The global cannabis industry is just beginning to take shape, with 57 countries legalizing medical cannabis and six countries legalizing adult-use cannabis. However, many of these nations have yet to fully implement robust cannabis commerce models, leaving a significant amount of untapped potential. According to experts, there are over 260 million adult cannabis consumers worldwide, who spent an estimated $415 billion on high-THC cannabis in 2020. This number is expected to increase to $496 billion by 2025. However, the majority of this money is still going to unregulated sources, highlighting the limited reach of the legal cannabis industry.
In addition to the traditional use of cannabis for human consumption, the plant is also being utilized in new and diverse ways. For example, regulators in Brazil have recently approved the use of cannabidiol (CBD) products for animals, leading to a projected growth in the global CBD pet market. This market is estimated to be worth $693.4 million in 2023 and is expected to continue growing at a rate of 18.2% annually.
Furthermore, the non-consumable hemp market, particularly in the production of hemp fiber for textiles, is also experiencing significant growth. Analysts predict that this market will reach a value of $50.38 billion by 2028, with a current worth of $11.05 billion in 2023.
Consumable hemp products, such as hemp-derived CBD, are also on the rise, with some subsectors growing at a faster rate than others. The global market for these products is expanding rapidly, with a projected value of $15.15 billion by the end of this year and an estimated worth of $50.38 billion by 2028.
Overall, the legal global cannabis industry is just scratching the surface of its potential, with various sectors and markets still largely untapped. As more countries legalize and regulate cannabis, the industry is expected to continue its rapid growth and become a major player in the global economy.
