Rapid Growth in the Consumption of Cannabis Globally in 2023
By Snehal Singh, 12 May, 2023
Around 2.5 percent of the world's population consumes cannabis, compared to 0.2 percent of people consuming cocaine and 0.2 percent consuming opiates. Currently, cannabis abuse has grown more rapidly than opiates and cocaine.
Recently, a study predicts that the use of cannabis worldwide will increase by more than one billion users by 2027. Most people among the lot will choose for the non-intoxicating and low-THC varieties marketed under the name of CBD.
If we go by the numbers, CBD users should spend around USD 24 on the respective products in 2023. All these numbers of users indicate a very casual use of the product. The per capita revenue for CBD is expected to rise to USD29 by 2027. Also, the expenditure of medical cannabis and recreational cannabis users on average will be USD 481 in 2023, along with those using the drug recreationally extracting out around USD 600.
Thus, reasoning all the features mentioned above about the market, around 30 percent of the overall sales in the cannabis segment is expected to come from the CBD in 2027. Some studies have proven that cannabidiol alleviates some childhood seizure syndromes and helps lessen insomnia, anxiety, and pain.
Snehal Singh
Assistant Manager - Research
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