Publisher's Synopsis
Audience
There are millions of people in thirty-three states who are prescribed medical marijuana (which contains the cannabinoid THC) for a host of medical conditions. This market was worth 5 billion in 2018 and is expected to grow by 29% by 2025.In addition, there are now eleven states and the District of Columbia where recreational marijuana is legal and where millions of people can enjoy its calming effects on a regular basis. The marijuana buds segment alone accounted for the highest percentage of legal marijuana sales in 2019 and was $9.1 billion in 2019. The total market is projected to be worth $73.6 billion by 2027.
CBD, also known as cannabidiol, has a global market valued at $4.6 billion in 2018 and expected to grow by 22% through 2025. This form of cannabinoid is available to more people through online and local retailers, as well as through some pharmacies, as it is largely derived from the hemp plant and contains either THC levels that are either undetectable or lower than the legal limit to classify a substance as a drug.
All of this tells us that the core audience for The Cannabinoid Cookbook, those who currently use marijuana and CBD products, is enormous. Within this audience are established channels of media and information through which the book can be marketed and sold, which provides a firm base for revenue generation.
In addition to this huge segment of consumers, there are two other markets that are prime and hungry for The Cannabinoid Cookbook. They include:
- People who like the idea of cannabinoids but are put off by consuming marijuana and/or CBD.
- Health-conscious people who are looking to better their health and ways to treat chronic conditions through diet.
- Foodies who want to add a health conscious aspect to their repertoire and experiment with the effects of cannabinoids, but don't want to add marijuana and CBD to their foods.
Because these markets are specific segments of much larger ones, such as the alternative health or food enthusiast, there is little data as to the breadth and value of these groups. However, considering the following information about these markets as a whole, they most certainly represent a significant source of potential sales for The Cannabinoid Cookbook:
- In 2018, 45% of Americans age 18 and older were considered cooking enthusiasts, which equates to roughly 113 million people.
- As of the end of 2018, Food Network was served to 100 million U.S. households and its website saw over 46 million unique web users monthly.
- The global complementary and alternative medicine market size was projected at $69.2 billion in 2019. This includes interests, such as yoga, meditation, magnetic intervention, acupuncture, and complementary wellness treatments - all of which are gaining immense popularity across developed countries.
