Cannabis - Portugal

Portugal

The Cannabis market in Portugal is expected to see a significant boost in revenue in the coming years.
According to projections, the revenue is anticipated to reach a staggering US$42.80m in 2024.
This growth is further expected to continue with an annual growth rate (CAGR 2024-2029) of 2.23%.
By 2029, the market volume is estimated to reach an impressive US$47.79m.
When compared globally, it is noteworthy that in the United States is projected to generate the highest revenue in the Cannabis market, with a staggering US$42.98bn in 2024.
This demonstrates the significant impact and potential of the industry in the United States.
In terms of per person revenues, in Portugal is expected to generate US$0.03k in 2024.
This figure provides insight into the economic impact of the Cannabis market on an individual basis, highlighting the potential benefits it can bring to the country's economy.
Portugal's progressive drug policies have made it a hotbed for cannabis tourism, attracting visitors from around the world.

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

Market

Region

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Analyst Opinion

Portugal has seen a significant growth in the Cannabis market in recent years, with various factors influencing this development.

Customer preferences: Consumers in Portugal are increasingly showing interest in Cannabis products for both medicinal and recreational purposes. The growing awareness of the potential health benefits of Cannabis, along with changing societal attitudes towards its use, has led to a shift in consumer preferences. There is a rising demand for a wide range of Cannabis products, including oils, edibles, and topicals, reflecting the diverse needs and preferences of the market.

Trends in the market: One notable trend in the Cannabis market in Portugal is the increasing number of licensed producers and distributors entering the market. This trend is driven by the gradual legalization of Cannabis for medicinal use and the expanding opportunities in the industry. As more players enter the market, competition is intensifying, leading to innovation in product offerings and marketing strategies to attract and retain customers.

Local special circumstances: Portugal's unique regulatory environment has played a crucial role in shaping the Cannabis market in the country. The decriminalization of drug use in Portugal in 2001 set a progressive tone for drug policy in the country, creating a more favorable environment for the Cannabis industry to thrive. The country's strategic location in Europe also positions it as a potential hub for Cannabis cultivation and distribution, further fueling market growth.

Underlying macroeconomic factors: The economic landscape in Portugal, characterized by a growing economy and increasing disposable income levels, has contributed to the expansion of the Cannabis market. As consumers have more purchasing power, they are more willing to spend on Cannabis products, driving market growth. Additionally, the government's efforts to attract foreign investment and stimulate economic development have created opportunities for Cannabis businesses to establish a presence in the country, boosting market growth further.

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.