New Frontier Data’s latest analysis reveals for the first time the full scale of global cannabis demand: More than 260 million adults worldwide consume cannabis at least once per year, collectively spending $344 billion USD annually.
The size of the cannabis market varies widely by region: Social norms and cultural practices significantly influence cannabis use, and each region’s market is heavily dependent on population, demographics, rates of usage, and average cannabis prices paid for in the countries within each region.
Asia (39%) is the world’s largest market due to its geographical size; it is home to nearly 60% of the world’s population. Yet, Asia has the lowest regional usage rate (2%), while North America (15%), Europe (12%) and Africa (11%), respectively, have higher percentages of adult consumers.
Leading the world in social acceptance and cannabis use, North America has progressed furthest in legalizing cannabis use: With 1/4 of global demand (despite having 5% of the world’s population), the legal industry is quickly beginning to capture the very substantial existing market.