As U.S. Legal Cannabis Market Expands, Annual Consumer Spending on Homegrowing Could Near $4B by 2030

As U.S. Legal Cannabis Market Expands, Annual Consumer Spending on Homegrowing Could Near $4B by 2030

Washington, July 27, 2022 — New Frontier Data (https://newfrontierdata.com), the leader in actionable cannabis data and business intelligence, releases The U.S. Cannabis Homegrow Market: Motivations, Processes, and Outcomes, which casts light on a well-established but little-understood aspect of the cannabis economy, the homegrowers—consumers who cultivate their own cannabis—and the growth trajectory of this significant market.

This first-of-its-kind report found that the expansion of legal cannabis in the U.S. has ushered in a new era of opportunity for home cultivation, with participation rates higher in fully legal markets (7%) than in medical (5%) or illicit (4%) markets. This suggests that as more states transition to fully legal markets, more adults will take up homegrowing for the first time, and retail spending on supplies could reach nearly $4B by 2030. The scale of the homegrow market’s output underscores the important additive role that residential cultivation plays in the national cannabis supply, supplementing the commercial legal and illicit producers.

“The DEA’s recent decision to treat marijuana seeds as hemp could open up the market for national cannabis seed distribution in a substantial way,” noted Gary Allen, CEO of New Frontier Data. “This significant policy shift could also increase the breadth of genetics available to homegrowers, making it possible to produce strains that are not commercially available.”

Key report findings include:

  • Homegrowers across the U.S. are estimated to produce 11 million pounds of dried flower in 2022—more than 13 times Colorado’s legal flower market—increasing to over 15 million pounds by 2030.
  • Three million (6%) of cannabis consumers grow their own flower in the U.S. and is forecast to reach nearly 4.1 million by 2030.
  • With 65% of homegrowers either married or in a relationship, and 46% having children under the age of 18, messaging showing cannabis can be safely and responsibly grown at home should be emphasized as the sector works to expand.
  • With more than half of homegrowers earning over $50,000/year, and a quarter earning over $100,000, premium suppliers will find opportunities to serve more affluent growers.
  • Cannabis consumers who grow at home are significantly more likely to have a “green thumb” (71% have outside edible gardens) and 53% purchase supplies from a local hardware or garden store, suggesting new opportunities for mainstream suppliers.

REPORT: Learn more about the challenges and opportunities emerging from the growth of the U.S. homegrow market by downloading a complimentary copy of The U.S. Cannabis Homegrow Market: Motivations, Processes, and Outcomes: https://newfrontierdata.com/homegrow.

WEBINAR: Tomorrow, July 28, 2022, join John Kagia, Chief Knowledge Officer, New Frontier Data and Jonathan Yoni Ofir, Co-Founder & CEO, LEAF for a webinar on the report’s findings, including sourcing, production, and demand. Register here: https://newfrontierdata.com/homegrowwebinar.

About New Frontier Data:

New Frontier Data is the premier data, analytics and technology firm specializing in the global cannabis industry, delivering solutions that enable investors, operators, advertisers, brands, researchers and policy makers to assess, understand, engage and transact with the cannabis industry and its consumers.

Our mission is to inform policy and commercial activity for the global legal cannabis industry. We maintain a neutral position on the merits of cannabis legalization through comprehensive and transparent data analysis and projections that shape industry trends, dynamics, demand and opportunity drivers. Founded in 2014, New Frontier Data is headquartered in Washington, D.C. with a presence in Europe, Latin America and Africa. For more information about New Frontier Data, please visit us at https//www.NewFrontierData.com.

 

Media Contact:

Susan Clayton Hammann
Vice President, Marketing & Communications
New Frontier Data

+1 844-420-3882 ext. 3

[email protected]

The post As U.S. Legal Cannabis Market Expands, Annual Consumer Spending on Homegrowing Could Near $4B by 2030 appeared first on New Frontier Data.

#CBD #Hemp https://newfrontierdata.com/cannabis-insights/as-u-s-legal-cannabis-market-expands-annual-consumer-spending-on-homegrowing-could-near-4b-by-2030/ July 27, 2022 4:52 pm

বাংলা简体中文繁體中文EnglishFrançaisDeutschहिन्दीItaliano日本語한국어मराठीPortuguêsਪੰਜਾਬੀРусскийEspañolSvenskaతెలుగుไทยTürkçeУкраїнськаTiếng Việt