Cannabis Products Market Report 2025

This Cannabis Products market report provides a comprehensive analysis of the market’s characteristics, size, and growth, including segmentation, regional and country-level breakdowns, competitive landscape, market shares, trends, and strategies. It also tracks historical and forecasted market growth across various geographies.

The cannabis products market size has grown exponentially in recent years. It will grow from $50.96 billion in 2024 to $63.75 billion in 2025 at a compound annual growth rate (CAGR) of 25.1%. The growth in the historic period can be attributed to consumer electronics growth, automotive integration, surveillance systems, medical imaging devices, rising social media usage.

The cannabis products market size is expected to see exponential growth in the next few years. It will grow to $159.93 billion in 2029 at a compound annual growth rate (CAGR) of 25.9%. The growth in the forecast period can be attributed to smart home devices, telemedicine growth, environmental monitoring, shift towards multiple camera setups, rising popularity of action cameras and drones. Major trends in the forecast period include advancements in image sensor technology, computational photography, adoption of 3D cameras, AR and VR technologies, remote work and virtual collaboration.

The cannabis products market is experiencing significant growth driven by the expanding medical applications of cannabis. Derived from Indian hemp plants such as Cannabis sativa and Cannabis indica, cannabis contains the main active chemical THC (delta-9 tetrahydrocannabinol). With proven medical benefits, cannabis is increasingly utilized in treating conditions such as nausea, glaucoma, epilepsy, and asthma. Its medical applications extend to addressing chronic pain, cancer, depression, arthritis, diabetes, migraines, AIDS, Alzheimer's disease, and Parkinson's disease. Despite being a psychoactive drug, many countries have legalized cannabis for medical purposes, garnering support from a large percentage of the American population, as highlighted by Harvard Health.

The rising trend of cannabis tourism is expected to significantly boost the growth of the cannabis products market in the future. Cannabis tourism involves travel and tourism activities centered around the consumption, purchase, and exploration of cannabis products, particularly in areas where cannabis is legal for recreational use. This trend fosters a unique niche market, generating demand for various cannabis-related experiences, including dispensary tours, tastings, and cultural events. For example, in October 2023, AlphaRoot, a US-based insurance agency, reported that the global cannabis tourism market was valued at approximately $10.23 billion in 2023, with the United States accounting for over 50% of the total revenue share. Thus, the increasing trend of cannabis tourism is driving the growth of the cannabis products market.

An emerging trend in the cannabis products market is solar cannabis cultivation. Given the energy-intensive nature of cannabis cultivation, companies in the cannabis product manufacturing sector are increasingly investing in solar cannabis cultivation. This trend is particularly evident in states where cannabis products have been legalized, leading to a surge in energy consumption by cannabis manufacturers. For instance, Aurora's acquisition of 71 acres of land in Medicine Hat, Alberta, for a high-technology hybrid greenhouse cannabis production facility exemplifies the shift toward solar cannabis cultivation.

Regulation of cannabis manufacturing safety is a crucial aspect, particularly in California, where the government oversees safety standards under the California Code of Regulations. Manufacturers are required to obtain a valid license, submit the physical address of the manufacturing premises, and provide a comprehensive security plan to prevent unauthorized access and loss or theft of cannabis and cannabis products.

In September 2023, Lucy Scientific Discovery, a Canada-based pharmaceutical company, acquired intellectual property and licensing agreements from High Times. This acquisition is anticipated to enhance Lucy Scientific Discovery's product portfolio and global market presence through licensing and online distribution of cannabis products, with High Times being a prominent US-based producer in this market.

Cannabis products encompass cannabis that has undergone a processing method transforming the plant material into a concentrate or other forms, including but not limited to concentrated cannabis, edibles, or topical products containing cannabis or concentrated cannabis along with other substances. Cannabis is commonly used for recreational purposes and has various medical applications, such as treating migraines, nausea, and vomiting.

The main types of cannabis products are flowers, concentrates, and others. The smokable part of the cannabis plant, known as the bud, flower, or nug, is commonly referred to as the flower. Cannabis products come in various formulations, including THC-dominant, CBD-dominant, and balanced THC and CBD compounds, serving both medical and recreational purposes. These products can be administered through various routes, including oral solutions and capsules, smoking, vaporizers, topicals, and others.

The cannabis products market research report is one of a series of new reports that provides cannabis products market statistics, including cannabis products industry global market size, regional shares, competitors with a cannabis products market share, detailed cannabis products market segments, market trends and opportunities, and any further data you may need to thrive in the cannabis products industry. This cannabis products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Major companies operating in the cannabis products market include Medical Marijuana Inc., Jazz Pharmaceuticals plc, Tilray Inc., Canopy Growth Corporation, LivWell Enlightened Health LLC, Organigram Holdings Inc., Aphria Inc., Aurora Cannabis Inc., Medicine Man Technologies Inc., MedMen Enterprises Inc., Stenocare A/S, Cronos Group Inc., The Valens Company Inc., Jushi Holdings Inc., Columbia Care Inc., VIVO Cannabis Inc., Terra Tech Corp., United Cannabis Corporation, Tikun Olam Ltd., Noya Inc., The Scotts Miracle-Gro Company, Wayland Group Corp., Cannabis Sativa Inc., ABcann Medicinals Inc., CanniMed Therapeutics Inc., Lexaria Bioscience Corp., Cannabis Science Inc.

North America was the largest region in the cannabis products market in 2024. The Middle East is expected to be the fastest-growing region in the global cannabis products market share during the forecast period. The regions covered in the cannabis products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cannabis products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The cannabis products market consists of sales of cannabis vape products, cannabis edibles, cannabis topicals, and cannabis oral products. Values in this market are factory gate values that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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