The legal cannabis industry, in both adult-use and CBD, is rapidly evolving. Here we outline six of the key trends in new product developments which brand owners are addressing in global recreational and CBD markets.
Euromonitor International's Shane MacGuill, Head of Nicotine and Cannabis research, spoke recently to leading independent podcast The Cannabis Review about how we developed our research and analysis on the emerging legal cannabinoid space, how it interacts with other CPG industries and the future evolution of the European market.
The global market for legalised cannabis was worth USD41 billion in 2022 and is projected to generate USD100 billion by 2027, according to Euromonitor International. Due to its small customer base, the Czech Republic accounts for just 0.1% of the total worth of European value.
Euromonitor's Head of Tobacco Research, Shane MacGuill, reflects on the 2023 International Cannabis Business Conference in Barcelona, at which he hosted a panel discussion with industry veterans.
Cannabis drinks, still relatively niche and only accounting for a low share of cannabis sales in the markets where they are available, hold the potential to disrupt established drinks ecosystems and the traditions surrounding them, starting with alcoholic drinks.
In this article, we identify eight of the next most significant prospective markets for cannabis in 2023.
Outcome-orientated, need states positioning is more and more visible across fmcg industries, as brand owners expand the framework into an increasingly divergent range of categories. Consumers are increasingly primed to focus on the desired outcome or intention of their consumption, with nuance, and are beginning their purchase and consumption journeys working back from this point.
The rich cannabis history and culture in Barcelona make it the perfect backdrop to the International Cannabis Business Conference which is being held on March 9, 2023. They have partnered with Spannabis, Europe’s top cannabis expo, to form a super-conference that is a must-attend for anyone that is serious about succeeding in the emerging cannabis industry.
As cannabis starts to appear in the headlines around the world, both consumers and companies have started to show interest in experimenting with cannabis products.