Global Cannabis Market Projected To Reach $173.68 Billion By 2032
The spread of cannabis policy and regulatory modernization around the globe is paralleled by the exponential growth of the legal cannabis industry, as evidenced by a recent market projection by analysts at PR Echo.
Cannabis is currently legal for medical use to some degree in a majority of nations around the world, many of which have operating medical cannabis industries. Additionally, cannabis for adult use is now permitted in Uruguay, Canada, Malta, Luxembourg, Germany, South Africa, and soon the Czech Republic.
Two dozen states in the U.S. have also adopted recreational legalization, and regional adult-use cannabis commerce pilot trials are operating in the Netherlands and Switzerland. All of that reform is adding to the economic potential of the worldwide cannabis industry.
“The global cannabis industry is experiencing strong growth, driven by changing consumer habits, evolving regulations, and advances in product innovation. The market is expected to grow significantly in the coming decade, with forecasts indicating a rapid increase in both size and value.” writes PR Echo.
“The global cannabis market, valued at $49.8 billion in 2024, is expected to reach $173.68 billion by 2032, growing at a remarkable compound annual growth rate (CAGR) of 16.9% between 2025 and 2032.” the analysts also wrote. “This growth will be driven by the increasing acceptance of cannabis for both medical and recreational purposes, as well as the growing legalization of cannabis in various countries and regions.”
PR Echo notes that North America currently accounts for a significant share of the total legal market and that the region “is expected to maintain its leading position throughout the forecast period, primarily due to the ongoing legalization of cannabis in the United States and Canada.”
The market analysis predicts that Europe will be the fastest-growing region for the legal cannabis industry for the foreseeable future, and that “Europe is emerging as a major player in the global cannabis industry,” noting that “rising demand for medical cannabis products and advances in scientific research are further driving this growth.”
The expansion of the legal global cannabis industry is entirely dependent upon cannabis advocates’ ability to successfully pursue policy and regulatory modernization where it doesn’t already exist, and to prevent the regression of modernized laws and industry regulations where they are already implemented.