Global Cannabis Market

In 2019, the estimated demand value of cannabis in Asia was approximately 132.9 billion U.S. dollars. In North America, the estimated demand was 85.6 billion U.S. dollars that year^[1]. It is estimated that the current global total addressable cannabis market (regulated and illicit) at USD 344 billion and identifying the top five regional markets to be Asia ($132.9 billion), North America ($85.6 billion), Europe ($68.5 billion), Africa ($37.3 billion) and Latin America ($9.8 billion).

In total, 263 million cannabis consumers currently make up that worldwide market, which is 3.42% of the world’s total population, of which 62.9 Million are over the age of 18 and considered a legal adult^[2]. In another study, the UN estimates are slightly higher, with approximately 3.9% of the global adult population, are cannabis users (vs. 1 billion smokers)^[3]. The highest prevalence of cannabis users was found to be in Europe, followed by the US and the Oceania Region. Although small, the Oceania Region is considered significant given its access to the Asia Pacific region”. The report continued: “Despite the sharp divides in support for cannabis legalization, a few things are clear: public support for marijuana legalization continues to increase, the industry is already a multibillion-dollar juggernaut that looks primed for continued expansion, and there are clear potential medical benefits of cannabis.