The global medical cannabis industry was worth an estimated $6.82 billion in 2020 and is projected to reach $53.88 billion in market value by 2030 according to a new report by Allied Market Research. The company describes itself as “a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon.”
Allied Market Research also listed the following in its market analysis report:
- Cannabis extracts are projected to witness the highest CAGR of 24.0% from 2021 to 2030
- The mental disorders segment is estimated to experience a CAGR of 25.3% from 2021 to 2030
The global medical cannabis industry is projected to reach an estimated $77.13 billion in value by 2032 according to a separate market report by Straits Research. Straits Research describes itself as “a market intelligence company providing global business information reports and services.”
“As per the latest report by Straits Research, the global medical cannabis market size was valued at USD 17,075.39 million in 2023. It is expected to reach USD 77,134.83 million by 2032, growing at a CAGR of 18.24% during the forecast period (2024–2032).” Straits Research stated in a press release.
The global medical cannabis market is projected to be worth an estimated $121.33 billion by 2033 according to yet another separate analysis by Spherical Insights. Spherical Insights describes itself as “a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.”
“The Global Medical Cannabis Market Size is to Grow from USD 17.60 Billion in 2023 to USD 121.33 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 21.30% during the projected period.” Spherical Insights stated in a press release.