A new Kryptoszene infographic shows that the cannabis industry is expected to see an increase in sales up to 374% until 2023. In only three years, a rise in demand might result in a US$23,7 billion revenue of the US market.
While companies have sold cannabis products with a worth of US$620 million in 2018 and $5 billion in 2019, the market will continue to grow reaching a turnover of $7,38 billion in 2020, $10,89 billion in 2021, $16,06 billion in 2022 and $23,7 billion in 2023.
Last year, Kryptoszene.de has reported on problems of cannabis overproduction. According to the new data, there is a great chance this supply-demand gap will now close down. Due to new areas of application more cannabis products will potentially find their ways into the market. Sales of CBD skin care products could rise from US$710 million in 2018 to US$959 million in 2024.
“We are still in the early years of marihuana industry,” Kryptoszene Analyst Sebastian Schuster commented, “the market takes some time to find a right balance between a steady production on one side and good products in high demand on the other side. But in the upcoming years we will get closer to that balance.”
The infographic sets the cannabis growth expectations in relation to other promising markets, such as gaming and medical technology. While the gaming industry is expected to grow 8,29% over the upcoming years, medical technology is anticipated to grow 46,91%. Neither one is likely to really compete with the 374% rise of the cannabis market.