Newark, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 15 Billion in 2022 US cannabis market will reach USD 50.91 Billion by 2032. High THC cannabis is used recreationally because it induces relaxation and drowsiness in consumers. Cannabis has a wide range of medical uses, from the treatment of uncommon epilepsy to the reduction of chemotherapy-induced nausea and vomiting in cancer patients. It helps restore lost appetite and can be administered to help lose weight. Cannabis is a very powerful pain reliever because of its anti-inflammatory properties. It also helps regulate sleep.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 15 Billion |
| Market Size in 2032 | USD 50.91 Billion |
| CAGR | 13% |
| No. of Pages in Report | 238 |
| Segments Covered | Derivate Type, Source and End Use |
| Drivers | The increasing number of US States legalizing cannabis for medicinal and recreational purposes |
| Opportunities | The increasing research and development expenditure to explore the medicinal benefits of cannabis |
| Restraints | The undesirable effects of cannabis |
Key Insight of the Cannabis Market
The CBD segment accounted for the largest market share of 64% in 2022.
The CBD segment dominated the market, with a market share of around 64% in 2022. One of the substances in cannabis is called cannabidiol (CBD). Plants other than hemp can also be utilised to manufacture CBD. CBD reduces the psychotic effects of THC-dominant cannabis and enhances and facilitates all of the medicinal advantages of cannabis.
The marijuana segment accounted for the largest market share of 56% in 2022.
The marijuana segment dominated the market, with a market share of around 56% in 2022. Hemp is not nearly as powerful as marijuana, which makes it useful for medicinal purposes. Moreover, it is a more well-known strain of cannabis, which raises consumer familiarity and adoption.
The medical segment accounted for the largest market share of 46% in 2022.
The medical segment dominated the market, with a market share of around 46% in 2022. Cannabis has a number of health advantages and is widely utilised in traditional medicine across the globe. Cannabis's dominance in the market is a result of its medical use, which makes legalisation easier than it would be for recreational use.
Market Dynamics
Driver: The increasing number of US States legalizing cannabis for medicinal and recreational purposes
Because of the body-calming effects and euphoric high that cannabis provides, the younger generation in the United States has been ingesting more of it over time. But because cannabis is illegal, the underground market and smuggling have flourished, hurting both the user and the US economy.
Restraint: The undesirable effects of cannabis
Cannabis used recreationally in moderation and at low doses effectively addresses a number of health issues. It is also not recommended for regular use by healthy individuals. In addition to other disorders, it is used to treat chronic pain and sleep deprivation.
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Some of the major players operating in the cannabis market are:
• Aphria, Inc.
• Aurora Cannabis, Inc.
• Cannabis Sativa Inc.
• Canopy Growth Corporation
• Cronos Group
• Curaleaf
• Emerald Health Therapeutics Inc.
• GW Pharmaceuticals, plc
• The Cronos Group Inc.
• Tilray
Key Segments cover in the market:
By Type:
• THC
• CBD
• Others
By Source:
• Marijuana
• Hemp
By End Use:
• Medical
• Recreational
• Industrial
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed country basis. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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