New Study Estimates the Global Cannabis Market at Over $340 Billion USD
Despite extensive global prohibition, 263 million people around the world consume cannabis every year
WASHINGTON, April 18, 2019 /PRNewswire/ -- New Frontier Data, the authority in data analytics and business intelligence on the global cannabis industry, releases Global Cannabis Report: 2019 Industry Outlook , estimating the global total addressable cannabis market (regulated and illicit) at $344 billion USD and identifying the top five regional markets to be Asia ($132.9 billion), North America ($85.6 billion), Europe ($68.5 billion), Africa ($37.3 billion) and Latin America ($9.8 billion). New Frontier Data further reports 263 million cannabis consumers currently make up that worldwide market.
"More than 50 countries around the world have legalized some form of medical cannabis, while six countries have legalized cannabis for adult use (some may refer to it as recreational use)," said New Frontier Data Founder and CEO Giadha Aguirre de Carcer. "The legal cannabis industry has truly gone global; even in the face of extensive prohibition, cannabis consumption grows, and attitudes and challenging perceptions about the typical cannabis user continue to shift. This social and cultural evolution has created a global market with massive potential for stakeholders across dozens of sectors beyond traditional plant-touching verticals."
This report offers the first extensive analysis on the global cannabis market, assessing several diverging regional aspects including demand, usage rates, pricing, patient reach and even ongoing cannabis cannibalization of alcohol.
Some key takeaways include:
- With more than 263 million estimated cannabis consumers in the world, the value of the existing worldwide demand for cannabis is an estimated $344.4 billion USD.
- There are an estimated 1.2 billion people worldwide suffering from medical conditions for which cannabis has shown therapeutic value. Adoption of medical cannabis treatment by even a small proportion of that population would create a massive market.
- Canada, the country with the world's largest federally legal adult-use cannabis market, has been the frontrunner in cannabis trade, exporting nearly 1,500 kilograms of dried cannabis in 2018 (3x the amount exported in 2017).
- Regions such as Latin America, and possibly Africa, are poised to potentially compete in the export market with low production costs and optimal climate. Asia, while the slowest region to adopt legalization, also represents a wealth of opportunity in the forms of low-cost labor and a long history of hemp production.
- With younger adults supporting legalization at far higher rates than older adults, the expansion of legalization and normalization of social attitudes toward cannabis will be a durable generation trend.
Global Cannabis Report: 2019 Industry Outlook will be available for download starting Friday at: https://newfrontierdata.com/global-report
About New Frontier Data:
New Frontier Data is an independent, technology-driven, multinational data and analytics firm, providing business intelligence and risk management to cannabis industry stakeholders worldwide. New Frontier Data's reports and data have been cited in over 80 countries to inform industry leaders. Founded in 2014, New Frontier Data is headquartered in Washington, D.C. with additional offices in Denver, CO, and London, UK.
New Frontier Data does not take a position on the merits of cannabis legalization. For more information about New Frontier Data, please visit: http://www.NewFrontierData.com.
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SOURCE New Frontier Data
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