How the Global Market for Cannabis Is Growing?
According to a report from the United Nations in 2017, cannabis was found to be the most widely used drug, with nearly 188 million consumers. The 2019 World Drug Report reveals about 271 million people globally, or more than one in 20 of the population aged 15 to 64, used recreational drugs in 2017.
North America has the highest number of cannabis users.
The report also revealed that cannabis continues to be the most popular drug globally, with about 188 million people having consumed it in 2017. North America has the highest prevalence of cannabis use with an estimated 56.6 million users, followed by Asia with 54.2 million consumers. One-third of Israeli men aged between 15 and 64 and 28.5% of those in Jamaica used the drug at a higher frequency as compared to other parts of the world. In comparison, 21.4% of this age group used cannabis in America, while Canadian and New Zealanders sat at 19.1% and 18.6% respectively.
Cannabis Use in Africa and Asia
In Africa, 6.4 per cent of the population aged 15–64 used cannabis in 2017. West and Central Africa have the highest prevalence of cannabis use, at estimated 27 million users.
In Kenya, annual cannabis use is calculated at 1.2 per cent (2016) of the adult population. In Nigeria, it is 10.8 per cent, where cannabis use is more prevalent among men (18.8 per cent) than women (2.6 per cent).
Cannabis usage is lower in Asia than in other regions, with nearly 2 per cent of the population using the substance. In Pakistan, the prevalence of cannabis use in 2017 was estimated at nearly 3.6 per cent of the adult population. In India, over three per cent of the population aged 18 or older and less than 1 per cent of adolescents aged 10-17 had used cannabis in 2017.
Cannabis use remains stable in Oceania and Europe
While the United States and Canada have seen a significant increase in cannabis use, Oceania shows different trends. Annual cannabis use in Oceania was substantially higher than in the USA in the 1990s, but has decreased dramatically in recent years. Cannabis use in Western and Central Europe is estimated to be prevalent in 6-7 percent of the population aged 15-64. The highest usage of cannabis has been reported by France, Italy, Czechia, Netherlands, Switzerland, and Spain.
Forecasts for Global Cannabis Market
Zion Market Research found that the cannabis concentrate market accounted for $3.73 billion in 2018. The report reveals that the market is expected to generate more than $13.78 billion by 2026, at a CAGR of approximately 17.8% between 2019 and 2026.
The growing prevalence of chronic pain indicates a significant opportunity for the cannabis market. Chronic pain affects 30-50% of the world population. A 2018 report published by the Centers for Disease Control and Prevention revealed that chronic pain affects approximately 50 million U.S. adults, with high-impact chronic pain affecting nearly 20 million adults in the country. Moreover, the increasing number of people using cannabis products for recreational purposes is expected to reach over 30%, especially among people between 18 and 34 age group.
Indoor Cultivation of Cannabis is Increasing
Between 2013 and 2017, 80 nations reported outdoor cultivation of cannabis, while 55 countries reported indoor cannabis cultivation. Most of the countries that report indoor cultivation are located in Europe, followed by Canada and the USA, Central America, and South America. In other areas indoor cannabis cultivation is still limited, with Australia, New Zealand, Georgia, Israel, Hong Kong, China, and Armenia, reporting some indoor cultivation.
The increasing prevalence of indoor cannabis cultivation is associated with an increase in the THC content of the plant on the main markets over the past 20 years.
The Global Market
Global cannabis use has increased by 60 percent over the past decade, with people smoking over 130% more than previous recorded years.
The biggest issue appears in the usage among adolescents and teens, which could have negative effects on their brain development and IQ (intelligence quotient) level. Though countries are putting strict laws in place, lawmakers have to pay more attention to the use among the younger population globally. The market for cannabis is growing, but the areas that see the most growth might be surprising.