pill pills capsule capsules medicine

Worldwide Cannabis Capsule Market Projected To Reach $79.2 Billion By 2028

The global cannabis capsule market is projected to reach an estimated $79.2 billion in value by 2028 according to a new market analysis by The Business Research Company. The company states that it “has published over 27 industries, spanning over 8000+ markets and 60+ geographies.”

“The cannabis capsule market has experienced robust growth in recent years, expanding from $31.96 billion in 2023 to $38.75 billion in 2024 at a compound annual growth rate (CAGR) of 21.3%.” the company stated in a press release.

“North America was the largest region in the cannabis capsule market in 2023. Asia-Pacific is expected to be the fastest-growing region during the forecast period, driven by expanding healthcare facilities and increasing awareness of the benefits of cannabis capsule.” the researchers also stated.

According to a recent study conducted by researchers from Ukraine and France, and published by the U.S. National Institute of Health, 57 countries have adopted medical cannabis legalization measures. Israel was the first country to adopt a national medical cannabis legalization measure (1999), and Ukraine was the most recent (2024) as of the posting of this article.

Below is a list of the countries that have adopted national medical cannabis reform measures, along with the corresponding year of the policy adoption. It is worth noting that medical cannabis is widespread in the United States at the state level, however, cannabis remains illegal at the federal level. Additionally, Japan adopted a medical cannabis measure in 2023, with the law taking effect at the end of 2024:

Argentina: 2017​ ​
Australia: 2016​​
Austria: 2008
Barbados: 2019
Belgium: 2001
Bermuda: 2016
Brazil: 2015
Canada: 2001
Chile: 2015
Colombia: 2016
Costa Rica: 2023
Croatia: 2015
Cyprus: 2019
Czech Republic: 2013
Denmark: 2018
Ecuador: 2019
Estonia: 2005
Finland: 2008
France: 2022
Georgia: 2018
Germany: 2017
Greece: 2017
Ireland: 2019
Israel: 1999
Italy: 2007
Jamaica: 2015
Lesotho: 2017
Lithuania: 2019
Luxembourg: 2018
Malawi: 2020
Malta: 2018
Mexico: 2017
Moldova: 2008
Netherlands: 2003
New Zealand: 2020
North Macedonia: 2016
Norway: 2017
Panama: 2021
Paraguay: 2017
Peru: 2017
Poland: 2017
Portugal: 2018
Romania: 2013
San Marino: 2016
Slovenia: 2014
Spain: 2005
South Africa: 2017
South Korea: 2018
St. Vincent and the Grenadines: 2018
Switzerland: 2011
Thailand: 2018
United Kingdom: 2018
Vanuatu: 2018
Zambia: 2021
Zimbabwe: 2018
Ukraine: 2024
Uruguay: 2013

The global medical cannabis market is projected to be worth an estimated $121.33 billion by 2033 according to a separate analysis by Spherical Insights. Spherical Insights describes itself as “a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.”

“The Global Medical Cannabis Market Size is to Grow from USD 17.60 Billion in 2023 to USD 121.33 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 21.30% during the projected period.” Spherical Insights stated in a press release.