North America Legal Marijuana Market Size, Share & Trends Analysis Report By Product Type (Flower, Oil), By Marijuana Type (Adult, Medical), By Medical Use (Chronic Pain, Mental Disorders, Cancer), By Region, And Segment Forecasts, 2020 - 2027
North America Legal Marijuana Market Growth & Trends
The North America legal marijuana market size is expected to reach USD 104.9 billion by 2027, expanding at a CAGR of 15.5% over the forecast period. Growing consumer awareness regarding various health benefits offered by medical cannabis and increasing legalization is contributing to the adoption of these products in the region. Moreover, consumer shift towards plant-based treatments such as marijuana for pain management is likely to fuel the growth of the market. Furthermore, changing buyer perception and attitude toward these products is further bolstering revenue growth during the forecast period.
Based on the product type, the flower segment dominated the market in 2019.This growth is attributed to various factors such as increasing legalization, rise in the consumption of these products, increasing usage of marijuana flowers for smoking, and growing awareness regarding benefits offered by marijuana.
In addition, companies are constantly trying to diversify their products into different forms to cater to a larger consumer pool to improve product penetration into newer consumer segments and increase brand visibility.However, the adverse effects of the smoking flower are anticipated to hinder segment growth over the forecast period.
On the other hand, the oil products segment is anticipated to witness the fastest growth over the forecast period owing to potential health benefits offered by these products as well as increasing efficiency in managing health conditions.
Based on the marijuana type, the adult-type segment dominated the market in 2019 owing to the legalization of marijuana for adult use.Moreover, health benefits offered by medical cannabis for various conditions such as sleep disorders, analgesia, and mental disorders have fueled market growth in the region.
On the other hand, the medical type segment is anticipated to be the fastest-growing segment during the forecast period owing to the presence of a large patient pool in the region.
Based on medical use, the chronic pain segment accounted for the largest revenue share in the legal marijuana market in 2019.Growing susceptibility towards chronic pain among the geriatric population coupled with increasing legalization of marijuana is contributing towards the segment growth in the region.
Moreover, consumer shift from opioid treatment towards plant-based treatments such as marijuana for pain management is further boosting its adoption. On the other hand, the mental disorders segment is anticipated to be the fastest-growing segment during the forecast period owing to the increasing acceptance, and rise in product demand for treating mental disorders.
In 2019, Canada dominated the market owing to the recent legalization of recreational marijuana, a large population base, and the presence of key marijuana cultivators and manufacturers in the country. On the other hand, the U.S. is anticipated to be the fastest-growing country during the forecast period owing to the rise in product adoption and increasing government approvals. Moreover, increasing support by U.S. citizens regarding the usage of medical cannabis in the country will fuel the market growth during the forecast period.
North America Legal Marijuana Market Report Highlights
• The flower product type segment dominated the market in 2019, owing to affirmative legal scenarios, easy availability, and lower costs
• The adult marijuana type segment dominated the market in 2019 owing to increasing legalization of medical cannabis for adult use
• The chronic pain medical use segment dominated the market in 2019 owing to the rising geriatric population and increasing prevalence of chronic pain in the region
• Canada dominated the market in 2019 owing to a large population base and the presence of a large number of manufacturers in the country.