Cannabis - Denmark

Denmark

Revenue in the Cannabis market is projected to reach US$50.77m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.62%, resulting in a market volume of US$52.37m 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$0.03k are generated in 2024.

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

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Analyst Opinion

Denmark has seen a significant evolution in its Cannabis market, reflecting changing customer preferences, market trends, and local special circumstances.

Customer preferences: Consumers in Denmark are increasingly seeking out Cannabis products for both medicinal and recreational purposes. The growing awareness of the potential health benefits of Cannabis has led to a shift in consumer attitudes towards these products. Additionally, there is a rising demand for high-quality and organic Cannabis products among Danish consumers, driving the market towards more premium offerings.

Trends in the market: One of the notable trends in the Danish Cannabis market is the gradual legalization and regulation of Cannabis for medicinal use. This shift has opened up new opportunities for companies to enter the market and offer a variety of medical Cannabis products. Moreover, there is a growing trend towards the development of innovative consumption methods, such as Cannabis-infused edibles and beverages, catering to a broader consumer base.

Local special circumstances: Denmark's progressive approach towards Cannabis regulation has played a significant role in shaping the market landscape. The country has established a well-defined regulatory framework for the cultivation, distribution, and sale of Cannabis products, providing a stable environment for industry players to operate in. Furthermore, Denmark's strategic location within Europe has positioned it as a key player in the Cannabis market, serving as a hub for both domestic consumption and international trade.

Underlying macroeconomic factors: The Cannabis market in Denmark is also influenced by broader macroeconomic factors, including changing government policies, economic conditions, and international trade dynamics. The country's strong economy and supportive business environment have encouraged investment and innovation in the Cannabis sector, driving growth and diversification within the market. Additionally, Denmark's participation in the global Cannabis industry has been shaped by evolving trade agreements and partnerships, further fueling the market's development.

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.