Key regions: United States, Canada, Netherlands, Germany, Thailand
The Cannabis market in G20 countries is experiencing significant growth and development, driven by changing customer preferences, evolving trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Customers in G20 countries are increasingly seeking out cannabis products for both medicinal and recreational purposes. The growing acceptance and legalization of cannabis in several G20 nations have led to a shift in consumer preferences towards a wider variety of cannabis products. Consumers are showing a preference for innovative cannabis-infused products such as edibles, beverages, and topicals, reflecting a desire for convenience and discretion in consumption.
Trends in the market: In the United States, the largest cannabis market within the G20, there is a trend towards state-level legalization of both medicinal and recreational cannabis. This trend has led to a surge in cannabis sales and investments in the industry. Additionally, there is a growing focus on sustainability and organic cultivation methods in countries like Canada, Germany, and Australia, reflecting consumer demand for ethically produced cannabis products.
Local special circumstances: In countries like Mexico and Brazil, where cannabis legalization is still in the early stages, there are unique regulatory challenges that companies must navigate. These countries present significant market potential, but companies operating in these regions must adapt to local regulations and cultural attitudes towards cannabis. Additionally, in countries like Japan and South Korea, where cannabis remains highly stigmatized, companies face challenges in changing public perceptions and gaining acceptance for cannabis products.
Underlying macroeconomic factors: The economic impact of the COVID-19 pandemic has accelerated the growth of the cannabis market in G20 countries. Many governments are looking to the cannabis industry as a source of tax revenue and job creation, leading to further legalization efforts. The increasing acceptance of cannabis as a legitimate industry has attracted investment and entrepreneurship, driving innovation and market expansion across G20 nations.
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.
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