Key regions: United States, Canada, Netherlands, Germany, Thailand
The Cannabis market in Americas is experiencing significant growth and evolution, driven by changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Customers in the Americas are increasingly seeking out a wide range of cannabis products, including edibles, concentrates, and topicals, in addition to traditional dried flower. This shift in preferences is influenced by factors such as convenience, discretion, and perceived health benefits associated with different consumption methods.
Trends in the market: In the United States, the trend towards legalization at the state level has created a patchwork of regulations that vary widely across different regions. This has led to a complex market landscape with opportunities for both large multi-state operators and smaller, craft producers to thrive. Additionally, the trend towards cannabis legalization for both medical and recreational use in countries like Canada and Uruguay has set a precedent for other nations in the region to consider similar reforms.
Local special circumstances: In Canada, the legalization of recreational cannabis in 2018 has paved the way for a well-regulated market with strict quality control measures and a diverse range of products. This has led to the emergence of a robust industry with opportunities for companies to export cannabis products to international markets. In contrast, countries like Mexico are in the process of developing regulations for cannabis legalization, presenting both challenges and opportunities for businesses looking to enter the market.
Underlying macroeconomic factors: The growing acceptance of cannabis for medical and recreational use in the Americas is driven by shifting societal attitudes, as well as the potential economic benefits associated with a regulated cannabis industry. In many countries, legalization is seen as a way to generate tax revenue, create jobs, and combat the illicit market. Additionally, the COVID-19 pandemic has highlighted the resilience of the cannabis industry, with many businesses being deemed essential and experiencing strong sales during lockdowns.
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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