NEW YORK, April 5, 2021 /PRNewswire/ — Across North and South America, products containing cannabidiol (CBD) and tetrahydrocannabinol (THC) are being promoted as being good for health. For instance, CBD is claimed to offer relief from pain and reduction in inflammation, while THC is being promoted as a treatment for low appetite, insomnia, glaucoma, anxiety and muscle spasticity. As a result, the Americas cannabis market is set to grow from $93,487.2 million in 2019 to $293,791.0 million in 2025, at a high 22.5% CAGR between 2020 and 2025, according to the market research report published by P&S Intelligence.
Key Findings of Americas Cannabis Market
- Legalization of cannabis is key driver for market
- Higher cannabis consumption witnessed during COVID-19 pandemic
- THC more popular cannabis product in Americas
- Vape shops most-important distribution channel for cannabis products
- Highest demand for CBD and THC witnessed in U.S.
- Partnerships, mergers, and acquisitions rampant among market players
This is because with the rising popularity of THC- and CBD-containing products, the demand for cannabis, also known as marijuana, weed, and pot, is increasing; plants of the cannabis genus contain THC and CBD. The promotion of such products as those that can help people in enhancing their life and wellbeing is allowing Americas cannabis market players to increase their sales and convert more people to regular users.
The COVID-19 pandemic, though initially harming the Americas cannabis market, helped it in eventually. The imposition of lockdowns and strict restrictions on movement in regional countries has caused widespread stress and depression; therefore, a large number of people resorted to marijuana. The American Medical Marijuana Association (AMMA) conducted a survey in the U.S. that revealed an increase in the weed smoking incidence among at least 30% of the participants.
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The THC category is predicted to continue dominating the Americas cannabis market, on the basis of product type, in the years to come. THC-containing products are being promoted as an effective remedy for nausea, appetite loss, pain, insomnia, glaucoma, muscle spasticity and anxiety, all of which are highly prevalent in the region.
In the near future, the highest CAGR in the Americas cannabis market, of 29.4%, based on distribution channel, is predicted to be experienced by the pharmacies category. The governments of numerous U.S. states and Canadian provinces have allowed pharmacies to offer cannabis-based products, including sprays, creams and roll-ons. After the approval, CVS Pharmacy began to sell CBD products in eight U.S. states in March 2019.
Browse detailed report with COVID-19 impact analysis on Americas Cannabis Market Research Report: By Product Type (Cannabidiol, Tetrahydrocannabinol), Legality (Illegal, Legal), Application (Recreational, Medicinal), Distribution Channel (Vape Shops, Specialty Stores, Pharmacies, Online Stores) – Industry Analysis and Growth Forecast to 2025 @ https://www.psmarketresearch.com/market-analysis/americas-cannabis-market
Within the legal CBD sub segment of the application segment of the Americas cannabis market, the medicinal bifurcation held the larger share in the past. CBD is said to be beneficial for people suffering from chronic pain, arthritis, migraine, cancer, and numerous other health problems. With the increase in the prevalence of these issues, number of countries legalizing marijuana and derivative products, research and development investments, and awareness about the benefits of cannabis among doctors and patients, this bifurcation will continue growing.
The U.S. is the highest revenue contributor to the Americas cannabis market, and it will also display the highest CAGR in the coming years. The increasing investments in the industry, rising number of states legalizing the substance, and growing focus on discovering new medical applications of cannabis are driving CBD and THC consumption in the country. In several states of the U.S., people are now allowed to use marijuana for recreational and therapeutic purposes, which is opening new opportunities for market players.
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Major players in the Americas cannabis market include Canopy Growth Corporation, Aurora Cannabis Inc., Cronos Group Inc., Aphria Inc., Trulieve Cannabis Corp., GW Pharmaceuticals plc, Green Thumb Industries Inc., Cresco Labs Inc., OrganiGram Holdings Inc., Auxly Cannabis Group Inc., CannTrust Holdings Inc., and HEXO Corp.
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SOURCE P&S Intelligence