Global Cannabis Market Forecast to Grow Over 20% Annually, Reaching Nearly $200 Billion by 2032
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The global cannabis market size is expected to reach $198.83 billion by 2032, growing at a CAGR of 22.2% from 2022-2032.
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The market growth is driven by increasing research and new product development, along with growing legalization and acceptance of cannabis for medical use.
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North America currently dominates the global market, but Europe is expected to expand at the fastest rate during the forecast period.
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The flowers product segment and the THC-dominant compound segment are projected to grow at the highest rates over the next decade.
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Key players in the market include Canopy Growth Corp, Aurora Cannabis, HEXO Corp, and others. Competition is increasing as more companies enter the expanding local markets.