Medical Cannabis - New Zealand

New Zealand

New Zealand's Medical Cannabis market market is projected to reach US$5.98m in 2024.
The revenue is expected to exhibit an annual growth rate (CAGR 2024-2029) of 3.26%, leading to a market volume of US$7.02m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue (US$14,530.00m in 2024).
In terms of per person revenues in 2024, US$2.69k are generated concerning the total population.
New Zealand's medical cannabis market shows promising growth potential with evolving regulations and increasing patient access.

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

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Analyst Opinion

Amidst the global surge in the medical cannabis market, New Zealand has been experiencing a notable evolution in this sector.

Customer preferences: Customers in New Zealand are increasingly leaning towards natural and alternative healthcare solutions, which has been a key driver in the growing demand for medical cannabis products. The shift towards organic and plant-based remedies is influencing consumer choices and boosting the acceptance of medical cannabis in the country.

Trends in the market: One prominent trend in the New Zealand medical cannabis market is the expanding range of product offerings. Companies are introducing a variety of cannabis-based products, including oils, tinctures, capsules, and topical solutions, to cater to diverse consumer needs and preferences. Moreover, there is a growing emphasis on research and development to create innovative formulations and enhance the efficacy of medical cannabis products.

Local special circumstances: New Zealand's unique regulatory environment plays a significant role in shaping the medical cannabis market. The country legalized medical cannabis in 2018, allowing for the cultivation, production, and distribution of medicinal cannabis products under strict regulations. This legalization has opened up opportunities for domestic companies to enter the market and has also attracted foreign investors looking to capitalize on the growing industry.

Underlying macroeconomic factors: The economic landscape of New Zealand, characterized by a stable economy and a supportive business environment, has been conducive to the growth of the medical cannabis market. The country's strong regulatory framework, coupled with increasing awareness and acceptance of medical cannabis among healthcare professionals and the general public, has created a favorable ecosystem for the development of the industry. Additionally, New Zealand's strategic location and trade partnerships have facilitated the import and export of medical cannabis products, further fueling market growth.

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.