Key regions: United States, Canada, Netherlands, Germany, Thailand
Austria has seen a significant evolution in its Cannabis market over the past few years.
Customer preferences: Customers in Austria are increasingly seeking out high-quality Cannabis products, driving demand for premium strains and products. There is a growing interest in organic and sustainably sourced Cannabis, reflecting a broader global trend towards health-conscious consumption. Additionally, convenience plays a key role in customer preferences, leading to a rise in demand for Cannabis-infused products such as oils, edibles, and topicals.
Trends in the market: One notable trend in the Austrian Cannabis market is the increasing acceptance and legalization of medical Cannabis. This shift has opened up new opportunities for both domestic and international players to enter the market and offer a variety of medical Cannabis products. Another trend is the emergence of specialized Cannabis dispensaries and online platforms, providing consumers with a wider selection of products and delivery options. Moreover, there is a growing trend towards Cannabis tourism in Austria, with an influx of visitors interested in exploring the local Cannabis culture and products.
Local special circumstances: Austria's unique regulatory environment has played a significant role in shaping the Cannabis market in the country. The legalization of medical Cannabis and the decriminalization of possession for personal use have created a more favorable landscape for Cannabis businesses to operate. Additionally, Austria's rich history of hemp cultivation has contributed to a positive perception of Cannabis among the population, further fueling market growth.
Underlying macroeconomic factors: The steady economic growth in Austria has provided consumers with higher purchasing power, enabling them to spend more on Cannabis products. Moreover, the country's strategic location in Europe has made it a key player in the regional Cannabis market, attracting investments and partnerships from neighboring countries. The evolving regulatory framework and government support for the Cannabis industry have also boosted investor confidence and fueled market expansion.
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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