Cannabis - Lithuania

Lithuania

Revenue in the Cannabis market is projected to reach US$55.15m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.45%, resulting in a market volume of US$65.34m 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$0.17k are generated in 2024.

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

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Analyst Opinion

In Lithuania, the Cannabis market is experiencing a significant shift in consumer preferences and regulatory landscape, leading to notable developments in the industry.

Customer preferences: Customers in Lithuania are increasingly showing a preference for high-quality and organic cannabis products. This trend mirrors the global movement towards natural and sustainable products. Consumers are also leaning towards a variety of consumption methods, including oils, edibles, and topicals, indicating a growing acceptance and interest in alternative forms of cannabis consumption.

Trends in the market: One of the key trends in the Lithuanian Cannabis market is the gradual acceptance and legalization of medical cannabis. As more research emerges highlighting the potential therapeutic benefits of cannabis, there is a growing demand for medical cannabis products in the country. This trend is in line with the broader European shift towards medical cannabis legalization and regulation. Additionally, the market is witnessing an increase in the number of cannabis-related businesses and startups, indicating a growing interest and investment in the industry.

Local special circumstances: Lithuania's unique position within the European Union plays a significant role in shaping the Cannabis market in the country. As a member of the EU, Lithuania is subject to the regulations and policies set forth by the European Commission regarding cannabis cultivation, distribution, and consumption. This connection to the larger European market influences the development of the Cannabis industry in Lithuania and presents both opportunities and challenges for businesses operating in the sector.

Underlying macroeconomic factors: The economic landscape in Lithuania, characterized by steady growth and increasing consumer spending, provides a favorable environment for the Cannabis market to expand. As disposable incomes rise and purchasing power increases, consumers are more willing to explore cannabis products, driving demand in the market. Additionally, the government's efforts to regulate and tax the Cannabis industry contribute to its overall growth and legitimacy in the country.

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.