Data Bridge Market Research (DBMR) has released statistics from its new Global Cannabis Market report.
The economic research and consulting firm revealed that the international pot market would be valued at US$168.58 billion by 2029, ascending to that dollar figure with a compound annual growth rate (CAGR) of nine per cent from 2022 onward.
That market was only valued at US$25.4 billion last year and DBMR says the projected market growth will be partially attributed to rising rates of chronic diseases in people over 50 and the ability of cannabis products to treat those illnesses.
Photo via Data Bridge Market Research.
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The market researcher credits nations such as Canada, Australia, Uruguay, Colombia, the Netherlands and Germany for helping fuel market growth with their legalized medical cannabis production and recreational markets.
DBMR also says a growing number of countries that have created legal frameworks for recreational use with social, cultural or religious goals will assist with propelling market growth as well.
North America is dominating the global market due to the continent’s use of cannabis for treating medical conditions such as anorexia, cancer, arthritis, PTSD, chronic pain and epilepsy along with a high rate of key industry players there focused on the advancement of cannabis.
Key market players include Cronos Group Inc. (TSE: CRON), Tilray Brands, Inc. (Nasdaq: TLRY) (TSX: TLRY), Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) and several others.
