Cannabis - Spain

Spain

In Spain, the revenue in the Cannabis market is projected to reach US$1,960.00m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 4.75%, resulting in a market volume of US$2,472.00m by 2029.
When compared globally, in the United States is projected to generate the most revenue in the Cannabis market, with a forecasted revenue of US$42.98bn in 2024.
Considering the total population figures, in Spain, per person revenues of US$214.80 are generated in 2024.
The Cannabis market is a rapidly growing industry with significant revenue potential.
Spain's cannabis market is experiencing a surge in tourism as the country's relaxed regulations and scenic landscapes attract cannabis enthusiasts from around the world.

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

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Analyst Opinion

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

Customer preferences: Customers in Spain are increasingly showing a preference for high-quality cannabis products that offer a range of options, from medical to recreational. There is a growing demand for diverse product offerings, including CBD-infused products and edibles, reflecting a global trend towards alternative consumption methods.

Trends in the market: One notable trend in the Spanish Cannabis market is the increasing acceptance and legalization of medical cannabis. This shift in regulatory framework has opened up new opportunities for companies to enter the market and offer a variety of medical cannabis products to meet the growing demand from patients. Additionally, there is a rising trend towards sustainable and organic cultivation practices, aligning with the global movement towards eco-friendly and socially responsible products.

Local special circumstances: Spain has a long history and culture of cannabis consumption, dating back centuries. This cultural acceptance has contributed to the relatively smooth integration of cannabis products into the market. Furthermore, the country's favorable climate and agricultural expertise make it an ideal location for cannabis cultivation, leading to a competitive advantage in the European market.

Underlying macroeconomic factors: The economic impact of the COVID-19 pandemic has also played a role in shaping the Cannabis market in Spain. As the country looks to recover from the economic downturn, the cannabis industry presents an opportunity for job creation and revenue generation. This, coupled with changing attitudes towards cannabis and increasing legalization efforts, is expected to further drive the growth of the market in the coming years.

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.