Pharmaceutical Cannabis - New Zealand

New Zealand

Revenue in the Pharmaceutical Cannabis market in New Zealand is forecasted to reach US$6.78m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.08%, leading to a market volume of US$8.28m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$913.10m in 2024).
In terms of per person revenues in relation to the total population, US$20.29k are generated in 2024.
New Zealand's pharmaceutical cannabis market is rapidly expanding, with increased research and development paving the way for innovative medical treatments.

Key regions: United States, Spain, Europe, Thailand, Canada

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Analyst Opinion

New Zealand has seen a significant growth in the Pharmaceutical Cannabis market, driven by changing customer preferences, evolving trends, and unique local circumstances.

Customer preferences: Customers in New Zealand are increasingly seeking natural and alternative health solutions, leading to a growing interest in Pharmaceutical Cannabis products. The shift towards organic and plant-based remedies has fueled the demand for cannabis-derived pharmaceuticals in the country.

Trends in the market: One notable trend in the Pharmaceutical Cannabis market in New Zealand is the expanding product offerings and availability. With more companies entering the market and diversifying their product lines, consumers now have a wider range of options to choose from, catering to different needs and preferences. Additionally, there is a growing acceptance and awareness of the potential health benefits of Pharmaceutical Cannabis, further driving its popularity among the population.

Local special circumstances: New Zealand's unique regulatory environment and progressive stance towards medical cannabis have played a significant role in shaping the Pharmaceutical Cannabis market. The country's legalization of medical cannabis in 2018 opened up opportunities for research, cultivation, and production, fostering a conducive environment for the growth of the industry. Moreover, the government's initiatives to streamline the licensing process and improve access to Pharmaceutical Cannabis products have contributed to the market's development.

Underlying macroeconomic factors: The Pharmaceutical Cannabis market in New Zealand is also influenced by broader macroeconomic factors such as changing healthcare policies, demographic shifts, and economic conditions. As the population ages and the prevalence of chronic diseases increases, there is a growing need for effective treatment options, driving the demand for Pharmaceutical Cannabis products. Additionally, the economic stability and disposable income levels in the country play a role in shaping consumer spending patterns and overall 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.