Newark, June 22, 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. Cannabis use was previously forbidden in the vast majority of countries around the world. Cannabis has become more widely accepted as a legal substance with modernization and advances in medical research. However, now the majority of states in the US have made marijuana legal. The growing body of research and clinical trials dispel any claims that legalizing cannabis would have a causally substantial negative impact on society and increase drug consumption. The knowledge of how cannabis has been utilized in traditional medicine on the South Asian subcontinent is currently being investigated for potential application in contemporary treatments. Additionally, the acceptance of edibles—foods and drinks laced with cannabis—has increased in the US. Since they are regulated goods, their open manufacturing and consumption are made possible, providing profitable potential for the expansion and development of the US cannabis market.
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Key Insight of the US Cannabis Market
In 2022, the CBD segment dominated the market with the largest market share of 64% and market revenue of 9.60 billion.
The derivative type segment is divided into THC, CBD and others. In 2022, the CBD segment dominated the market with the largest market share of 64% and market revenue of 9.60 billion.
In 2022, the marijuana segment dominated the market with the largest market share of 56% and market revenue of 8.40 billion.
The source segment is divided into marijuana and hemp. In 2022, the marijuana segment dominated the market with the largest market share of 56% and market revenue of 8.40 billion.
In 2022, the medical segment dominated the market with the largest market share of 46% and market revenue of 6.90 billion.
The end-use segment is divided into medical, recreational, and industrial. In 2022, the medical segment dominated the market with the largest market share of 46% and market revenue of 6.90 billion.
Advancement in market
Feb 2023 – Twitter has become the first social media channel to permit cannabis businesses to advertise in the US. Twitter had previously permitted advertising for topical CBD products produced from hemp. Twitter stated that it would allow marijuana businesses to advertise so long as they have the appropriate licence. It further stated that it would ensure that businesses only targeted areas where they had a licence to operate and, more critically, did not target anyone under 21.
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Market Dynamics
Driver: the growing number of US States that have legalized marijuana for medical and recreational uses.
Years of research and scientific investigation have highlighted the therapeutic and recreational advantages of cannabis when it is controlled and regulated. Consequently, the US states began legalizing the use of cannabis with restrictions on how much can be grown, sold, kept in possession of and used individually. More states have begun legalizing cannabis due to studies demonstrating its numerous medical benefits, which will fuel the expansion of the US industry. The states have been able to regulate the illegal market and marijuana smuggling with the legalization of the drug while simultaneously seeing a rise in revenue from cannabis sales and purchases.
Restraint: the side-effects and addictive tendencies of cannabis.
Low-dose and managed recreational cannabis use effectively solves a range of health issues, reducing the negative effects of cannabis. However, it is not advised for regular usage by healthy individuals. It treats diseases like chronic pain, lack of sleep, and others. Despite the discouragement of its unnecessary use, young people in the nation tend to use it out of peer pressure, which could result in addiction. A healthy person using cannabis frequently over an extended time is harmful since the risks vastly exceed the benefits. As a result, there is strong opposition in some states to the legalization of cannabis or to stricter rules governing its production, distribution, purchase, and use.
Opportunity: The rising research and development to examine cannabis' potential uses.
Asia's southern and eastern nations have used cannabis in traditional medicine for ages. They have mastered its cultivation, appropriate use, and controlled intake to get the most out of the herb. Additionally, they have used their expertise to incorporate the plant into their meals and drinks. The dissemination of this knowledge was aided by globalization. Millions of people with chronic illnesses have benefited from the increased awareness of cannabis' therapeutic properties. To investigate the additional possible uses of cannabis in treating various illnesses and disorders, the government and other private players have boosted their research and development spending, which will propel the market's growth.
Challenge: lack of standard regulation.
Although cannabis has been legalized in several states of the US, the legalization differs in each state. Some states allow the use of cannabis for medical purposes, while others have legalized its recreational use. Some states allow individual cultivation of cannabis, while others have legalized its consumption only through licensed players. The lack of standardization causes several hurdles and will challenge the market's growth.
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Some of the major players operating in the US 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 Derivate Type
• THC
• CBD
• Others
By Source
• Marijuana
• Hemp
By End Use
• Medical
• Recreational
• Industrial
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. 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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