Global Legal Cannabis Market to Reach US$166 Billion by 2025
4 Mar, 2019
CHICAGO--(BUSINESS WIRE)--Legal cannabis became a US$12 billion global market in 2018 with exponential growth ahead, reaching US$166 billion by 2025, based on estimates from global market research company Euromonitor International.
The global cannabis market, both legal and illicit, stands at US$150 billion today, according to a new white paper from Euromonitor International. By 2025, legal cannabis will represent 77 percent of the global market.
“Within 10 years, cannabis will be a regular part of daily routines,” said Zora Milenkovic, head of drinks and tobacco at Euromonitor International. “From a functional ingredient to an intoxicating buzz, cannabis will reshape fast-moving consumer goods, with food, beverages, beauty, health and tobacco having the most potential for disruption.”
The greatest potential for cannabis is to capitalise on health and wellness trends that are shifting consumption habits and consumer preferences across industries.
Cannabis is most embedded in alcohol and tobacco. The growth of low- and non-alcoholic beverage consumption and the shift from cigarettes to vaping provide an opportunity for cannabis to replace alcohol and tobacco in social occasions.
From 2018 to 2025, legal cannabis is estimated to grow more than 2,000 percent globally, compared to alcoholic drinks at 1.4 percent and tobacco at 1.2 percent, according to Euromonitor International.
In consumer health, Euromonitor International expects vitamins and dietary supplements to be the largest cannabis-related category by 2025, with 2 percent of sales to come from products containing THC or cannabidiol, better known as CBD.
Euromonitor International expects global sales of packaged food with CBD to double over the next two years, further blurring the lines between consumer health and food.
Download Euromonitor International’s white paper, “Here Comes Cannabis: How Legalisation Will Disrupt Global Industries”, and webinar, “Cannabis Legalisation: How it Will Disrupt the Future”, to understand the impact of legal cannabis across industries.
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