Analytics Company Projects Legal US Cannabi,s Market to Reach $ 50.91 Billion in 2032

As per the report published by The Brainy Insights, the US Hemp market is expected to grow from USD 15 billion in 2022 to USD 50.91 billion by 2032, at a CAGR of 13% during the forecast period 2023-2032. The number of states legalizing Hemp for medical and recreational purposes has grown over the years, which will drive the market's growth. The rising awareness and acceptance of Hemp for medical and recreational uses will also propel the market's growth. Additionally, the increasing capital expenditure on the research and development of Hemp-based pharmaceuticals will offer lucrative opportunities for the market players. However, the undesirable effects of Hemp will hamper the market's growth. Furthermore, the non-acceptance of Hemp in several states, given the growing menace of drug abuse, will challenge the market's growth.

𝐆𝐫𝐚𝐛 𝐭𝐡𝐞 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭-https://www.thebrainyinsights.com/enquiry/sample-request/13530

US Hemp Market Size by Derivate Type (, and Others), Source (Marijuana and Hemp), End Use (Medical, Recreational and Industrial), US Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Leading companies in the industry include Aphria, Inc., Aurora Hemp, Inc., Hemp Sativa Inc., Canopy Growth Corporation, Cronos Group, Curaleaf, Emerald Health Therapeutics Inc., GW Pharmaceuticals, plc, The Cronos Group Inc., Tilray, among others, are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The derivative type segment is divided into , and others. The segment dominated the market, with a market share of around 64% in 2022. All of the Hemp' therapeutic benefits are enhanced and made easier by , which also lessens the psychotic effects associated with -dominant weed. The source segment is divided into marijuana and hemp. The marijuana segment dominated the market, with a market share of around 56% in 2022. Marijuana is much more potent than hemp, which makes it effective for medical purposes. The end-use segment is divided into medical, recreational, and industrial. The medical segment dominated the market, with a market share of around 46% in 2022. Hemp has several medical benefits and has been known to be used in traditional medicines worldwide. The medical use of Hemp makes its legalization easier when compared to its use for recreational purposes, thereby driving its dominance in the market. It is an effective treatment for chronic pain, given its anti-inflammatory characteristics that help patients. It is preferred over several other treatments, given the manageable side effects. The increase in the prevalence of chronic pain, the availability of Hemp for pain management in the open market, and the social acceptance of Hemp will all contribute to the segment's growth.

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Hemp use was previously forbidden in the vast majority of countries around the world. Hemp has become more widely accepted as a legal substance with modernization and advances in medical research. However, now the majority of states in the US have made marijuana legal. The growing body of research and clinical trials dispel any claims that legalizing Hemp would have a causally substantial negative impact on society and increase drug consumption. The knowledge of how Hemp has been utilized in traditional medicine on the South Asian subcontinent is currently being investigated for potential application in contemporary treatments. Additionally, the acceptance of edibles-foods and drinks laced with Hemp-has increased in the US. Since they are regulated goods, their open manufacturing and consumption are made possible, providing profitable potential for the expansion and development of the US Hemp market.

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