Global Cannabis Market Projected to Reach $197 Billion By 2028
Legalization is the key.
According to a recent report, the global cannabis market was valued at $28.06 billion in 2021 and is projected to reach a market size of $197.75 billion by 2028 at a CAGR of 32.04% during the forecast period, 2022–2028.
"The cannabis market is growing rapidly, with increasing adoption and demand for the plant," reads the report by Skyquest. "This is evident from the number of businesses that are now involved in this industry, as well as the increasing number of people who are using cannabis."
An umbrella of options
In addition, recreational and medicinal cannabis are becoming more accepted by society, and there are also a lot of new products being developed for the incipient market, so users have an umbrella of options when accessing cannabis products.
In terms of marijuana legalization, there are a number of countries where cannabis is legal, including some U.S. states. This movement has increased demand for marijuana products, and the trend continues.
The report's analysts have segmented the global cannabis market by application, product type, compound, and region.
"By application, the market is bifurcated into medical and recreational. By product type, the market is categorized into flowers and concentrates," the analysts said. "By compound, the cannabis market is classified into THC-dominant, CBD-dominant, and Balanced THC & CBD. By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa."
Medical and recreational use is on the rise
Is known that cannabis has some health benefits overall as well. SkyQuest Technology reported that "4 out of 10 adults in the United States believe that marijuana can help treat a variety of medical conditions. This increased acceptance has led to a rise in demand for CBD products and products that contain THC.
However, people also use marijuana for recreational purposes: to improve their well-being, to gather with friends, or just to relax after a hectic day, for example.