New Study Estimates Global Cannabis Market at Over $340 Billion

[dropcap class=”kp-dropcap”]A[/dropcap] new study by New Frontier Data estimates the total global cannabis market at over $340 billion USD. The study, The Global Cannabis Report: 2019 Industry Outlook, identified the top five regional markets across the world as Asia, North America, Europe, Africa and Latin America. New Frontier Data estimates there are some 263 million cannabis consumers that make up the world market.

“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,” New Frontier Data Founder and CEO Giadha Aguirre de Carcer said.

The study is the first to offer extensive analysis on the global cannabis market and assess several different regional aspects such as demand, usage rates, pricing, patient reach and how the cannabis industry is affecting the alcohol industry. A 2017 report from Brightfield Group, a cannabis research firm in Chicago, Illinois, predicted the global cannabis market would reach $31.4 billion by 2021 and the new study by New Frontier Data shows the industry is growing more than expected as younger adults are supporting cannabis legalization at higher rates, which ensures the social attitudes toward cannabis will be a strong trend in the years to come.

The report mentioned Canada as the leaders of the cannabis trade, exporting nearly 1,500 kilograms of dried cannabis in 2018, which was three times the amount they exported in 2017. The report also mentions regions such as Latin America and Africa are poised to compete in the export market due to low-production costs and good climate. Asia is the strictest region and slowest to adopt legalization, however, the region presents a great opportunity in forms of low-cost labor and a history of hemp production. The full report is available for download here.