Cannabis Market by Compound Type (THC-dominant, CBD-dominant, Balanced THC & CBD), Product Type (Flowers/Buds, Oil/Tinctures, Edibles, Topicals, Other Product Types), Application (Medical Use, Recreational Use, Industrial Use, Nutraceutical & Wellness Use

The global market for cannabis is estimated to be valued at USD 72.83 billion in 2025 and is projected to reach USD 125.76 billion by 2030, at a CAGR of 11.5% during the forecast period. The increasing demand for medical cannabis is a major market driver. As clinical research continues to validate the therapeutic potential of cannabinoids like THC and CBD, more countries and states are legalizing medical cannabis for conditions such as chronic pain, epilepsy, multiple sclerosis, anxiety, and sleep disorders. This has led to a growing patient base actively seeking plant-based, natural alternatives to traditional pharmaceuticals. Additionally, advancements in product formulations such as oils, capsules, edibles, and topicals are making cannabis-based treatments more accessible, discreet, and easy to administer. Regulatory agencies in various regions are also expanding medical cannabis programs, encouraging the development of pharmaceutical-grade products with standardized dosing and safety profiles. Rising consumer awareness about the health benefits of medical cannabis, combined with supportive government policies and increased clinical adoption, is further accelerating market demand, creating new opportunities for producers, distributors, and healthcare providers worldwide.

“The industrial use segment is expected to be the second-fastest-growing application in the cannabis market.”

Industrial applications include textiles, with hemp being a key component. Textile-use cannabis refers to cultivating industrial hemp, a type of cannabis plant grown specifically for its strong, durable fibers rather than its psychoactive compounds. Hemp fibers are valued for their sustainability, strength, and versatility in textiles. They are commonly used to create fabrics, ropes, twines, carpets, insulation, upholstery, canvas, and eco-friendly clothing. Known for being lightweight, breathable, and resistant to pests and UV rays, hemp textiles are also biodegradable and require less water and chemicals than cotton. As demand for sustainable materials grows, hemp-based textiles are increasingly preferred in fashion, home decor, and industrial fabric applications.

“The marijuana segment holds the largest share of the cannabis market, by source.”

Marijuana refers to the dried flowers, leaves, stems, and seeds of the cannabis plant that contain psychoactive compounds, mainly tetrahydrocannabinol (THC). It is used in various forms, including dried flowers (for smoking or vaping), edibles, oils, tinctures, topicals, and concentrates. Its uses range from recreational purposes, such as relaxation and euphoria, to medical treatments for chronic pain, epilepsy, anxiety, and nausea. In March 2025, Aurora Cannabis Inc. announced a breakthrough in plant genetics, developing a powdery mildew-resistant marijuana strain through its Aurora Coast R&D program, which improves crop health, yield, and reliability for both recreational and medical marijuana cultivation.

Asia Pacific holds a significant market share in the global cannabis market.

The Asia Pacific cannabis market is gaining momentum, driven by increased awareness of medical cannabis benefits, evolving regulatory frameworks, and growing demand for plant-based wellness options. Countries like Thailand, Australia, and New Zealand have legalized medical cannabis, while others, such as Japan and South Korea, have allowed limited therapeutic use under strict regulations. The region’s expanding senior population and increasing cases of chronic conditions like cancer and arthritis are further boosting demand for cannabis-based treatments. Additionally, interest in hemp-based textiles, food, and cosmetics is growing. A notable development occurred in April 2025, when Tilray introduced Good Supply medical cannabis pastilles in Australia, marking its strategic entry into the country’s growing medical cannabis market.

In-depth interviews have been conducted with chief executive officers (CEOs), Directors, and other executives from various key organizations operating in the cannabis market:

• By Company Type: Tier 1 – 25%, Tier 2 – 45%, and Tier 3 – 30%
• By Designation: Directors– 20%, Managers – 50%, Executives- 30%
• By Region: North America – 25%, Europe – 30%, Asia Pacific – 20%, South America – 15% and Rest of the World –10%

Prominent companies in the market include Canopy Growth Corporation (Canada), Curaleaf (US), Cresco Labs (US), Green Thumb Industries (GTI) (US), Tilray Brands (US), Aurora Cannabis Inc. (Canada), Trulieve (US), MedMen (US), Blüm Holdings Inc. (US), Organigram Global (Canada), TerrAscend (US), Village Farms International Inc. (US), Verano (US), The Cronos Group (Canada), and Medical Marijuana, Inc. (US).

Other players include Vivo Cannabis Inc. (Canada), Ecofibre (Australia), Tikun Olam (Israel), Maricann Inc. (Canada), Satipharm (Canada), CannaBliss Organic LLC (US), Connected Cannabis Co. (US), Justice Cannabis Co. (US), Heritage Holding of California, LLC (US), Somai Pharmaceuticals (Portugal).

Research Coverage:

This research report categorizes the cannabis market by compound (THC-dominant, CBD-dominant, balanced THC & CBD), product type (flowers/buds, oil/tinctures, edibles, topicals, other products), application (medical use, recreational use, industrial use, nutraceutical & wellness use, cosmetics & personal care), source (hemp, marijuana), and region (North America, Europe, Asia Pacific, South America, and Rest of the World). The scope of the report covers detailed information about major factors such as drivers, restraints, challenges, and opportunities influencing the growth of the cannabis market. A thorough analysis of key industry players provides insights into their business overview, services, key strategies, contracts, partnerships, agreements, new service launches, mergers and acquisitions, and recent developments related to the cannabis market. Competitive analysis of upcoming startups in the cannabis ecosystem is included. Additionally, industry-specific trends such as technology analysis, ecosystem and market mapping, and patent and regulatory landscapes are also covered in this study.

Reasons to buy this report:

The report will assist market leaders and new entrants by providing estimates of revenue figures for the overall cannabis market and its subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and develop effective go-to-market strategies. Additionally, the report helps stakeholders grasp the market's pulse and offers information on key drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

• Analysis of key drivers (increasing cannabis demand for medicinal applications), restraints (complex regulatory structure for cannabis usage), opportunities (inorganic growth strategies adopted by US cannabis companies), and challenges (intensive water consumption and inability to maintain consistency during cannabis cultivation)
• New service launch/innovation: Detailed insights on R&D activities and service launches in the cannabis market
• Market Development: Comprehensive information about lucrative markets—the report analyzes the cannabis market across varied regions
• Market Diversification: Exhaustive information about new services, untapped geographies, recent developments, and investments in the cannabis market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, brand/product comparisons, and product footprints of leading players such as Canopy Growth Corporation (Canada), Curaleaf (US), Cresco Labs (US), Green Thumb Industries (GTI) (US), Tilray Brands (US), and others in the cannabis market

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