Cannabis Market Report Projects Industry Value at $197.75B by 2028

Cannabis Market Report Projects Industry Value at 7.75B by 2028
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A new report from the consulting firm SkyQuest Technology projects that the global cannabis market is currently valued at $28.06 billion, as of 2021, and projects that the industry will grow up to $197.75 billion by 2028. The report, entitled “Global Cannabis Market,” is separated into segments. Product type (split between flower and concentrates), compound (THC-dominant, CBD-dominant, and balanced THC and CBD), and region (which reviews North America, Europe, Asia Pacific, Latin America, Middle East, and Africa). Between recreational and medical cannabis, recreational is unsurprisingly dominating for its numerous benefits in treating common conditions such as anxiety or stress, and has been known to increase mood and creativity as well. Due to the rapid growth of cannabis acceptance, the report states that the compound annual growth rate (CAGR) currently sits at 32% annually, according to data current as of 2021. Between now and 2028, the CAGR is expected to increase to 35%. The report also covers the regional expectations as well, stating that the demand in North America is highest. “The legalization of cannabis in most states of the US has created a strong presence of providers, and the huge demand from consumers in the US and Canada has made North America the largest market for cannabis,” the report states. “In addition, the climate in North America is conducive to growing cannabis, and there is a large amount of land available for cultivation.” There is also an established demographic with North American consumers, with an age range of 18-39, and with 55% Caucasian, 20% Latin, and 15% Black. The report summary did not include this data for the other regions. However, a press release for the report does mention the recent legalization of cannabis in certain countries has led to concerns. “For example, the Thai Ministry of Public Health has…

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Source : Cannabis Market Report Projects Industry Value at 7.75B by 2028

reposted by Cannabis News World

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