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Saturday, Dec 3, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Data

Global cannabis market to be valued at US$168.58B by 2029: DBMR

North America will continue to dominate the market during the forecast period

Global cannabis market to be valued at US$168.58B by 2029: DBMR
Photo by CRYSTALWEED cannabis via Unsplash.

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.

Global cannabis market to be valued at US$168.58B by 2029: DBMR

Photo via Data Bridge Market Research.

Read more: CBD-infused beverage market predicted to exceed US$8.96B by 2029: DBMR

Read more: U.S. psychedelic drug market to reach $8.9B by 2029: DBMR report

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.

 

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