Cannabis - New Zealand

New Zealand

Revenue in the Cannabis market is projected to reach US$36.14m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.77%, resulting in a market volume of US$37.56m 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$0.03k are generated in 2024.

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

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Analyst Opinion

Amidst changing regulations and evolving consumer attitudes, the Cannabis market in New Zealand is experiencing significant growth and transformation.

Customer preferences: Customers in New Zealand are increasingly seeking out a wider variety of Cannabis products, including CBD oils, edibles, and topicals. This shift in preferences is driven by a growing awareness of the potential health benefits of Cannabis products and a desire for more convenient consumption methods.

Trends in the market: One notable trend in the Cannabis market in New Zealand is the rise of medical Cannabis usage. With the legalization of medical Cannabis, more patients are turning to Cannabis products to manage various health conditions. This trend is expected to continue as more research highlights the therapeutic properties of Cannabis.

Local special circumstances: New Zealand's unique geographical location and climate provide ideal conditions for Cannabis cultivation. The country's fertile land and temperate climate allow for the cultivation of high-quality Cannabis plants. Additionally, the government's efforts to regulate the Cannabis market and ensure product safety are contributing to the industry's growth.

Underlying macroeconomic factors: The Cannabis market in New Zealand is also influenced by broader macroeconomic factors, such as changing labor market dynamics and shifts in consumer spending patterns. As the economy continues to evolve, the Cannabis market is likely to see further developments and innovations to meet the changing needs 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.