Cannabis - Romania

Romania

Revenue in the Cannabis market is projected to reach US$52.27m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.16%, resulting in a market volume of US$61.08m 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$0.04k are generated in 2024.

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

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Analyst Opinion

The Cannabis market in Romania is experiencing significant growth and development in recent years.

Customer preferences: Customers in Romania are increasingly showing interest in cannabis products for both medical and recreational purposes. The shift in consumer preferences towards natural and alternative remedies has contributed to the rising demand for cannabis-based products. Additionally, the growing awareness about the potential health benefits of cannabis has attracted a wider customer base.

Trends in the market: One noticeable trend in the Romanian Cannabis market is the increasing availability of a variety of cannabis products, including CBD oils, edibles, and topicals. This diversification of products is catering to different consumer needs and preferences. Moreover, there is a rising trend towards the legalization of medical cannabis in the country, which is driving further growth in the market. The expanding network of dispensaries and online retailers is also making cannabis products more accessible to customers across Romania.

Local special circumstances: Romania's unique position as a member of the European Union has influenced its Cannabis market development. The country's regulations and policies regarding cannabis cultivation, distribution, and consumption are aligned with EU standards, providing a sense of legitimacy and reliability to the market. Furthermore, the rich agricultural history of Romania has positioned it as a potential hub for cannabis cultivation, attracting both domestic and international investors to the market.

Underlying macroeconomic factors: The economic landscape of Romania, with its steady GDP growth and increasing disposable income among the population, has played a crucial role in the expansion of the Cannabis market. As more consumers have the financial means to purchase cannabis products, the market has experienced a boost in demand. Additionally, the government's openness to exploring the economic potential of the cannabis industry has created a favorable environment for market growth and investment.

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.