Cannabis - Croatia

Croatia

The revenue in the Cannabis market in Croatia is projected to reach US$45.04m in 2024.
The revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.11%, resulting in a market volume of US$52.49m by 2029.
In global comparison, most revenue will be generated the United States (US$42.98bn in 2024).
In relation to total population figures, per person revenues of US$0.15k are generated in 2024.
Croatia's emerging Cannabis market shows promising growth potential with increasing interest from both local and international investors.

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

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: Customers in Croatia are increasingly seeking out high-quality cannabis products for both medicinal and recreational purposes. There is a growing demand for a variety of cannabis derivatives, including oils, edibles, and topicals, reflecting a shift towards more diverse consumption methods in line with global trends.

Trends in the market: One notable trend in the Croatian Cannabis market is the increasing acceptance and legalization of medical cannabis. This has opened up opportunities for both domestic cultivation and imports of medical cannabis products. Additionally, there is a rising interest in CBD products, driven by their perceived health benefits and wellness properties.

Local special circumstances: Croatia's unique geographical location and climate provide ideal conditions for cannabis cultivation. The country has a long history of cultivating hemp, and this expertise has translated into the production of high-quality cannabis products. Furthermore, the government's progressive stance on medical cannabis has created a favorable regulatory environment for the industry to thrive.

Underlying macroeconomic factors: The growing Cannabis market in Croatia is also influenced by broader macroeconomic factors. The increasing awareness and acceptance of cannabis for both medical and recreational use across Europe have contributed to the market's expansion. Moreover, the potential economic benefits of a thriving cannabis industry, including job creation and tax revenues, are driving further growth in the market.

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.