The Global Cannabis Market Trends
The global legal cannabis market in 2023 was valued at approximately USD 26.1 billion, with projections suggesting it could grow to around USD 247.4 billion by 2033, driven by increasing legalization, medical use, and recreational consumption across many countries(Grand View Research)(Expert Market Research). The market is expected to grow at a compound annual growth rate (CAGR) of 25.2% during this period.
Breakdown by Region (2023):
- North America: Dominates the global legal cannabis market, holding about 35% of the market share. The U.S. and Canada are leading due to widespread legalization for both medical and recreational use(Grand View Research)(Market.us).
- Europe: Gaining traction due to medical cannabis legalizations in countries like Germany, Italy, and the UK, but recreational use is still limited(Data Bridge Market).
- Asia-Pacific: While recreational use remains illegal in most parts, there is rapid growth in medical cannabis, especially in countries like Thailand and Australia(Market.us).
- Latin America: Uruguay is a pioneer, having legalized recreational use, with Mexico following suit in expanding cannabis regulations(Data Bridge Market).
- Middle East and Africa: Still relatively small markets, although South Africa and Israel are notable players with growing medical marijuana sectors(Data Bridge Market).
Gray and Black Market Insights:
Despite the rise in legalization, the black market for cannabis remains significant. In regions where legalization has not yet occurred or is still restricted, black market sales continue to thrive. The global illicit cannabis market was estimated at nearly USD 344 billion in 2022, a stark contrast to the legal market, but this is expected to decline as more countries adopt legalization(Grand View Research).
Projections to 2050:
By 2050, the global cannabis market could expand significantly, potentially surpassing USD 500 billion, with both medical and recreational markets continuing to grow. This long-term growth is contingent on further global legalization efforts, expanding consumer demand, and technological innovations in cannabis cultivation and product offerings(Data Bridge Market)(Market.us).
The future trends also show that while black market activity will decrease, gray areas (where cannabis is decriminalized but not fully legalized) will continue to evolve, especially in developing countries where full legislative frameworks are slower to implement(Grand View Research)(Data Bridge Market).
