Cannabis Market Demand, Size, Share & Forecast 2032

Cannabis Market: Industry Perspective

The global cannabis market size was worth around USD 28.54 billion in 2023 and is predicted to grow to around USD 130.88 billion by 2032 with a compound annual growth rate (CAGR) of roughly 18.56% between 2024 and 2032.

Request Free Sample

Global Cannabis Market: Overview

In recent years, the cannabis industry has steadily gained popularity as cannabis is legalized for medical and therapeutic uses worldwide. Cannabis is a widely trafficked, cultivated, and consumed drug worldwide.

Global Cannabis Market: Growth Factors

The growing acceptance of cannabis in myriad medical applications such as cancer, chronic ailment, and mental disorders is anticipated to drive the cannabis market in forthcoming years. The legalization of cannabis in various countries such as Uruguay and Canada is escalating demand for the product among consumers and is predicted to accelerate the cannabis market growth over the years ahead. While most countries around the world have not yet legalized their use, over the years the approach to use and sales has been relaxed. As more countries move towards their partial or full legalization, the cannabis industry will have a positive trajectory.

Request Free Sample

Hectic lifestyle and stressful work are likely to induce mental stress, sleep disorders, insomnia, sleep apnea, and anxiety among the population and this, in turn, is anticipated to drive the growth of the cannabis market in the years ahead. Furthermore, the growing need for relief from acute pain will elevate the cannabis market share in the years ahead.

Global Cannabis Market: Segmentation

The global cannabis market can be divided based on product type, application, and compound. On the basis of product type, the market is segmented into flowers, concentrates, and others. Based on the application, the cannabis market is divided into medical and recreational types. In terms of compounds, the market is sectored into THC-Dominant, Balanced THC & CBD, and CBD-Dominant.

Cannabis Market: Report Scope

Global Cannabis Market: Regional Analysis

Region-wise, the global market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

North American cannabis market is projected to contribute a major chunk of the market share in 2023. The cannabis market in the region is mainly driven by massive product demand in countries such as the U.S. and Canada. The growing legalization of cannabis for both medical and recreational purposes in North America and the massive awareness among consumers about the health benefits of cannabis is predicted to boost the scope of the cannabis market in the years ahead.

Furthermore, the growth of the cannabis market is increasing owing to the presence of major cannabis giants such as Medical Marijuana Inc., Canopy Growth Corporation, and Aurora Cannabis Incorporation who are constantly investing and collaborating to manufacture innovative products for the fulfillment of consumer demand.  

Asia Pacific cannabis market growth will gain traction over the years to come as the country is planning to increase the production of cannabis in the upcoming years and increase its product import to increase the cannabis output. This, in turn, is projected to embellish the growth graph of the Cannabis market in the APAC region over the forecast period.

Cannabis Market: Competitive Analysis

The global cannabis market is dominated by players like:

• Maricann Group, Inc.
• Canopy Growth Corporation
• Aphria, Inc.
• ABcann Medicinals, Inc.
• Aurora Cannabis Inc.
• Tilray
• The Cronos Group
• Organigram Holdings, Inc.
• Tikun Olam.
• Cannabis Science Inc.
• VIVO Cannabis Inc.
• Medical Marijuana, Inc.
• STENOCARE
• Terra Tech Corp.
• MedMen

The global cannabis market is segmented as follows;

By Compound Segment Analysis

• CBD-Dominant
• THC-Dominant
• Balanced CBD & THC

By Product Type Segment Analysis

• Concentrates
• Flower
• Others

By Application Segment Analysis

• Recreational
• Medical

By Regional Segment Analysis

• 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

Cannabis Market: Regional Segment Analysis