Cannabis - Australia & Oceania

Australia & Oceania

In Australia & Oceania, the revenue in the Cannabis market is forecasted to reach US$2,465.00m in 2024.
It is expected that the revenue will showcase an annual growth rate (CAGR 2024-2029) of 3.18%, leading to a market volume of US$2,883.00m by 2029.
When compared to other countries worldwide, in the United States is projected to generate the highest revenue in the Cannabis market, amounting to US$42.98bn in 2024.
Evaluating the revenue in relation to the total population, per person revenues of US$246.60 are anticipated in 2024.
Australia is experiencing a growing trend in the cannabis market, with increased legalization and a surge in demand for medical marijuana.

Key regions: United States, Canada, Netherlands, Germany, Thailand

Market

Region

Region comparison

Currency

Analyst Opinion

Australia & Oceania has seen a significant shift in the Cannabis market in recent years, with changing regulations and increasing acceptance of Cannabis products among consumers.

Customer preferences: Customers in Australia & Oceania are showing a growing interest in Cannabis products for both medicinal and recreational purposes. There is a rising demand for a wide range of Cannabis-based products, including CBD oils, edibles, and topical creams. Consumers are increasingly looking for natural and alternative remedies, driving the popularity of Cannabis products in the region.

Trends in the market: In Australia, the Cannabis market is experiencing rapid growth due to the legalization of medicinal Cannabis and the gradual acceptance of recreational use in certain states. The market is becoming more competitive with new players entering the industry and existing companies expanding their product offerings. Oceania, on the other hand, is witnessing a similar trend with countries like New Zealand moving towards legalizing recreational Cannabis use, opening up new opportunities for businesses in the market.

Local special circumstances: Australia & Oceania have unique regulatory environments that are shaping the Cannabis market in the region. The varying laws and regulations across different countries are influencing the growth and development of the industry. For example, in Australia, Cannabis cultivation is tightly regulated, requiring licenses and permits from the government. In Oceania, countries like New Zealand are navigating the legalization process, creating a dynamic market landscape for Cannabis businesses.

Underlying macroeconomic factors: The changing attitudes towards Cannabis, along with the potential economic benefits, are driving the growth of the market in Australia & Oceania. As more research highlights the therapeutic properties of Cannabis, consumers are becoming more open to trying Cannabis-based products. Additionally, the economic potential of the Cannabis industry, including job creation and tax revenue, is attracting investors and entrepreneurs to the market. These macroeconomic factors are contributing to the overall development and expansion of the Cannabis market in the region.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on companies' revenues, funding values and global consumer survey data. Revenues include retail, sales and taxes.

Modeling approach / Market size:

Market sizes are determined by a Top-Down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use financial reports, third-party data. Next, we use relevant key market indicators and data from country-specific associations such as tobacco spending per capita, medical product spending per capita, consumer spending and consumer spending for recreation purposes, population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, S-Curve function, ARIMA time series model and exponential curve function.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. GCS data is reweighted for representativeness.