According to a recent report by New Frontier Data, the cannabis industry in America is set to reach new heights in 2023. The report provides insights on the growing cannabis consumer in America market, which is expected to generate over $41 billion in revenue by 2025.
The report, called Cannabis Consumers in America 2023, reveals that 42% of American adults say they have used cannabis and are likely to use it again. Among current cannabis consumers, 37% increased cannabis consumption in the past year.
The survey involved 5,534 participants surveyed in the first three months of 2023. New Frontier Data said the survey shows the strong future potential of the cannabis business. “With 42% of U.S. adults having used cannabis and likely to do so again, and another 15% expressing interest in trying cannabis in the future, acceptance and receptiveness continues to grow, creating massive opportunities in both new and emerging markets,” the reported noted.
What the Study Showed About How Cannabis Consumers Use Marijuana
The survey found that 70% of cannabis users say cannabis helps them achieve a specific objective, while 53% said they use cannabis for both medical and recreational purposes. Some of the objectives include unwinding, getting a better night’s sleep, spending time with their partner, and socializing.
Another significant result from the survey involved cannabis consumers using marijuana to replace other drugs. The survey found that 51% of self-identified medical cannabis consumers say they replaced at least some of their prescription medications with cannabis.
That finding mirrors other studies that have found cannabis has an impact on how much people use prescription opioids. One study led by researchers from Harvard University found that using cannabis lowered opioid use by as much as 13% in states where cannabis is legal. Another study found reduced use of opioids by cancer patients who have access to legal cannabis.
That’s important because opioid addiction and overdose is considered an epidemic in the United States, including the use of prescribed drugs.
Cannabis Consumer Demographics
The study from New Frontier Data found that Millennials between 25 to 39 years old account for almost half of the cannabis consumer market. This demographic group is expected to grow in the coming years, creating new opportunities for the cannabis industry.
In addition, the report highlights the growing trend of cannabis consumption among women, who are expected to make up 38% of the cannabis consumer market in 2023. This presents a significant shift from the previously male-dominated market.
The report also predicts that the legalization of cannabis in more states will lead to a growth in the number of cannabis consumers. As more states legalize cannabis, the industry is expected to become more mainstream, attracting new consumers who may have been previously hesitant to try cannabis products.
Reasons given by cannabis consumers for their medical marijuana use include managing chronic pain, migraines , PTSD, and osteoarthritis. For those who use either medical or recreational marijuana, people reported using it to help with pain, anxiety, depression, insomnia, and inflammation (28%). A vast majority reported improvements in their conditions after using cannabis.