Cannabis - Caribbean

Caribbean

The Caribbean is expected to see revenue in the Cannabis market reach US$320.20m in 2024.
This revenue is projected to show an annual growth rate (CAGR 2024-2029) of 1.39%, leading to a market volume of US$343.10m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue (US$42.98bn in 2024).
In terms of per person revenues in 2024, US$0.52k are generated based on total population figures.
The Caribbean cannabis market is experiencing a surge in investment opportunities, attracting attention from global cannabis companies seeking strategic partnerships.

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

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: Customers in the Caribbean region are increasingly showing a preference for high-quality, locally sourced cannabis products. There is a growing demand for organic and sustainably produced cannabis, reflecting a global trend towards more natural and environmentally friendly products.

Trends in the market: One of the prominent trends in the Caribbean Cannabis market is the legalization of medical cannabis in several countries. This shift in regulations has opened up new opportunities for businesses to enter the market and cater to the growing demand for medical cannabis products. Additionally, there is a rising trend towards cannabis tourism in the region, with some countries exploring the potential of cannabis-infused experiences for visitors.

Local special circumstances: The Caribbean region has a unique climate that is well-suited for cannabis cultivation. Countries like Jamaica have a long history of cannabis cultivation and are known for producing high-quality strains. This local expertise, combined with the favorable climate conditions, gives Caribbean countries a competitive advantage in the global cannabis market.

Underlying macroeconomic factors: The economic landscape of the Caribbean plays a significant role in the development of the Cannabis market. Countries in the region are looking towards cannabis as a new revenue stream to boost economic growth and create job opportunities. The legalization of cannabis can also help to reduce illegal drug trade and generate tax revenues for governments. These macroeconomic factors are driving the growth of the Cannabis market in the Caribbean region.

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.