The cannabis market is projected to grow by 19.64%. Cannabis is a derivation from the cannabis plant that is generally used for medical and recreational purposes. Increasing legalization and growing medical applications of cannabis are expected to be the key driver for the market growth during the forecast period. Currently, the majority of cannabis is sold through illegal channels.
Knowledge Sourcing Intelligence report predicted that the world cannabis market should grow at a compound annual growth rate of 19.64%, reaching $36.9 billion by 2024 – up from $12.5 billion in 2018.
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The main factors behind the growth of the world cannabis market
North America is expected to maintain a significant share of the world cannabis market, mainly due to the increasing legalization of cannabis for medical and recreational purposes in regions of the United States.
By Dec. 20, 10 U.S. states have legalized the purchase and use of cannabis. In 34 of the 50 states, people with specific medical conditions can have access to medical cannabis in a legal way.
According to the report, the main factors for growth in the world cannabis market are the increase in the number of countries where the substance is legalized, the trend in the production of edible products with cannabis and incentives from governments.
Beverages will help the world cannabis market in the new decade
Over 40 countries have already legalized medical cannabis, each contributing to the world cannabis market.
There is a chart prepared by Prohibition Partners with the countries that allow the use of the cannabis plant for medicinal purposes. Each year, the legal use of cannabis for medical and recreational purposes grows.
It varies from country to country based on possession, distribution, cultivation and medical indications for consumption. Doctors use cannabis to treat, muscle spasms, nausea, lack of appetite and weight loss among other things.
It is also estimated that cannabis use as a functional food will increase, with health benefits surpassing what consumers can obtain with items such as kale, saffron or kombucha. Cannabis is expected to be included in food trends in the coming years.
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