Cannabis Market Size to Reach USD 444.34 Billion by 2030 | CAGR 34.03%

Cannabis Market to Reach USD 444.34 Billion by 2030, Driven by Global Legalization and Medical Adoption

NY, UNITED STATES, February 11, 2026 /EINPresswire.com/ -- The global cannabis market size was valued at USD 43.72 billion in 2022 and is projected to grow from USD 57.18 billion in 2023 to USD 444.34 billion by 2030, exhibiting a CAGR of 34.03% during the forecast period. North America dominated the cannabis marijuana market with an 81.79% share in 2022, supported by widespread legalization and robust commercial infrastructure.

Moreover, the U.S. cannabis market is projected to grow significantly, reaching USD 428.22 billion by 2032, driven by increasing legalization of medical and recreational cannabis across multiple states.

Get a Free Sample PDF: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/cannabis-marijuana-market-100219

Cannabis is a genus of flowering plants with a history spanning thousands of years, widely recognized for its therapeutic, medicinal, social, and spiritual applications. The three primary species—Cannabis sativa, indica, and ruderalis—form the foundation of most modern hybrid varieties cultivated today.

Marijuana legalization is gaining strong global momentum, driven by increasing recognition of its medical benefits and therapeutic applications. According to the United Nations Office on Drugs and Crime (UNODC), cannabis remains the most widely cultivated, trafficked, and consumed drug worldwide. For instance, in June 2022, Thailand decriminalized the cultivation, distribution, marketing, and consumption of all parts of the cannabis plant, boosting medical adoption and positioning cannabis and hemp as key cash crops.

Global Cannabis Marijuana Market Overview
Market Size & Forecast
2022 Market Size: USD 43.72 billion
2023 Market Size: USD 57.18 billion
2030 Forecast Market Size: USD 444.34 billion
CAGR: 34.03% from 2023–2030

Market Share
North America accounted for 81.79% market share in 2022, led by extensive legalization of medical and recreational cannabis in the U.S.
The U.S. market is projected to reach USD 428.22 billion by 2032, supported by innovation, rising demand for edibles and concentrates, and favorable state-level regulations.

Key Industry Players
Strategic Partnerships and Expansion to Drive Market Growth
The global cannabis market remains highly competitive, with companies focusing on partnerships, product innovation, and geographic expansion.

List of Top Cannabis Marijuana Companies
Aurora Cannabis Inc. (Canada)
Tilray, Inc. (Canada)
Canopy Growth Corporation (Canada)
Cronos Group Inc. (Canada)
Organigram Holdings (Canada)
Jazz Pharmaceuticals (Ireland)
VIVO Cannabis Inc. (Canada)

COVID-19 Impact
Increased Consumption of Medical and In-home Cannabis Amid COVID-19
Cannabis demand remained resilient during the COVID-19 pandemic, as many governments classified medical marijuana dispensaries as essential businesses. States such as California, Oregon, and Colorado allowed both medical and recreational dispensaries to remain open during lockdowns.
In Europe, product stockpiling increased significantly. Between January and March 2020, sales through Cannazon, a hemp product marketplace, reached approximately USD 5.04 million, totaling 1.6 metric tonnes. Similar stockpiling trends were observed in the U.S., supporting stable market growth throughout the pandemic period.

Cannabis Marijuana Market Trends
Enabling Policy and Regulatory Relaxation to Support Market Growth
Governments worldwide are establishing legal frameworks for both medical and adult-use cannabis. For example, in June 2021, New Mexico enacted the Cannabis Regulation Act (CRA), creating a structured licensing, taxation, and enforcement system for adult-use cannabis.
Additionally, formal legalization of cultivation, processing, and trade has improved consumer access, transparency, and product awareness, supporting long-term market expansion.

Cannabis Marijuana Market Growth Factors
Product Innovation and Hemp-infused Edibles to Drive Market Growth
Cannabis consumption is shifting beyond traditional smoking formats toward concentrates, edibles, infused beverages, topicals, and sublingual products. Advancements in infusion technology have improved consistency, onset control, and user experience, accelerating adoption of edibles and infused products.
Edibles such as candies, chocolates, and beverages remain popular, offering longer-lasting effects compared to inhalation-based methods. Product innovation, improved packaging, and controlled dosing are expected to drive the fastest growth within this segment.

Rising Demand for Medical Applications to Boost Industry Expansion
Medical cannabis adoption continues to expand globally, supported by clinical research and government approvals. Countries such as Germany, Finland, Israel, and Canada permit medical marijuana for chronic pain, epilepsy, multiple sclerosis, and oncology-related symptoms.
Well-known cannabis-based pharmaceuticals such as Sativex, Marinol, and Cesamet are gaining traction, while cannabidiol (CBD) continues to see strong demand in wellness and therapeutic applications.

Restraining Factors
Regulatory Restrictions Across Asian and Middle Eastern Countries
Despite growing legalization, cannabis remains prohibited in several regions, including Japan, India, and South Korea, where possession, consumption, and sale are criminal offenses. Regulatory fragmentation and concerns related to cognitive side effects may hinder market penetration in these regions.

Cannabis Marijuana Market Segmentation Analysis
By Type
Flowers/Buds Segment to Dominate Due to Rising Consumption
The flowers/buds segment is expected to dominate the market due to widespread consumer familiarity and high THC concentration (typically 15%–30% THC). Vaporizers, which heat cannabinoids without combustion, are gaining popularity globally.
The concentrates segment—including CO₂ oil, BHO, wax, shatter, live resin, and rosin—is projected to witness exponential growth due to higher potency, convenience, and discreet consumption.

By Application
Recreational Cannabis to Lead Market Growth
Recreational cannabis dominates the application segment, supported by legalization in Canada, Thailand, Uruguay, and multiple U.S. states. Governments are increasingly recognizing the economic benefits of regulated cannabis markets through taxation, job creation, and business expansion.
The medical segment is projected to grow at a significant CAGR, driven by rising acceptance of cannabinoid-based treatments.
Topicals remain a niche but growing segment, particularly in skincare, pain relief, and inflammation management.

Have Any query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/cannabis-marijuana-market-100219

By Component
THC-Dominant Segment Holds Major Share
THC-dominant products account for a significant market share due to strong recreational demand. THC concentrations typically range from 10%–30%, delivering psychoactive effects.
The CBD-dominant segment is expected to grow at a high CAGR, supported by its non-intoxicating properties and applications in anxiety, pain management, epilepsy, and wellness.

Regional Insights
North America
North America dominated the market in 2022 with a valuation of USD 35.76 billion, supported by early legalization, strong consumer demand, and advanced distribution networks. Canada continues to lead global legalization efforts, while U.S. state-level reforms fuel rapid expansion.

Ashwin Arora
Fortune Business Insights™ Pvt. Ltd.
+1 833-909-2966
sales@fortunebusinessinsights.com

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.