The global legal cannabis market is set to experience tremendous growth over the course of the next four years according to a recent industry analysis by Technavio. The company describes itself as “a leading global technology research and advisory company.”
“The global legal cannabis market size is estimated to grow by USD 100.61 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 28.85% during the forecast period.” Technavio stated in a press release.
Cannabis policy modernization efforts on nearly every continent is driving the expansion of the global legal cannabis industry. Currently, Uruguay, Canada, Malta, Luxembourg, Germany, and South Africa have adopted recreational cannabis legalization measures. Dozens more have adopted medical cannabis legalization measures.
According to a separate cannabis market analysis by Skyquest Technology, the legal global cannabis market is projected to reach an estimated value of $148.4 billion by 2031.
“SkyQuest projects that the Global Cannabis Market will attain a value of USD 148.4 Billion by 2031, with a CAGR of 16.9% during the forecast period (2024-2031).” the company stated in a press release.
The global medical cannabis market is projected to be worth an estimated $121.33 billion by 2033 according to a 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.
A different report published by Research and Markets projected that the legal global cannabis market will be worth an estimated $125.4 billion by 2030. Research and Markets also recently published a report projecting that the global medical cannabis sector will be worth $82.5 billion by 2030.
“The global market for Legal Marijuana estimated at US$30.6 Billion in the year 2023, is projected to reach a revised size of US$125.4 Billion by 2030, growing at a CAGR of 22.3% over the analysis period 2023-2030.” Research and Markets stated in a press release.
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.
According to a prior 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.”