The global health and wellness market reached a reported $3.7 trillion in 2016 and is expected to grow by 17 percent over the next five years. Cannabis infused products have the potential to play a significant role in that growth.
Alongside medical marijuana and recreational adult-use, industry analysts have named health and wellness as a new growth sector in the overall cannabis market. This market is being shaped in large part by value-added cannabis product developers and consumers looking for new ways to integrate the plant’s many benefits into an active and healthy lifestyle.
The cannabis wellness market is more likely to attract consumers who may not be your typical weed smoker. And the strongest regions for growth are in newly legal marijuana markets like California where the focus on health and wellness pervades the culture as much as cannabis does. “Legalization always creates consumers who are new to cannabis, and their profiles and habits stand apart,” explained BDS Analytics in its report on the leading cannabis trends for 2018. “The newbie skews towards women between the ages of 25 and 44, and half say they are in the market to explore medical applications.”
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The healing power of cannabis is making its way into all the major health and wellness categories, including food and beverage, nutraceuticals, cosmetics and personal care.
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