The cannabis market has shown rapid growth in the past few years owing to rapid demand increase for cannabis and related products. Market Research Future, who specializes in market reports related to the consumer and retail sector among others, recently published a report on this market. Expansion of the North America cannabis market is estimated with a CAGR of 33% in forecast period from 2016 to 2021.
The regional evaluation of the North America cannabis market is segmented based on derivatives and applications. Based on the derivatives, the North America cannabis market is segmented into Marijuana/Flowers and Industrial Hemp, Other Concentrates and Products which consists of Hash, Keif, Hash Oil Etc. Based on the applications type, the North America Cannabis Market is segmented into recreational applications, medicinal applications, and others and uses of hemp into clothing & textile, food and baby care, among others.
The cannabis market in the North America region was over USD 3.5 billion in 2015. This industry was largely working in the black market; however, with growth in the medical uses of the derivatives such as hemp and marijuana, this market has undergone important growth over the past few years. Currently, the Cannabis Market is an alliance of the growers or producers of marijuana and hemp; it is rather a corporation of science and technology. The U.S. is the major market in the region was estimated at over USD 3 billion and is expected to increase at a CAGR over 30% between 2016 and 2021.
The North America cannabis market is categorized on the following basis:
On the basis of Derivatives: Industrial Hemp and Marijuana/Flowers, Other Concentrates/Products which include Keif, Hash, Hash Oil Etc.
On the basis of Applications type: On the basis of applications the market is segmented into applications of marijuana into medicinal applications, recreational applications and others and applications of hemp into food and baby care, clothing & textile among others
Detailed Regional Analysis
Cannabis market in North America was over USD 3.5 billion in 2015. This industry was mainly operating in the black market; however with developments in the medical applications of the derivatives such as marijuana and hemp this market experienced significant growth over the past few years. Presently, the cannabis market is not a bare collaboration of the growers or producers of marijuana and hemp; it is rather a conglomerate of science and technology. The U.S. being the largest market in the region was valued over USD 3 billion and is anticipated to grow at a CAGR over 30% between 2016 and 2021.
Major players in North America Cannabis Market include Cannavest, Canadian Cannabis Corporation, Tweed Marijuana Inc, Affinor Growers., Plandai Biotechnology., Cannabis Sativa Inc to name a few of the market players.
A trend of volume-driven growth has been witnessed in the market of late with the development of different varieties of product types. The sector is undergoing considerable transformation which has accelerated the growth pace of the sector. The industry players in the segment are efficiently utilizing their primary resources to initiate long lasting growth changes. The best long-term growth opportunities for this sector can be harnessed by ensuring ongoing process improvements and maintaining financial flexibility to invest in the optimal strategies. Conversely, with companies aiming to capture a considerable share of the market segment as early as possible, experimentation with various advantage points is being seriously considered and implemented.
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