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Global cannabis market to grow many times

Published on October 31, 2025 by Pat Bulmer

Photo: Adobe Stock/the oz.

The global cannabis market is expected to grow from US$39.1 billion in 2024 to US$151.72 billion by 2033, Dublin-based Research and Markets says in a new report.

The 200-page “Cannabis Market Report by Product Type, Application, Compound Type, Countries and Company Analysis, 2025-2033” is available for $2,500.

A big reason for growth is more countries are legalizing cannabis, the report begins a little obviously.

“Canada, Uruguay, and Germany have legalized medical or recreational cannabis, and Mexico and Thailand are also heading toward regulation. In the United States, several states permit the use of cannabis, driving enormous market growth,” a press release touting the report says. “Where recreational cannabis is legalized in countries such as Canada and U.S. states, sales have increased, prompting diversification of products.”

A similar report by SNS Insider says the legal cannabis market will grow from US$22.16 billion now to $138.08 billion in 2032.

The legalization rush has happened too quickly in some cases, Research and Markets says: “Three years since Thailand was the first Asian country to decriminalize cannabis, the government has introduced new rules to manage the nation’s ‘green rush.’ Customers need now a doctor’s prescription to buy cannabis, effectively restricting its use to medical and health purposes alone.”

The report cites the growth of medical cannabis. “As populations age and the prevalence of chronic disease increases, medical cannabis use can be anticipated to increase steadily.”

The report also dives into some specific product categories:

“The pre-rolls cannabis industry is expanding as the demand for convenience and ready-to-use products increases … With increasing legalization and product quality, the pre-rolls category is predicted to be one of the fastest-growing segments in the cannabis market.”

“Cannabis edibles are becoming more popular … The segment is aided by precision dosing, which makes the segment highly appealing to new users … growing consumer interest in cannabis-based wellness products continues to drive growth in the edibles segment.”

Obstacles are also addressed: “One of the most significant challenges facing the cannabis industry is the patchwork of variable rules between nations and even within countries. Whereas some countries allow medical and recreational use, others maintain strict forbiddance. In the United States, federal prohibition makes banking, taxation, and interstate commerce difficult for cannabis businesses, despite thriving state markets,” the release said. “These regulatory disparities restrict cross-border commerce, deter international investment, and impose burdens of compliance.”

Competition from the illicit market continues to be an issue: “Even though legalization has occurred, illegal cannabis markets persist, mostly because they cost less and are untaxed. Illegal growers tend to drive down prices by undercutting legal operators.”

In a separate release, SNS Insider states — again rather obviously: “The main reason for (cannabis) growth is the increasing prevalence of medical and recreational use of cannabis worldwide,”

But they continue: “Many countries have allowed its medical use, changing social attitudes, and increased investment in research and development. New technologies are being developed for the production, processing, and distribution of cannabis. The use of cannabis derivatives in the food, beverage, and pharmaceutical sectors is increasing.”

Other findings from SNS:

— Marijuana dominated the legal cannabis market share with a 76.4%. Hemp is expected to grow due to rising demand for cannabidiol (CBD) based wellness and therapeutic products.

— The fastest growth is expected in the edibles segment, including gummies, baked goods, and beverages.

— The medical use segment held the largest share in 2024 of the legal cannabis market. The recreational use segment is projected to grow the fastest in upcoming years owing to rapidly rising legalization of cannabis for adult use in North America and a few European and Latin American countries.

— Early and broad legalization in major US and Canadian markets drive North America’s dominance in the legal cannabis market with a 48.3% market share.

SNS Insider (actually S&S — for Strategy and Stats) is a market research and consulting firm based in Austin, Texas. Industry folks are invited to sign up for a free sample report of Legal Cannabis Market.