Study: Cannabis market projected to be $39.4B market by 2023
North America is projected to be the dominant market during the forecast period.
The cannabis market size is expected to grow from $10.3 billion in 2018 to $39.4 billion by 2023, at a CAGR of 30.7% during the forecast period, according to market research from Report Linker, France. The cannabis market is driven by various factors such as the growing medicinal application of cannabis and the increasing legalization. However, a complex regulatory structure can hinder the growth of the market.
The concentrates segment is the fastest-growing segment in the cannabis market, by product type. This is due to their ease in usage and versatility in the method of delivery, such as dabbing, ingestible oils and tinctures.
Also, along with ingestion, concentrates can offer cleaner, smoother and less-odiferous hits than flowers.
The THC-dominant segment is projected to hold the largest share and grow at the highest CAGR during the forecast period. The dominance of this segment is majorly attributed to the fact that THC is the psychoactive substance in cannabis products.
Even though high THC content is better known for its mind-altering euphoria, it contains medical benefits and is considered effective in relieving nausea, appetite loss and insomnia.
North America is projected to be the dominant market during the forecast period, driven by the increasing legalization of cannabis for both medical and recreational purposes and the increasing awareness among consumers regarding the health benefits of cannabis.
The market is further fueled by the presence of major cannabis giants, who are continuously investing and collaborating for the development of new products to fulfill the consumer demand.