Turning trend forecasting into business requires the ability to connect the dots in order to manage the risk, and being wired to trust your gut. However, when it comes to cannabis, all signs point to a massive opportunity—it’s a matter of when it will become mainstream and what brand will capitalize on it, not if it will happen.
Food and beverage is a beauty-adjacent category for ingredient trends, especially in the current marketplace that is being driven by all things natural. Take a look at the numbers and trends identified for Food and Drink International by futurologist Faith Popcorn and the advice she gives to fortune 500 companies on the marijuana opportunity.
Marijuana is big business, and it’s only getting bigger.
- In 2016, the North American market was worth $6.7 billion, according to Forbes, 30% more than 2015.
- Eight additional states legalized marijuana in some form last year, bringing the total to 29 states plus Washington, DC, and it’s possible 10 more states will go legal this year.
- By 2020, the market is expected to hit $23 billion; by 2026, it’s forecast to reach $50 billion.
Times have changed.
- A recent CBS poll shows that 61% of Americans favor full legalization and 88% agree that medicinal marijuana should be accepted.
- Millennials are vocal in their support of legal weed (71% approve of it).
Read the full article in Food and Drink International.
Photo: Shane Rounce via Unsplash