Cannabis - EAEU

EAEU

Revenue in the Cannabis market is projected to reach US$90.19m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 17.85%, resulting in a market volume of US$174.00m by 2028.
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$0.63 are generated in 2024.

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

Market

Region

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Analyst Opinion

The Cannabis market in the Eurasian Economic Union (EAEU) is showing promising signs of development and growth.

Customer preferences: Customers in the EAEU region are increasingly leaning towards cannabis products for both medicinal and recreational purposes. The shift in preferences can be attributed to the growing awareness of the potential health benefits of cannabis products and the changing societal attitudes towards its consumption.

Trends in the market: One of the notable trends in the EAEU Cannabis market is the increasing legalization and decriminalization of cannabis in member countries. This trend is driven by the recognition of the economic potential of the cannabis industry, as well as the desire to regulate and control the market to ensure consumer safety. Additionally, there is a rising trend of research and development in the region to explore the diverse applications of cannabis in various industries such as pharmaceuticals, cosmetics, and food and beverages.

Local special circumstances: The EAEU region is characterized by a diverse regulatory landscape when it comes to cannabis. While some member countries have fully legalized cannabis for both medical and recreational use, others have more restrictive policies in place. This patchwork of regulations creates unique challenges and opportunities for businesses operating in the region, requiring them to navigate different legal frameworks and market dynamics.

Underlying macroeconomic factors: The economic landscape of the EAEU plays a significant role in shaping the Cannabis market. Factors such as GDP growth, consumer spending power, and government policies impact the demand for cannabis products in the region. As the EAEU countries continue to experience economic development and social change, the cannabis market is expected to evolve accordingly to meet the shifting needs and preferences of consumers.

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.