According to a new report the North America cannabis market showcased growth at a compound annual growth rate (CAGR) of 10.20% during 2019 to 2022, and that growth is expected to continue in the coming years.
The report conducted by Research and Markets found that by the end of 2022, the legal marijuana market in North America was valued at $25.82 billion, which is anticipated to grow to over $30 billion by the end of this year. The market is expected to experience a CAGR of 11.49% during the forecasted period of 2024 to 2029 to reach a total valuation of $54.52 billion.
“The cultivation of cannabis has become more sophisticated, with the advent of modern growing techniques and technologies”, states the report. “This has led to increased product quality and diversity, ranging from traditional flower products to concentrates, edibles, topicals, and more.”
The report notes that “E-commerce platforms and online delivery services have gained popularity, allowing consumers to conveniently purchase cannabis products”, and the “advent of innovative products has provided consumers with the opportunity to personalize and tailor their cannabis experience according to their preferences.”
The cannabis customer base “has experienced growth as a result of a society that is increasingly receptive. Individuals from various age cohorts, socio-cultural origins, and demographic profiles exhibit an increased inclination towards the exploration of cannabis-based products.”
The increasing cultural acceptability of cannabis “has had a significant impact on legislative reforms”, notes researchers. “As societal attitudes increasingly favor pro-cannabis legislation, governments have demonstrated a growing inclination towards the legalization and regulation of the cannabis business. Social acceptance has encouraged efforts to educate the public about cannabis. This includes information about responsible use, health effects, and the potential benefits of cannabis.”
More information on this report can be found by clicking here.
