Cannabis. Spending on legal cannabis worldwide is expected to reach about $50 billion by 2025 at a compound annual growth rate (CAGR) of 20% from 2020 and hit $57 billion by 2027, while cannabis market in the United States and Canada is estimated to be about $46.5 billion and other $10.5 billion would go to other markets. The North America legal cannabis market amounted to about $35 billion in 2022 with the compound annual growth rate (CAGR) at 20%. The U.S. legal cannabis sales reached $17.5 billion in 2020 and $25 billion (about $18 billion of adult-use sales and $7 billion for medical sales) in 2021. Experts estimate that 2022 sales passed $30 billion and by 2024 could be as high as $35 billion.
Hemp/CBD. These days, at least 70 countries cultivate hemp for commercial or research purposes. The largest producers of hemp are currently China, France, Canada, USA and Chile. In 2022, hemp acreage in North America and the European Union countries totaled about 75,000 acres and 135,000 acres respectively, China – the world’s largest hemp fiber and seed producer – planted more than 175,000 acres of hemp, which put global acreage at about 550,000 acres. According to marketing analysis reports by Technavio, the global industrial hemp market size is set to reach $6.47 billion by 2026 with a CAGR of 17.7%. Proficient Market Insights projects the global hemp-derived CBD oil market size to reach $3.15 billion by 2028, exhibiting a CAGR of 28.3%.
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