Cannabis Market Size, Share, Growth Analysis, By Compound(THC-dominant, Balanced THC & CBD and CBD-dominant), By Application(Medical, Recreational and Others), By Product Type(Buds or Marijuana Flower and Cannabis Extracts), By Region - Industry Forecast 2024-2031

Global Cannabis Market size was valued at USD 36.4 Billion in 2022 poised to grow from USD 42.6 Billion in 2023 to USD 148.4 Billion by 2031, growing at a CAGR of 16.9% in the forecast period (2024-2031). 

Cannabis, commonly referred to as marijuana, is a kind of herbal medicine derived from a number of plants that belong to the Cannabis genus used for treatment of various illnesses and symptoms among them mental health problems, cancers and persistent pain. The cannabis plant contains two main cannabinoids that are usually medicinally extracted from it; they are tetrahydrocannabinol (THC) and cannabidiol (CBD). In addition to working on new laws that will legalize and regulate cannabis use, the FDA has implemented several rules. Investments from investors are rising due to the notable growth in the customer base of companies that produce and distribute cannabis and related products. 

More study is being done on the medicinal uses of cannabis as well as the safest methods of use. This indicates it is expected the market will grow steadily over the next few years. The market is expected to expand mostly due to the growing number of countries that have legalized cannabis and the acceptance of its use in medicine. Cannabis is not frequently utilized as a first-line therapy, despite being used for centuries. Cannabis use as a medicine has provided significant alleviation from symptoms for people with chronic pain and nausea associated with chemotherapy.