Key regions: United States, Canada, Netherlands, Germany, Thailand
The global Cannabis market is experiencing significant growth and evolution, driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Customers worldwide are increasingly favoring Cannabis products for medicinal and recreational purposes. The shift towards natural and alternative remedies, coupled with growing awareness of the health benefits of Cannabis, has led to a surge in demand for a wide range of Cannabis-based products.
Trends in the market: In North America, the Cannabis market is witnessing rapid expansion due to legalization efforts in various states and countries. The increasing acceptance of Cannabis for both medical and recreational use is driving market growth and attracting significant investments from both established companies and new entrants. In Europe, the Cannabis market is also experiencing growth, albeit at a slower pace compared to North America. The region's regulatory environment and cultural attitudes towards Cannabis are evolving, creating opportunities for market players to capitalize on the growing demand for Cannabis products.
Local special circumstances: In Asia, where Cannabis regulations are more stringent, the market is still in its nascent stages. However, changing attitudes towards Cannabis, particularly for medicinal purposes, are creating opportunities for market development in countries like Thailand and South Korea. Cultural perceptions and regulatory frameworks play a significant role in shaping the Cannabis market in Asia. In South America, countries like Uruguay and Colombia have emerged as key players in the Cannabis market due to favorable regulations and conducive growing conditions. The region's rich history of Cannabis cultivation and increasing acceptance of Cannabis for medical use are driving market growth in South America.
Underlying macroeconomic factors: Global economic factors, such as changing consumer spending patterns, government policies, and trade dynamics, also influence the Cannabis market. Economic stability, regulatory frameworks, and market liberalization are key drivers of growth in the Cannabis industry worldwide. As countries continue to legalize Cannabis and explore its economic potential, the global market is expected to expand further in the coming years.
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.
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