“The exponential growth and potential of the global cannabis market is set to revolutionize the way we perceive and utilize this versatile plant, with projections indicating it will reach a staggering worth of USD 198.83 billion by 2032.”
The global cannabis market is experiencing significant growth, with a projected Compound Annual Growth Rate (CAGR) of 22.2% from 2022 to 2032. According to a research report by Spherical Insights & Consulting, the market size is expected to reach USD 198.83 billion by 2032. The report covers various companies in the industry, including Canopy Growth Corporation, Aurora Cannabis Inc., VIVO Cannabis Inc., and more.
Cannabis is a flowering plant genus that has long been used for therapeutic and medical purposes, as well as social and spiritual applications. The market expansion is fueled by the industry’s increased focus on research and development, leading to the development of new products and applications.
The report highlights that the increasing number of companies entering local markets to meet the growing demand for cannabis is one of the key factors driving market growth. Additionally, the growing acceptance of cannabis for medical purposes, such as treating chronic discomfort, anxiety, and epilepsy, is contributing to the market expansion. However, the report also notes that side effects, such as cognitive impairment, may limit growth.
The global cannabis market is divided into different product categories, including flowers, concentrates, edibles, topicals, and tinctures. The flowers segment is expected to grow at the highest CAGR during the forecast period, attributed to the widespread popularity and cultural acceptance of smoking cannabis flowers.
In terms of compounds, the THC-dominant segment is projected to expand at the fastest rate. This can be attributed to cannabis’s long-standing popularity and association with psychoactive effects.
The medical segment is expected to hold the largest share of the global cannabis market. This is due to the growing recognition of cannabis’s potential therapeutic benefits and the legalization of medical cannabis in many countries.
North America is anticipated to hold the largest share of the global cannabis market, with the United States as the largest market. Europe is projected to expand at the highest pace, with regulatory frameworks evolving and some countries implementing more liberal cannabis policies.
The report also provides an analysis of key companies in the market, including their product offerings, business strategies, and market share. Major vendors in the global cannabis market include Canopy Growth Corporation, Aurora Cannabis Inc., VIVO Cannabis Inc., and more.
Overall, the global cannabis market is experiencing significant growth, driven by increased research and development, growing acceptance for medical purposes, and the entry of new companies into the market. With the market expected to reach USD 198.83 billion by 2032, it presents lucrative opportunities for businesses in the industry.