Dublin, Sept. 06, 2024 (GLOBE NEWSWIRE) -- The "World Market for Cannabis" report has been added to ResearchAndMarkets.com's offering.
Backed partly by existing legacy use, there is a broad-based growth narrative for legal cannabis. More geographies are moving from prohibition to controlling and taxing cannabinoid products. Consumers are turning to cannabis use in increasingly diverse parts of their lives - therapeutically, for relaxation, mood management and more, feeding an 18% value CAGR over 2023-2028.
Key Findings
Mixed bag for the industry
2023 was something of a mixed bag for the legal cannabis industry. While 13% year-on-year growth to reach USD47.1 billion represents a modest recovery from the high single-digit growth experienced in 2022, it remains some way off the 40% and 30% expansion achieved during the pandemic in 2020 and 2021, respectively.
Legacy market dominates
Cannabis is a substance with a history of thousands of years of human use, and is currently known and consumed (no matter what governments might say) in every corner of the world. Our data estimate that 81% of the total global value is currently consumed in the illicit market, which could decline to around two thirds by 2028 if further legalisation occurs.
Forecast remains positive
Backed partly by existing legacy use, there is a broad-based growth narrative for legal cannabis. More geographies are moving from prohibition to controlling and taxing cannabinoid products. Consumers are turning to cannabis use in increasingly diverse parts of their lives - therapeutically, for relaxation, mood management and more, feeding an 18% value CAGR over 2023-2028.
Flower's declining share
The modern cannabis consumer is diversifying away from the traditional image of ritual recreational flower consumption. There will still be ritual, as well as recreation, alongside a range of fresh use occasions involving innovative delivery mechanisms and sophisticated infused formulations, meaning that flower's share will decline from 32% in 2023 to around 28% by 2028.
Adult-use the key driver
The fundamental driver of value growth in the global legal cannabis industry over the period to 2028 will be the wider legalisation of adult-use cannabis in the US (and potentially internationally) driving the user population up by almost 100% to over 40 million. Growth will also occur in other areas, with the CBD user population growing to around 65 million.
The World Market for Cannabis report is designed specifically for current and potential stakeholders in the emerging legal cannabis market. It seeks to provide an in-depth overview of the size and scope of the global cannabis environment, examining the historic and future market trends. Delving into the forces shaping the emerging legal industry including regulatory momentum, dynamics of current illicit consumption, changing consumer behaviour and corporate activity, the report identifies opportunities and challenges across medical, adult-use cannabis and CBD. Forecasts in the reports are available to 2027.
Product coverage: Adult-Use Cannabis, CBD & Other Non-Intoxicating Cannabinoids, Medical Cannabis.
Data coverage: Market sizes (historic and forecasts), company shares, brand shares and distribution data.
Case Studies: Verano, Lume Cannabis, Cann
Key Topics Covered:
Global outlook
- 2023 cannabis market in key figures
- Headline findings for 2023
- Legal cannabis's growth trajectory to be mainly driven by the adult-use space
- Infused formats due to expand share of preference
- New markets emerging, despite the dominance of only one country
- Significant illicit market provides issues and opportunity for legal industry
- Illicit users still prevail but the legal population expands, driven by the CBD segment
Category and geographic focus
- Medical
- Our research captures all major consumption formats
- The US to remain main driver of adult-use cannabis growth globally
- Challenges and opportunities for the global adult-use market
- Positive expectations for the CBD space despite regulatory and educational challenge
- Challenges and opportunities for the global CBD market
- Medical cannabis will continue to grow, albeit at a slower pace
- Challenges and opportunities for the global medical cannabis market
- US: Adult-use space key to current and future growth in the world's largest cannabis market
- Canada: Positive performance o f adult-use segment outweighs structural decline in medical cannabis
- Germany: High expectations on the future of legal cannabis in the country
- Japan: The development of an industry in which the negative perception towards it strongly prevails
- Defining four core types of market around the world
- Where does every market fit?
- Production hubs: Key findings and opportunities
- Consumer markets: Key findings and opportunities
- Regulatory trailblazers: Key - findings and opportunities
- Innovation markets: Key findings and opportunities
The cannabis consumer
- Key takeaways from Euromonitor Global Cannabis Survey
- Among users, adult-use cannabis has more daily consumers than CBD and medical cannabis
- Preference for smokeable formats more common among frequent cannabis users
- Users of the three categories mainly consume cannabis whilst relaxing at home
Competitive landscape
- Global cannabis regulatory status August 2024
- Selected global cannabis regulatory updates from 2023 to date
- Perception of increased cannabis use in majority of markets
- Pragmatic acceptance of wider cannabis legalisation growing
- When it comes to legalising cannabis, "how" is as important as "if"
- Regulation and policy regarding cannabis comms influences normalisation
- Key areas of emerging regulatory focus
- Rescheduling promises radical evolution rather than revolution for US cannabis
- Selected key 2023 corporate developments
- Varying brand ownership business models in US adult-use cannabis
- Focus on: Verano
- Focus on: Lume Cannabis
- Focus on: Cann
- Selected notable players across the cannabis supply chain
- Selected key trends in new product development
- Selected trends in new product development
- Hemp-derived intoxicants explode in the US but significant uncertainty remains
Key drivers shaping the industry
- Examining five drivers shaping legal cannabis
- Regulatory momentum points to a more open future
- Associations with public figures and wellbeing as a strategy towards normalisation
- Corporate landscape continues to prove a struggle for all but the top performers
- The intrepid consumer: Searching for natural actives
- A modern industry driven by technological innovation
For more information about this report visit https://www.researchandmarkets.com/r/qk8of
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