Key regions: United States, Canada, Netherlands, Germany, Thailand
The Cannabis market in BRICS countries is experiencing significant growth and development, driven by changing customer preferences, evolving trends, and unique local special circumstances.
Customer preferences: In Brazil, there is a growing demand for medicinal cannabis products due to increasing awareness of their health benefits. Russian consumers are showing interest in CBD products for wellness and relaxation purposes. Indian consumers are exploring the potential of cannabis in traditional medicine. Chinese customers are increasingly open to cannabis-based skincare products. South African consumers are seeking out cannabis-infused beverages for recreational use.
Trends in the market: In Brazil, the market is witnessing a rise in cannabis cultivation for both medical and industrial purposes. Russia is experiencing a surge in CBD product availability and consumption. India is seeing a shift towards legalizing medical cannabis and exploring its economic potential. China is focusing on hemp production for textiles and industrial use. South Africa is embracing the cannabis industry through regulatory changes and product innovation.
Local special circumstances: Brazil is navigating complex regulations that impact the cannabis market, leading to a gradual shift towards legalization. Russia has strict laws governing cannabis but is slowly opening up to CBD products. India has a long history of cannabis use in traditional medicine, influencing current attitudes and regulations. China's hemp industry is supported by government initiatives promoting its cultivation. South Africa is a key player in the African cannabis market, with a progressive stance on legalization and product development.
Underlying macroeconomic factors: The economic potential of the cannabis market is driving countries in the BRICS group to explore opportunities for growth and investment. Regulatory changes are being implemented to capitalize on the global trend towards cannabis legalization. The diversification of the cannabis industry is creating new job opportunities and revenue streams. Consumer spending patterns and cultural acceptance are shaping the direction of the market in each BRICS country.
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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