Medical Cannabis - Estonia

Estonia

Estonia is projected to reach a revenue of US$29.73m in the Medical Cannabis market market by 2024.
The market is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 3.98%, leading to a market volume of US$36.14m by 2029.
When compared globally, the United States is set to generate the highest revenue in 2024, amounting to US$14,530.00m.
In terms of per person revenues in 2024, in Estonia sees US$16.11k generated per capita.
Estonia's medical cannabis market shows promising growth potential, with increasing acceptance and demand for alternative treatment options among patients.

Key regions: Australia, Europe, South Africa, United States, Netherlands

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Analyst Opinion

The Medical Cannabis market in Estonia is experiencing a gradual but steady growth, reflecting the global trend towards the acceptance and legalization of medical cannabis.

Customer preferences: Customers in Estonia are increasingly turning to medical cannabis products due to the growing awareness of its potential health benefits. There is a rising interest in alternative and natural remedies, driving the demand for medical cannabis as a treatment option.

Trends in the market: One notable trend in the Estonian Medical Cannabis market is the expanding product variety and availability. As more research is conducted on the medical properties of cannabis, new and innovative products are being introduced to cater to different needs and preferences of customers in Estonia.

Local special circumstances: Estonia's unique regulatory environment plays a significant role in shaping the Medical Cannabis market. The country has taken steps towards legalizing medical cannabis, creating opportunities for local businesses to enter the market and for patients to access cannabis-based treatments. This progressive stance is contributing to the gradual growth of the market in Estonia.

Underlying macroeconomic factors: The economic stability and increasing disposable income in Estonia are also influencing the development of the Medical Cannabis market. As consumers have more purchasing power, they are willing to invest in their health and explore alternative healthcare options such as medical cannabis. This favorable economic environment is supporting the growth of the market in Estonia.

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.