The Latest Global Cannabis Industry Statistics Explained
The global legal cannabis market could be worth USD 103.9 billion by 2024.
This statistic indicates the projected value of the global legal cannabis market by the year 2024, estimated to reach USD 103.9 billion. This figure signifies the economic potential and growth opportunities within the legal cannabis industry, driven by increasing acceptance and legalization of cannabis for medicinal and recreational purposes globally. Factors contributing to this growth include changing regulations, evolving consumer preferences, and expanding investments in research and development. The substantial market value forecasted highlights the significant market size and potential for businesses and investors operating within the legal cannabis sector to capitalize on the growing demand and emerging market trends.
The compound annual growth rate (CAGR) of the global cannabis market is projected to be 21.1% from 2019 to 2025.
The compound annual growth rate (CAGR) of the global cannabis market projected to be 21.1% from 2019 to 2025 indicates the average annual growth rate of the market over this period when compounded annually. This statistic suggests a significant expansion in the cannabis industry, with a projected average growth of 21.1% each year. This growth rate demonstrates the potential for substantial market development and increasing demand for cannabis products worldwide. Investors, policymakers, and industry participants can use this CAGR projection as a valuable metric to understand the expected trajectory and size of the global cannabis market in the coming years.
In 2019, the U.S. was the leading consumer of cannabis with over 90% of the market share.
The statistic “In 2019, the U.S. was the leading consumer of cannabis with over 90% of the market share” indicates that the United States accounted for a dominant portion of the global cannabis consumption in that year, surpassing all other countries. This data suggests that the demand for cannabis products such as marijuana and CBD was primarily driven by consumers in the U.S., highlighting the significant role of the American market in the cannabis industry. The high market share also implies that the U.S. likely had a substantial impact on the overall production, distribution, and regulatory landscape of the global cannabis market in 2019, positioning it as a key player in the industry.
Medical cannabis dominated the market in 2017 with a revenue of approximately 7.3 billion.
The statistic “Medical cannabis dominated the market in 2017 with a revenue of approximately 7.3 billion” indicates that the medical cannabis sector generated the highest revenue among all cannabis products or categories in 2017. This suggests that the medical cannabis industry was the most profitable and commercially successful segment within the broader cannabis market during that time period. The revenue figure of 7.3 billion dollars highlights the significant economic impact and growth potential of the medical cannabis sector, reflecting its importance within the overall cannabis industry landscape in 2017.
The global industrial hemp market was valued at about 4.71 billion in 2019.
The statistic stating that the global industrial hemp market was valued at about 4.71 billion in 2019 indicates the significant economic importance and growth potential of the industrial hemp industry. This valuation reflects the total market value of products derived from industrial hemp, such as textiles, paper, bioplastics, construction materials, and CBD products. The increasing acceptance and legalization of hemp cultivation and its versatile applications have contributed to the impressive market valuation. This statistic underscores the growing demand for sustainable and eco-friendly alternatives to traditional products, as well as the expanding reach of industrial hemp into various industries worldwide.
Canada’s cannabis market is predicted to reach $5.2 billion by 2024.
This statistic indicates that the cannabis market in Canada is forecasted to grow significantly, reaching a total value of $5.2 billion by the year 2024. This prediction suggests a strong upward trend in the demand for and consumption of cannabis products within the Canadian market in the coming years. Factors contributing to this growth may include legalization efforts, expanding product offerings, increasing consumer acceptance, and potential advancements in the regulatory environment. This data can be valuable for investors, policymakers, and industry stakeholders looking to capitalize on opportunities within the growing cannabis market in Canada.
California is the largest legal cannabis market in the world, with sales of $3.1 billion in 2019.
The statistic stating that California is the largest legal cannabis market in the world, with sales of $3.1 billion in 2019, highlights the significant economic impact and scale of the cannabis industry in the state. The substantial sales figure underscores the thriving consumer demand and market activity within California’s legal cannabis sector. This statistic also indicates the potential for further growth and development in the industry, as the market continues to expand and evolve. Additionally, the size of California’s legal cannabis market emphasizes the state’s leading role in shaping the overall landscape of the global cannabis industry, as other regions look to California as a model for legalization and regulation.
By 2025, global legal marijuana market is expected to reach $66.3 billion.
The statistic that the global legal marijuana market is projected to reach $66.3 billion by 2025 indicates a significant growth and acceptance of the cannabis industry worldwide. This forecast suggests a substantial increase in the consumption and sale of legalized marijuana products over the next few years. Factors contributing to this rise may include changing attitudes towards marijuana use, increasing legalization and regulation of the industry in various countries, and the growing recognition of marijuana’s potential medical and economic benefits. The projected market value also implies opportunities for businesses, investors, and governments to capitalize on this expanding market, as well as potential challenges in terms of regulation, competition, and public health considerations.
Cannabis plants are grown in over 150 countries around the world.
The statistic that cannabis plants are grown in over 150 countries around the world highlights the widespread cultivation and production of this plant species on a global scale. The diversity of climates and geographical regions where cannabis is cultivated demonstrates its adaptability and popularity among farmers and growers. This statistic also suggests the economic significance of the cannabis industry as a source of revenue and employment in numerous countries. The widespread cultivation of cannabis underscores its cultural and medicinal importance across different societies, while also reflecting the ongoing debates and regulatory challenges related to its use and legality in various jurisdictions.
Global cannabis extracts market was valued at USD 7.3 billion in 2019.
This statistic indicates that the global market for cannabis extracts had a total value of USD 7.3 billion in the year 2019. The value represents the total worth of cannabis extract products that were sold and consumed worldwide during that period. This data point reflects the significant size and economic importance of the cannabis extract market, suggesting a growing trend in the consumption and utilization of cannabis-based products. This information can be valuable for industry stakeholders, policymakers, and investors in understanding the market potential and opportunities in the cannabis extract sector.
In 2020, revenue in the cannabis segment was projected to reach $20,737.0 million.
The statistic stating that revenue in the cannabis segment was projected to reach $20,737.0 million in 2020 indicates the expected total sales generated within the cannabis industry for that year. This figure represents the anticipated sum of monetary transactions from various sectors within the cannabis market, including sales of cannabis products, accessories, and related services. The projection of $20,737.0 million suggests a substantial economic impact and growth potential for the cannabis industry, highlighting an increasing consumer demand and market expansion within this sector. The statistic serves as a quantitative measure of the overall financial performance and market value of the cannabis industry in 2020, providing valuable insights for investors, stakeholders, and policymakers interested in this emerging market.
As of 2021, approximately 263 million people worldwide are cannabis users.
Based on data reported in 2021, an estimated 263 million individuals across the globe engage in cannabis consumption. This statistic signifies a substantial portion of the global population partaking in the use of cannabis products for recreational or medicinal purposes. The widespread usage of cannabis highlights its significance as a popular substance worldwide. Understanding the prevalence of cannabis consumption can aid policymakers, healthcare professionals, and advocacy groups in developing appropriate regulations, public health strategies, and educational initiatives related to cannabis use. Moreover, this statistic underscores the need for further research and discussions surrounding the impact of cannabis on individuals and society as a whole.
The number of cannabis businesses in the U.S. increased by nearly 50% in 2019.
The statistic indicates that the number of cannabis businesses in the United States experienced significant growth in 2019, with a nearly 50% increase compared to the previous year. This suggests a notable expansion in the cannabis industry, reflecting both increased acceptance and legalization of cannabis products in various states. The surge in the number of cannabis businesses can be attributed to evolving regulations and shifting attitudes towards cannabis, leading to more entrepreneurs entering the market to capitalize on the growing demand for cannabis-related products and services. This statistic portrays a dynamic landscape within the cannabis industry and highlights the potential economic opportunities associated with the growing market.
The Asia Pacific cannabis market is estimated to grow at the highest CAGR of 25.5% from 2021 to 2028.
This statistic indicates that the cannabis market in the Asia Pacific region is projected to experience the highest Compound Annual Growth Rate (CAGR) of 25.5% between the years 2021 and 2028. This suggests a substantial rate of expansion and increasing market demand for cannabis-based products in countries across Asia Pacific during this period. Factors contributing to this growth could include changing regulations, increasing acceptance of cannabis for medical and recreational purposes, and evolving consumer preferences. This rapid growth rate highlights the significant potential for investment and business opportunities within the cannabis industry in the Asia Pacific region over the next few years.
More than 50% of the world’s legal cannabis is consumed in North America.
The statistic suggests that a majority of the world’s legally consumed cannabis is consumed in North America, which includes countries such as the United States and Canada. This can be indicative of the growing acceptance and legalization of cannabis in various states and provinces in North America, leading to increased consumption levels. Factors such as a shift in attitudes towards cannabis, changing regulatory landscapes, and the emergence of a legal cannabis industry may have contributed to this trend. Additionally, the higher levels of disposable income and consumer demand in North America compared to other regions could also play a role in the significant consumption of legal cannabis in this area.
20% of the world’s population could have access to legal cannabis by 2025.
This statistic implies that by the year 2025, approximately one-fifth of the global population may potentially have legal access to cannabis either for medical or recreational purposes. The figure suggests a significant shift in attitudes towards cannabis legalization worldwide, with various countries and regions progressively adopting more liberal policies regarding the use and distribution of the drug. This projection carries implications for public health, regulatory frameworks, and economic opportunities within the cannabis industry. It also highlights the ongoing evolution of social norms and legal landscapes surrounding cannabis use on a global scale.
In 2020, legal sales of adult-use cannabis in Canada reached an estimated $2.6 billion.
The statistic that legal sales of adult-use cannabis in Canada reached an estimated $2.6 billion in 2020 highlights the significant growth and economic impact of the cannabis industry in the country. This figure represents the total amount generated from the sale of recreational cannabis products through authorized dispensaries and online platforms. The legalization of cannabis for recreational use in Canada has created a new market opportunity, leading to substantial revenue generation for businesses operating in the industry, as well as tax revenue for the government. This statistic underscores the growing acceptance and normalization of cannabis consumption in Canadian society, as well as the potential for further expansion and economic benefits in the future.
In 2021, the estimated number of cannabis jobs is 321,000 in the U.S.
The statistic that in 2021 the estimated number of cannabis jobs in the U.S. is 321,000 indicates the size and significance of the cannabis industry within the country. This data point highlights the substantial employment opportunities that have been created as a result of the growth and legalization of cannabis-related activities. The figure also suggests the economic impact of the cannabis industry, including the generation of tax revenues and the creation of jobs in various sectors such as cultivation, retail, distribution, and ancillary services. The statistic underscores the evolving landscape of the cannabis market and its potential to contribute to job growth and economic development in the U.S.
Conclusion
Overall, the global cannabis industry is experiencing rapid growth and expansion, driven by changing regulations and increasing acceptance of cannabis products. As more countries legalize cannabis for medical and recreational use, the industry is projected to continue its trajectory of growth in the coming years. It is essential for stakeholders and investors to stay informed about the latest statistics and trends in order to make informed decisions in this dynamic market.
References
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