating in the United States Cannabis market are Green Man Cannabis, Los Sueños Farms LLC, Copperstate Farms, LLC, Harvest Health & Recreation, Inc., GrowHealthy Holdings, LLC., Vireo Health of New York, LivWell Enlightened Health LLC, Curaleaf Holding Inc, Isodiol International Inc., Medical Marijuana Inc.
Objective of the Study:
- To analyze and forecast the market size of United States cannabis market.
- To classify and forecast United States cannabis market based on Product Type, Compound, application, company and regional distribution.
- To identify drivers and challenges for United States cannabis market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in United States cannabis market.
- To conduct pricing analysis for United States cannabis market.
- To identify and analyze the profile of leading players operating in United States cannabis market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of Cannabis companies across the US. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufacturers, distribution channels and presence of all major players across the globe.
TechSci Research calculated the market size of United States cannabis market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
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Key Target Audience:
- Cannabis manufacturers, suppliers and other stakeholders
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to cannabis
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
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