The global legal medical cannabis market is projected to reach $82.5 billion by 2030 according to a new report by Research and Markets. The legal medical cannabis market was worth an estimated $32.3 billion in 2023 according to the report.
“Extract Form Marijuana, one of the segments analyzed in the report, is expected to record 14.6% CAGR and reach US$54.2 Billion by the end of the analysis period. Growth in the Dried Flower Marijuana segment is estimated at 13.7% CAGR for the next 7-year period.” Research and Markets stated in a press release.
“The Medical Marijuana market in the U.S. is estimated at US$9.9 Billion in the year 2023. China, the world’s second largest economy, is forecast to reach a projected market size of US$14.1 Billion by the year 2030 trailing a CAGR of 13.6% over the analysis period 2023 to 2030.” the researchers stated.
“Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 12.6% and 12.1% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 10.4% CAGR.” the researchers also stated.
The global cannabidiol (CBD) market was worth an estimated $7.6 billion in 2023 according to a previous market analysis by Market.us, and will climb to a projected $36.6 in value by 2033.
“Between 2023 and 2032, this market is estimated to register the highest CAGR of 27%.” the researchers stated.
“Because of its therapeutic benefits, there is a significant demand for CBD for health and wellness applications, which is the main reason driving the market. The increased acceptability and use of products as a result of government approvals is another important factor anticipated to increase the manufacturing of CBD-infused goods.” the researchers also stated.
The global cannabis edibles market is projected to reach $27.2 billion by 2030 according to a previous market analysis by Fairfield Market Research. For comparison purposes, the same researchers estimated that the global cannabis edibles market was worth $9.6 billion in 2022.
“This robust growth will be driven by a multitude of factors, including shifting consumer preferences away from smoking cannabis, and rising awareness of the health benefits associated with cannabis edibles.” Fairfield Market Research stated in a press release.
According to an analysis by New Frontier Data, cannabis consumers around the globe “spent an estimated $415 billion on high-THC cannabis in 2020” and that figure is expected to increase to to $496 billion by 2025.
“Much of the world has not yet legalized cannabis, and nearly all the demand resides in illicit or unregulated markets. In 2020, 94% of high-THC cannabis spend was in unregulated channels.” New Frontier Data states.
New Frontier Data has determined that sales of high-THC cannabis products through legal regulated outlets totaled $23.7 billion in 2020 and that legal sales are projected to reach $51 billion by 2025. New Frontier Data estimates that legal cannabis sales of adult-use cannabis “are projected to be double those of legal medical sales by 2025, despite the higher number of medical markets globally.”