Cannabis - Central & Western Europe

Central & Western Europe

Revenue in the Cannabis market is projected to reach US$3.17bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.29%, resulting in a market volume of US$3.55bn by 2029.
In global comparison, most revenue will be generated in the United States (US$42.98bn in 2024).
In relation to total population figures, per person revenues of US$0.04k are generated in 2024.

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

Market

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Region comparison

Currency

Analyst Opinion

The Cannabis market in Central & Western Europe is experiencing a significant growth due to changing customer preferences, evolving trends, and unique local special circumstances.

Customer preferences: Customers in Central & Western Europe are increasingly leaning towards cannabis products for medicinal and recreational purposes. The growing awareness about the potential health benefits of cannabis, coupled with changing societal attitudes, is driving the demand for a wide range of cannabis products in the region.

Trends in the market: In countries like Germany and the Netherlands, there is a rising trend towards the legalization and regulation of cannabis for both medical and recreational use. This shift is opening up new opportunities for businesses to enter the market and cater to the growing demand for cannabis products. Additionally, there is a noticeable trend towards the diversification of cannabis products, with an increasing focus on innovative delivery methods and unique formulations to meet consumer preferences.

Local special circumstances: Central & Western Europe is characterized by a diverse regulatory landscape when it comes to cannabis. While some countries have fully legalized cannabis for recreational use, others have strict regulations in place for its cultivation, distribution, and consumption. This patchwork of regulations creates unique challenges and opportunities for businesses operating in the region, requiring them to navigate complex legal frameworks and adapt their strategies accordingly.

Underlying macroeconomic factors: The growing cannabis market in Central & Western Europe is also influenced by underlying macroeconomic factors such as economic growth, consumer spending power, and regulatory developments. As the region continues to recover from the economic impacts of the COVID-19 pandemic, there is a renewed focus on industries that have the potential to drive growth and create jobs. The cannabis market, with its promising revenue prospects and job creation opportunities, is increasingly being viewed as a key sector for economic development 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.