Global Medical Marijuana Market Size & Outlook, 2023-2030
Global medical marijuana market, 2018-2030 (US$M)
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Global medical marijuana market highlights
- The global medical marijuana market generated a revenue of USD 16,598.0 million in 2023 and is expected to reach USD 65,851.9 million by 2030.
- The market is expected to grow at a CAGR (2024 - 2030) of 21.8% by 2030.
- In terms of segment, oil and tinctures accounted for a revenue of USD 8,993.6 million in 2023.
- Oil and Tinctures is the most lucrative product segment registering the fastest growth during the forecast period.
- In terms of region, North America was the largest revenue generating market in 2023.
- Country-wise, U.S. is expected to register the highest CAGR from 2024 to 2030.
Global data book summary
| Market revenue in 2023 | USD 16,598.0 million |
| Market revenue in 2030 | USD 65,851.9 million |
| Growth rate | 21.8% (CAGR from 2023 to 2030) |
| Largest segment | Oil and tinctures |
| Fastest growing segment | Oil and Tinctures |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Flower, Oil and Tinctures |
Other key industry trends
- In terms of revenue, the North America accounted for 73.9% of the global medical marijuana market in 2023.
- By country, the U.S. is projected to lead the global market in terms of revenue in 2030.
- By country, U.S. is the fastest growing regional market and is projected to reach USD 24,788.0 million by 2030.
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Medical Marijuana Market Scope
Medical Marijuana Market Companies
| Name | Profile | # Employees | HQ | Website |
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Global medical marijuana market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to medical marijuana market will help companies and investors design strategic landscapes.
Oil and tinctures was the largest segment with a revenue share of 54.18% in 2023. Horizon Databook has segmented the Global medical marijuana market based on flower, oil and tinctures covering the revenue growth of each sub-segment from 2018 to 2030.
The growing percentage of countries permitting the usage of medical marijuana in various parts of the globe is one of the key factors driving the penetration rate of cannabis in therapeutic applications. With changes in government policies, the demand for medical marijuana is also increasing. Many countries that have legalized the usage of medical marijuana which is leading way for its cultivation that will cut on the imports and will lead to revenue generation in the form of taxes.
Lately, various countries have legalized the medical marijuana usage for treating numerous ailments. Results of number of researches have shown that medical marijuana and its derivatives can be used to treat symptoms of countless diseases, for e.g., it has been successfully used to treat patients with chronic pain, chemotherapy-induced nausea, Parkinson's, Alzheimer's, and other neurological diseases.
The FDA and other such organizations are starting to permit the marijuana derivatives for the prescription of diseases in which it has proven its successful usage. This is one of the key factor for the quick turnaround of its legal status in a lot of countries. North America (the U.S. and Canada) has taken a step further and has legalized the consumption of recreational marijuana as well and more than two-thirds of the U.S. states have legalized marijuana.
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Target buyers of Global medical marijuana market databook
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Our clientele includes a mix of medical marijuana market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of global-level data and insights on the Global medical marijuana market , including forecasts for subscribers. This global databook contains high-level insights into Global medical marijuana market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Global medical marijuana market size, by regions, 2018-2030 (US$M)
Top 10 countries: Medical marijuana market size, 2023 (US$M)
Global medical marijuana market share, by product, 2023 & 2030 (%, US$M)
Medical marijuana market: Opportunity assessment by country
Global medical marijuana market, by region, 2023 (US$M)
| Product | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North America | 7,509.3 | 9,224.1 | 5,769.5 | 8,381.9 | 10,262.9 | 12,258.3 | 14,368.2 | 16,567.6 | 18,848.3 | 21,413.6 | 24,254.2 | 27,084.7 | 29,357.5 | 13.3% |
| Europe | 78.2 | 115.8 | 105.0 | 153.8 | 204.7 | 226.2 | 273.6 | 354.5 | 464.6 | 640.1 | 821.7 | 1,029.2 | 1,266.2 | 27.9% |
| Asia Pacific | 2.5 | 26.2 | 23.2 | 36.1 | 78.1 | 264.3 | 425.5 | 1,087.1 | 1,848.1 | 3,260.9 | 5,185.4 | 6,103.6 | 7,402.2 | 61.0% |
| Latin America | 2.8 | 21.0 | 19.9 | 29.5 | 49.4 | 78.1 | 107.6 | 146.1 | 197.5 | 263.8 | 348.2 | 465.4 | 581.5 | 33.2% |
| MEA | 457.6 | 1,680.9 | 1,555.5 | 2,409.1 | 3,211.3 | 3,771.2 | 4,719.4 | 5,931.9 | 7,998.8 | 10,808.5 | 14,624.8 | 20,021.7 | 27,244.4 | 32.6% |
| Overall | 8,050.3 | 11,067.9 | 7,473.1 | 11,010.3 | 13,806.3 | 16,598.0 | 19,894.4 | 24,087.2 | 29,357.4 | 36,386.9 | 45,234.2 | 54,704.7 | 65,851.9 | 21.8% |
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