According to a new report the global market for cannabis is expected to grow 640% between 2022 and 2032.
According to the new Worldwide Cannabis Market Size Report, conducted by Spherical Insights, the global market for legal marijuana was valued at $26.86 billion as of the start of 2023, and it’s expected to grow to a value of $198 billion by 2032. This would mark a compound annual growth rate of 22.2% between 2022 and 2032.
“The cannabis industry’s increased emphasis on research and development is resulting in the development of new products and applications, which fuels market expansion”, states the report.
“Marijuana legalization is also gaining traction around the world. This momentum is being driven by the growing recognition that the product may have a variety of legitimate medicinal benefits and therapeutic applications.”
The report notes that marijuana “is the most widely cultivated, trafficked, and consumed drug in the world, according to the United Nations Office on Drugs and Crime (UNODC). The increasing number of companies entering local markets to meet the growing demand for cannabis is one of the factors driving the market growth. The increasing acceptance of cannabis for medical purposes, including the treatment of chronic discomfort, anxiety, and epilepsy, is an important factor driving the expansion of the market.”
The global cannabis market is divided into five product categories: flowers, concentrates, edibles, topicals, and tinctures. Flowers are expected to grow at the fastest CAGR in the global cannabis market during the forecast period.
The global cannabis market is classified into THC-dominant, CBD-dominant, and balanced THC & CBD. The THC-dominant segment is projected to expand at the fastest rate in the global cannabis market during the forecast period.
“North America is expected to have the largest share of the global cannabis market in the coming years”, notes the report. “The United States is North America’s largest market, with a growing number of states legalizing cannabis. Both the medical and recreational segments have seen significant growth, owing to a diverse range of product offerings and a rapidly expanding consumer base.”
During the forecast period, Europe is projected to expand at the highest pace in the global cannabis market. “The European cannabis market is rapidly expanding, and regulatory frameworks are evolving. Some European countries, including the Netherlands and Portugal, are implementing more liberal cannabis policies, including the legalization of recreational cannabis in some areas.”
For more information on this report, click here.
