Global Legal Cannabis Market to Reach US$166 Billion by 2025
CHICAGO--(BUSINESS WIRE)--Feb 26, 2019--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.
ABOUT EUROMONITOR INTERNATIONAL
Euromonitor International is the world’s leading provider for global business intelligence and strategic market analysis. We have more than 40 years of experience publishing international market reports, business reference books and online databases on consumer markets.
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CONTACT: Marissa Bosler
Senior Communications Executive - Euromonitor International
Tel: +1 312 922 1115 ext. 8908
KEYWORD: UNITED KINGDOM UNITED STATES EUROPE ASIA PACIFIC NORTH AMERICA ILLINOIS SINGAPORE
INDUSTRY KEYWORD: HEALTH ALTERNATIVE MEDICINE NATURAL RESOURCES OTHER NATURAL RESOURCES RETAIL COMMUNICATIONS MARKETING TOBACCO
SOURCE: Euromonitor International
Copyright Business Wire 2019.
PUB: 02/26/2019 09:56 AM/DISC: 02/26/2019 09:56 AM