New Frontier Data Projects Doubling of Global Legal Cannabis Sales to USD $51B by 2025
Washington, Sept. 15, 2021 (GLOBE NEWSWIRE) -- New Frontier Data (https://newfrontierdata.com), the premier data, analytics and technology firm specializing in the cannabis industry worldwide, in partnership with TSRGrow, FTI Consulting and S?RSE releases its latest report, The Global Cannabis Report: Growth & Trends Through 2025, a first-of-its-kind analysis of the global market for high-THC cannabis and the drivers, trends and opportunities represented by the industry's growth worldwide.
For the first time, New Frontier Data built custom predictive models for 23 regulated medical cannabis markets and 6 adult-use markets, spanning 24 countries, incorporating unique regulatory and consumer data from each country to produce refined 5-year forecasts for domestic legal high-THC sales to patients and adults. The report also provides an analysis of total annual global cannabis demand that is based on usage rate, pricing, and consumer spending data sourced from both legal and illicit markets across all 217 countries considered in the analysis.
"The findings supported by this first-of-its-kind report are aligned with the emergence of regions as centers of excellence within the expanding global cannabis economy," noted Giadha A. DeCarcer, Founder and Executive Chair of New Frontier Data. "Our granular approach, accounting for the unique forces at work in each country, region and market, sets us apart from other findings that rely on generalized high-level assumptions and result in misinformed and rudimentary projections."
Key Report Findings:
- Global sales of high-THC cannabis through legal regulated sources totaled $23.7B in 2020, with the U.S. alone accounting for $20.3B.
- Building on expanding legal access and strong consumer demand, sales in currently legal markets are forecast to exceed $50B by 2025.
- Globally, total consumer spending on legal and illicit high-THC cannabis is projected to grow from $415B in 2020 to $496B by 2025 (a CAGR of 3.6%), driven by expansion of legal country markets and increasing social acceptance of the plant's therapeutic value.
Key Trends Shaping the Global Cannabis Economy:
- A growing body of clinical research is validating the therapeutic applications of cannabis, helping drive wider adoption among healthcare practitioners.
- Product innovation is improving the convenience, discretion, quality and consistency of legal market products, creating a myriad of new ways for consumers to integrate cannabis into their lifestyles.
- "Canna-curious" consumers who have not yet tried cannabis will have a substantial impact on marketplace growth as social acceptance widens.
- 29% of leisure travelers express interest in consuming cannabis while on vacation, and as availability expands, new opportunities to capitalize on "canna-tourism" will emerge as a growing sub-vertical.
- With consumers' tastes and preferences evolving alongside product innovation, the pace to reach a mature product landscape in newly legalized markets will accelerate.
Download a complimentary copy of The Global Cannabis Report: Growth & Trends Through 2025 here: http://info.newfrontierdata.com/global-report-2021
About New Frontier Data:
New Frontier Data is the premier data, analytics and technology firm specializing in the global cannabis industry, delivering solutions that enable investors, operators, advertisers, brands, researchers and policy makers to assess, understand, engage and transact with the cannabis industry and its consumers.
Our mission is to inform policy and commercial activity for the global legal cannabis industry. We maintain a neutral position on the merits of cannabis legalization through comprehensive and transparent data analysis and projections that shape industry trends, dynamics, demand and opportunity drivers. Founded in 2014, New Frontier Data is headquartered in Washington, D.C. with a presence in Europe, Latin America and Africa. For more information about New Frontier Data, please visit us at www.NewFrontierData.com.
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