Market Size of Cannabis Industry
| Study Period | 2019-2029 |
| Market Size (2024) | USD 33.84 Billion |
| Market Size (2029) | USD 69.25 Billion |
| CAGR (2024 - 2029) | 15.40 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Cannabis Market Analysis
The Cannabis Market size is estimated at USD 33.84 billion in 2024, and is expected to reach USD 69.25 billion by 2029, growing at a CAGR of 15.40% during the forecast period (2024-2029).
- The cannabis industry offers various items divided into recreational and medicinal uses. While medicinal usage is becoming more broadly accepted, the recreational use of cannabis is likely to rise in tandem with increased tolerance and official legalization globally.
- The market growth has been fueled by the continued adoption of legal medical or recreational cannabis in more countries worldwide and high-profile achievements from some of the industry's emerging top contenders. With the first cannabis-based drug receiving approval from the US Food and Drug Administration (FDA), many investors are starting legal marijuana operations.
- North America dominates the market and is projected to be the fastest-growing region. The cannabis industry has been growing significantly in the United States due to the increased use of cannabis for medicinal purposes. As a result, the National Cannabis Industry Association (NCIA) is promoting the growth of the legal cannabis industry and providing it with favorable social, economic, and legal conditions in the United States. As a psychoactive drug, cannabis continues to find extensive favor among recreational and medicinal users in the United States.
