Cannabis Market 2032: Industry Size, Segmentation, and Future Demand

WESTFORD, Mass. - May 29, 2025 - PRLog -- The global cannabis industry is undergoing significant growth, driven by shifting consumer attitudes, evolving regulations, and advancements in product innovation. Over the coming decade, the market is poised for substantial expansion, with projections indicating a rapid increase in both size and value.

The global cannabis market, which was valued at USD 49.8 billion in 2024, is expected to reach USD 173.68 billion by 2032. This reflects a remarkable compound annual growth rate (CAGR) of 16.9% from 2025 to 2032. This growth is fueled by an increasing acceptance of cannabis for both medical and recreational uses, combined with the broader legalization of cannabis across several countries and regions.

Regional Insights

North America is currently the dominant force in the global cannabis market, accounting for a substantial share of the total market. This region is expected to maintain its leading position throughout the forecast period, largely due to the continued legalization of cannabis in the United States and Canada.

Europe, however, is anticipated to be the fastest-growing region in the coming years. With increasing numbers of countries legalizing cannabis for medical use and exploring the potential for recreational legalization, Europe is becoming a key player in the global cannabis industry. The growing demand for cannabis-based medical products and advancements in scientific research are further fueling this growth.

In the Asia-Pacific region, countries such as Thailand are making strides toward legalizing cannabis for medical use. The region's cannabis market is expected to expand as more countries consider the economic and health benefits of cannabis legalization.

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Top Player's in Cannabis Industry Company Profiles

1. Tilray Brands Inc. (Canada)
2. Cronos Group Inc. (Canada)
3. Canopy Growth Corporation (Canada)
4. Sundial Growers Inc. (Canada)
5. Aurora Cannabis Inc. (Canada)
6. Green Thumb Industries Inc. (United States)
7. Trulieve Cannabis Corp. (United States)
8. Curaleaf Holdings Inc. (United States)
9. Verano Holdings Corp. (United States)
10. Cresco Labs Inc. (United States)
11. Ayr Wellness Inc. (United States)
12. TerrAscend Corp. (Canada)
13. Jushi Holdings Inc. (United States)
14. Columbia Care Inc. (United States)
15. Planet 13 Holdings Inc. (United States)
16. iAnthus Capital Holdings Inc. (United States)

The cannabis market is poised for explosive growth over the next decade, driven by legal reforms, increased consumer interest, and ongoing medical research. As the market evolves, companies within the cannabis sector must stay attuned to regulatory changes and emerging consumer trends to capitalize on the expanding opportunities.

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