Global Cannabis Market Projected To Grow Massively At A CAGR Of 18.56% During The Projected Period (2024-2032)

According to the report published by Zion Market Research, global demand for cannabis market was valued at approximately USD 28.54 billion in 2024 and is expected to generate revenue of around USD 130.88 billion by the end of 2032, growing at a CAGR of around 18.56% between 2024 and 2032. The market study focused on particularly four major activities to evaluate the current size of the cannabis market. Comprehensive secondary research was conducted to collect data related to the market. The next phase was to authenticate the gathered information, conduct a hypothesis, and size the data by comparing it with the data obtained through primary research. Both the bottom-up and top-down approaches were used to anticipate the complete size of the market. Subsequently, data triangulation and market breakdown procedures were employed to thoroughly evaluate the market size.

The key players in the cannabis are not only producers, but also include service providers, suppliers, and end-use product manufacturers. Some of the leading contenders in the cannabis market are Tikun Olam, STENOCARE, Cronos Group Inc., Medical Marijuana, Inc., Aurora Cannabis Inc., MedMen, Maricann Group Inc., Aphria Inc., Canopy Growth Corporation, Terra Tech Corp., Cannabis Science Inc., Tilray Inc., and VIVO Cannabis Inc. Among all the leading players profiled in the report, MedMen is majorly focused on growing marijuana production capacity by using the advanced technology used in the pharmaceutical and biotechnology industries. The industry also wants to expand its geographical presence by merging and acquiring various US-based dispensaries.

Cannabis Consumption For Medicinal Purposes Likely To Fuel The Cannabis Demand During 2024–2032

Cannabis is generally consumed for recreational and medicinal purposes. For the past few years, medicinal cannabis has been holding the majority share at the global level. Several nations including Canada, Australia, Greece, Columbia, Poland, Italy, Uruguay, Israel, Peru, the Netherlands, and Chile, have legalized cannabis consumption for medicinal purposes. As people post 50 years of age are prone to chronic diseases, the demand for cannabis is likely to increase remarkably during the forecast period.

Cannabis Legalization Likely To Drive The Global Cannabis Market

Based on the State Medical Marijuana Laws generated by the US Government Accountability Office, cannabis consumption can alleviate the symptoms occurred through glaucoma, nausea, migraines, arthritis, cachexia, spasticity, anorexia, pain, wasting syndrome, Alzheimer’s disease, Crohn's disease, cancer, HIV-AIDS, multiple sclerosis, and epilepsy. The demand and popularity of cannabis are likely to boom owing to uninterrupted research and product standardization specifically for medicinal purposes.

The global cannabis market report illustrates the market growth comprehensively by segmenting it based on the compound, product type, application, and region. By compound, the global cannabis market is segmented into CBD-dominant, THC-dominant, and balanced CBD &THC. By product type, the market is categorized into concentrates, flowers, and others (topicals, beverages, capsules, and edibles). Based on the application, the market is classified into recreational and medical.

North America To Attain The Dominant Position In the Global Cannabis Market Owing To Product Legalization

Based on secondary research, the North American region is expected to report a significant market share during the forecast period. The US and Canadian regions are responsible for propelling the global cannabis market. The states, particularly in these two regions, are supporting the legalization of cannabis for both recreational and medicinal purposes, which would eventually lead to increased cannabis demand. Moreover, the growing awareness among the population regarding the health benefits of cannabis consumption is booming the global cannabis market.

Browse the full “Cannabis Market By Compound (CBD-Dominant, THC-Dominant, And Balanced CBD & THC), By Product Type (Concentrates, Flower, And Others), By Application (Recreational And Medical), And By Region: Global Industry Perspective, Size, Trends, Comprehensive Analysis And Forecast, 2024 – 2032” Report at https://www.zionmarketresearch.com/report/cannabis-market

By Compound

• CBD-dominant
• THC-dominant
• Balanced CBD &THC

By Product Type

• Concentrates
• Flower
• Others (topicals, beverages, capsules, and edibles)

By Application

• Recreational
• Medical

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

About Us:

Zion Market Research is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, the company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.

Contact Us:

Zion Market Research
244 Fifth Avenue, Suite N202
New York, 10001, United States
Tel: +49-322 210 92714
USA/Canada Toll-Free No.1-855-465-4651
Email: sales@zionmarketresearch.com
Website: https://www.zionmarketresearch.com