Cannabis - North America

North America

Revenue in the Cannabis market in North America is forecasted to reach US$51.34bn in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.09%, leading to a market volume of US$59.79bn by 2029.
When compared globally, the United States is expected to generate the highest revenue ( US$42.98bn in 2024).
In terms of per person revenues in 2024, US$289.00 is generated based on the total population figures.
In North America, the Cannabis market is experiencing a surge in investment opportunities as regulatory changes pave the way for growth.

Key regions: United States, Canada, Netherlands, Germany, Thailand

Market

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Region comparison

Currency

Analyst Opinion

The Cannabis market in North America has been experiencing significant growth and evolution in recent years.

Customer preferences: Customers in North America are increasingly favoring a wide range of cannabis products, including CBD-infused items, edibles, and beverages. This shift in preferences is driven by a growing awareness of the potential health benefits of cannabis and an increasing acceptance of its recreational use.

Trends in the market: In the United States, the trend towards legalization of cannabis for both medical and recreational purposes is driving market expansion. States are gradually legalizing cannabis, leading to a more widespread availability of products and a larger customer base. In Canada, the market is more established due to nationwide legalization, with trends focusing on product innovation and quality.

Local special circumstances: In the United States, the market is heavily influenced by state-specific regulations, creating a fragmented landscape with varying degrees of legalization and restrictions. This dynamic environment leads to differences in market size and product offerings across different states. In Canada, federal legalization has created a more uniform market, allowing for nationwide distribution and standardized regulations.

Underlying macroeconomic factors: The growing trend of cannabis legalization in North America is driven by changing societal attitudes, potential tax revenues for governments, and the economic opportunities presented by a thriving cannabis industry. This shift is also influenced by the desire to combat the illicit market and regulate cannabis production and sales for consumer safety.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on companies' revenues, funding values and global consumer survey data. Revenues include retail, sales and taxes.

Modeling approach / Market size:

Market sizes are determined by a Top-Down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use financial reports, third-party data. Next, we use relevant key market indicators and data from country-specific associations such as tobacco spending per capita, medical product spending per capita, consumer spending and consumer spending for recreation purposes, population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, S-Curve function, ARIMA time series model and exponential curve function.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. GCS data is reweighted for representativeness.