Cannabis - United States

United States

Revenue in the Cannabis market in the United States is forecasted to reach US$42.98bn in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 2.89%, leading to a market volume of US$49.56bn by 2029.
When compared globally, the United States is expected to generate the highest revenue in 2024, amounting to US$42.98bn.
In terms of per person revenues in 2024, US$279.90 are generated based on total population figures.
The United States sees a growing trend in cannabis investments, with increased focus on regulatory developments and market expansion.

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

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Analyst Opinion

The Cannabis market in United States has been experiencing significant growth and evolution in recent years.

Customer preferences: Consumers in the United States are increasingly seeking out a wide variety of cannabis products, including edibles, concentrates, and topicals, in addition to traditional flower products. This shift in consumer preferences has led to a surge in product innovation and diversification within the market.

Trends in the market: One of the key trends in the United States cannabis market is the legalization of both medical and recreational cannabis in a growing number of states. This has created a more favorable regulatory environment for cannabis businesses, leading to increased investment and market expansion. Additionally, the rise of online retail platforms and delivery services has made cannabis products more accessible to consumers across the country.

Local special circumstances: The United States has a complex regulatory landscape when it comes to cannabis, with each state having its own set of laws and regulations governing the production, sale, and consumption of cannabis products. This patchwork of regulations can create challenges for businesses operating in multiple states, but it also allows for experimentation and innovation at the local level.

Underlying macroeconomic factors: The growth of the cannabis market in the United States is also influenced by broader macroeconomic factors, such as changing consumer attitudes towards cannabis, increasing acceptance of its medicinal properties, and the potential for tax revenue generation for states that have legalized cannabis. These factors, combined with ongoing regulatory developments, are expected to continue shaping the future of the cannabis market in the United States.

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.