Increasing Demand for North American market to Fuel Revenue Growth Through 2023
The North American market for legal cannabis should reach $25.5 billion by 2023 from $10.7 billion in 2018 at a compound annual growth rate (CAGR) of 18.9% for the period 2018 to 2023.
Report Scope:
This research report presents an in-depth analysis of the North American e-cigarette and legal cannabis market segments. The report discusses the role of supply chain stakeholders, from manufacturers to researchers. The report analyzes key companies operating in the North American e-cigarette and legal cannabis markets.
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The North American e-cigarette market is mainly divided into five major segments: type, sales channel, flavor, delivery system and country. Whereas the North American legal cannabis market is mainly divided into three major segments: form, sales channel and country. Estimated values are based on manufacturers’ total revenues. Projected and forecasted revenue values are in constant U.S. dollars, unadjusted for inflation.
Report Includes:
– 32 data tables and 50 additional tables
– An overview of the North American market for E-cigarette and legal cannabis
– Analyses of market trends, with data from 2017 to 2018, and projections of compound annual growth rates (CAGRs) through 2022
– Market breakdown by type, component, channel and country.
– Explanation of major drivers and the regional dynamics of the market and current trends within the industry
– Description of various types, components and sales channels of E-cigarettes, and sources, forms and sales channels of cannabis
– Detailed company profiles of the major vendors in the global market, including Altria Group Inc., Aurora Cannabis Inc., British American Tobacco Plc, GW Pharmaceuticals, ITC, Japan Tobacco Inc., Medicine Man Technologies Inc., NJOY Inc. and Vapage Premium E-Cigarettes
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Summary
Electronic cigarettes are devices that work by vaporizing liquid nicotine. Electronic cigarettes are designed for individuals who do not want to smoke tobacco, but cannot or do not want to overcome their nicotine addiction. E-liquids that are being used in e-cigarettes contain nicotine concentrations between 0 and 48 mg/ml, typically 18 mg/ml, and more than 200 flavors are available in the market. E-cigarettes are a quickly emerging and varied product class. Moreover, these devices naturally deliver nicotine, flavorings and other additives to consumers via an inhaled aerosol. These devices are known by a variety of names, including e-cigs, e-hookahs, mods, vape pens and vape tank systems.
Major factors that are driving the growth of the e-cigarette and cannabis markets are the presence of established brands in North America coupled with the perceived health benefits of cannabis. Cannabis can treat many diseases such as AIDS/HIV, Alzheimer’s, arthritis, asthma, cancer, chronic pain, Crohn’s disease, epilepsy, glaucoma and multiple sclerosis. In addition, e-cigarettes and cannabis are customizable due to which the markets are undergoing rapid growth. However, an uncertain regulatory framework and the increasing incidence of e-liquid poisoning are some of the factors that may restrict the growth of North American e-cigarette and cannabis markets.
The North American market for e-cigarettes is mainly divided into five major segments: type (rechargeable, disposable and others), sales channel (specialty stores, supermarkets and others), flavor (fruit, tobacco, bakery, menthol, savory and others), delivery system (e-cigarettes, vapes, vape tanks and mods) and country (the U.S. and Canada).
The North American market for legal cannabis is mainly divided into three major segments: form (extracts, edibles, topical, flowers and others), sales channel (dispensaries/pharmacies, government retailers, cannabis producers and others (i.e. online) and country (the U.S., Canada and Mexico). The specialty stores segment was REDACTED in 2017 and is poised to grow at a CAGR of REDACTED during the forecast period. This segment is projected to reach REDACTED by 2023. Due to the wide availability of various cannabis products in specialty stores, this segment is also the fastest-growing segment.
The North American e-cigarette market by delivery system is segmented into e-cigarettes, vapes, vape tanks and mods. The e-cigarette segment had revenue of REDACTED in 2017 and is expected to reach REDACTED by 2023 at a CAGR of REDACTED during the forecast period. Vapes, vape tanks and mods are expected to reach REDACTED, with a high CAGR of REDACTED during the forecast period. The vapes, vape tanks and mods segment had the fastest growth rate due to the various flavors that can be inhaled using tanks and mods. Additionally, vaporizers also reduce the risk of tobacco addiction.
The North American e-cigarette market based on type is segmented into rechargeable, disposable and others. The rechargeable segment reached REDACTED in 2017 and is poised to reach REDACTED by 2023, with a CAGR of REDACTED during the forecast period. The disposable cigarette segment is expected to reach REDACTED by 2023, with a high CAGR of REDACTED during the forecast period. The disposable cigarettes segment is the fastest-growing segment due to the benefits offered by disposable cigarettes such as no charging is required and they do not need to be refilled.