Cannabis Global Market
Spending on legal cannabis worldwide is expected to hit $57 billion by 2027. The recreational market will cover 67% of the spending; medical cannabis will take up the remaining 33%. In Africa, the value of the legal cannabis market could be worth over US$7.1billion by 2023, according to Prohibition Partners, making up 12,2% of the total market value.
Tom Adams, editor-in-chief of Arcview Market Research and managing director for BDS Analytics, writes in the introduction: “the expansion of medical cannabis markets can be expected to lead to broader public acceptance, “setting the stage for the eventual move to adult-use legalization” and that this model “will drive the world market, excluding the United States and Canada, to grow at 35% annually to $10.5 billion by 2027, as a key part of the $57 billion overall market.”
The largest group of cannabis buyers will be in North America, going from $9.2 billion in 2017 to $47.3 billion a decade later. The largest growth spread, however, is predicted within the rest-of-world markets, from $52 million spent in 2017 to a projected $2.5 billion in 2027.
According to the report: “The Road Map to a $57 Billion Worldwide Market"1:
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- The initial decision by many U.S. states and Canada to create medical-only cannabis regulations prompted many other countries to act similarly while California’s and Canada’s willingness to legalize adult recreational use triggered a second wave of laws internationally to increase access to medical cannabis.
- South America has some of the most liberal medical cannabis programs. Led by Brazil, Argentina, Peru and Uruguay, the South American medical cannabis market may grow from $125 million in 2018 to $776 million in 2027.
- Germany is poised to be the leader of the European cannabis market, and Italy is expected to be second with $1.2 billion in sales by 2027. Overall, however, the European cannabis market is not expected to grow as stridently as its potential suggests.
- Australia’s legal cannabis market is forecast to grow from $52 million in 2018 to $1.2 billion in 2027, the 5th largest in the world.
- Israel has a small population and a long history of legal medical cannabis use. It continues as a leader with years in the development of cannabis pharmaceuticals.