Cannabis - Nordics

Nordics

Revenue in the Cannabis market in Nordics is forecasted to reach US$153.90m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -0.21%, leading to a market volume of US$152.30m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$42.98bn in 2024).
In terms of per capita figures, each person in Nordics is projected to generate revenues of US$0.03k in 2024.
In the Nordics, the Cannabis market is seeing a growing demand for premium CBD products, reflecting a shift towards health and wellness trends.

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

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Analyst Opinion

The Cannabis market in Nordics has been experiencing significant growth and development in recent years.

Customer preferences: Customers in the Nordics are increasingly turning to cannabis products for various reasons, including medical purposes, recreational use, and wellness benefits. The shift towards more natural and holistic remedies has driven the demand for cannabis-based products in the region.

Trends in the market: In the Nordics, there is a growing trend towards the legalization and decriminalization of cannabis for both medical and recreational use. This shift in regulatory frameworks has opened up new opportunities for businesses to enter the market and for consumers to access a wider range of cannabis products. Additionally, there is a rising interest in alternative consumption methods such as edibles, topicals, and beverages, reflecting changing consumer preferences in the region.

Local special circumstances: One of the unique factors influencing the Cannabis market in the Nordics is the cultural acceptance of cannabis use in certain countries. While some Nordic countries have historically had stricter drug policies, there is a gradual shift towards more liberal attitudes towards cannabis. This changing cultural landscape is shaping the market dynamics and driving innovation in product offerings to cater to diverse consumer needs.

Underlying macroeconomic factors: The economic landscape in the Nordics, characterized by high disposable incomes and a strong focus on health and wellness, has contributed to the growth of the Cannabis market in the region. As consumers become more health-conscious and seek natural alternatives, the demand for cannabis products is expected to continue rising. Additionally, the presence of a well-established healthcare system and a growing awareness of the potential therapeutic benefits of cannabis have further fueled market expansion.

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.