The marijuana industry expands and changes at an incredible rate due to more areas opening doors for legalization and regulation. As we push through 2024, key statistics will reveal what is about to go down in the marketplace. To gain a better understanding of where the industry stands, here are some of the latest key statistics and trends that every marijuana enthusiast and investor should know:
Growth and Opportunities in the Cannabis Industry, 2024
It is now transforming once-illicit products into a booming industry, and 2024 will be no exception. According to cannabis statistics, the global market size for cannabis has already been forecasted to reach over $40 billion by the end of 2024. North America remains the largest market and yet still dominated by the U.S., which is still selling more medical and recreational cannabis than anyone else. In fact, U.S. cannabis sales alone are projected to be more than $30 billion this year.
This is a result of consumer demand, the expansion of the legal market, and rising acceptance for using cannabis in both medical and recreational use. Major strides have been taken by changes in the U.S. market with new states that legalize cannabis and greater access to both adult-use and medical marijuana.
Trends to Watch in 2024 Cannabis Stats
There are a number of exciting trends that are expected to occur in the cannabis market through 2024. These will impact the industry at large and not just concerning how people consume cannabis.
1. Increased legalization and market expansion
Probably one of the biggest boomers for 2024 would be continuing expansion in efforts to legalize. The U.S. has States like Missouri and Ohio that are starting to execute adult-use laws fully in 2024. A similar pattern can be seen internationally where places like Germany, New Zealand, and Thailand are beginning or implementing new regulations on cannabis. Legalization should amount to billions of dollars for the global market’s economy. To an investor in cannabis, these trends translate to investing in new markets that are likely to grow rapidly. The international cannabis landscape will be made of markets such as Canada and parts of Europe.
2. Cannabis in Wellness and Consumer Products
Well, using cannabis for well-being and good health only looks to grow more throughout 2024. CBD has been on so much buzz due to its non-psychoactive nature and the reported ability to treat conditions such as chronic pain, anxiety, and even insomnia; the infused products skincare, to will be on demand.
Meanwhile, CBD-infused wellness products that could or could not include THC in tinctures, oils, and capsules are slowly becoming mainstream. For instance, cannabis statistics show that wellness-related goods now make up a large part of cannabis sales and the numbers are increasing with more people now turning towards natural remedies instead of the usual medications.
3. Cannabis beverages
For some years now, the cannabis-infused drinks market has been on the move, and 2024 is going to be an outstanding year. This is attributed to the growing trend of more states than ever before legalizing adult-use cannabis, making the sector undeniably expected to grow. Companies are poised to focus more on creating complex cannabis drinks, such as sodas, teas, or sparkling water with a milder controlled high without smoking.
Statistics showed that cannabis drinks could account for a significant portion of the cannabis industry shortly. The category is even projected to reach $3 billion in sales by 2025.
Technological Innovation Advancements in Cannabis
With this growth comes an explosion of technology innovation in the cannabis industry. From seed to sale, new technologies are changing how cannabis is manufactured and consumed. Improvements in indoor farming, vertical cultivation, and automated dispensaries can help producers start streamlining their processes as ever-higher demand continues.
Consumer Behavior: What the Data Says
Consumer preferences also change, and cannabis stats indicate dramatic changes in CBD consumption patterns. In 2024, more consumers prefer pre-packaged cannabis products: pre-rolls, vape pens, and edibles, offering a convenient, discreet, and consistent experience.
But as the stigma dissolves and acceptance spreads, quality is slowly becoming the focus for consumers. People want quality products, consistency, quality, and transparency. Artisanal, and craft cbd will always be upfront, and high times oftentimes justify premium prices. Cannabis branding and marketing will evolve to meet the refined tastes of the modern-day CBD user.
The Age of Microdosing Cannabis
Another key trend in consumerism is microdosing cannabis. While most consumers take large doses of cannabis for strong effects, many now take small dosages, controlled amounts, for precise desired effects that will not result in over-consumption. This is very popular in wellness circles, whereby microdosing is applied to manage anxiety, stress, and sleep disorders.
This is where the cannabis stats 2024 are coming that including the ongoing practice among old and new users. With micro-dosing on top, followed by edibles, tinctures, and notably, capsules.
Impact of Legislation on Cannabis Stats
Legal frames will be one of the crucial determinants for the cbd market in 2024. As long as new regions continue to legalize the herb, this market is going to keep on growing in exponential form. However, federal regulatory issues within a country like the U.S. will restrain most of the growth aspects.
This includes the federal prohibition of marijuana in the U.S., it prohibits the access of cannabis companies to banking and financial products. The more momentum that is gained towards the federal legalisation of marijuana, this will bring a whole new era of investment, funding, and opportunities to cbd-associated companies.
Conclusion: What’s Next
The CBD industry in 2024 will keep growing and innovating. Such trends include legalization and new consumer product and great technological leaps, all of which come through cbd stats. More markets opening their doors and as consumers’ behavior keeps changing will continue to pick their pace in growth for the sector. As such, well-placed investors and businesses. Who are aware of the type of key trends and statistics are best placed to benefit from the opportunities.
