Cannabis - Czechia

Czechia

Revenue in the Cannabis market in Czechia is forecasted to reach US$44.63m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 2.76%, leading to a market volume of US$51.15m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$42.98bn in 2024).
In terms of per person revenues in relation to the total population, US$0.03k are generated in 2024.
Czechia's Cannabis market is flourishing with a growing demand for CBD products and a rising number of innovative startups entering the industry.

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

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Analyst Opinion

The Cannabis market in Czechia has been experiencing significant growth in recent years.

Customer preferences: Consumers in Czechia are increasingly leaning towards cannabis products for both medicinal and recreational purposes. The shift in preferences can be attributed to the growing awareness of the potential health benefits of cannabis products. Additionally, the changing social attitudes towards cannabis use have also contributed to the increasing demand among consumers.

Trends in the market: One notable trend in the Czech cannabis market is the rising popularity of CBD products. CBD, a non-psychoactive compound found in cannabis, has gained traction for its perceived therapeutic properties. As more consumers seek natural remedies and wellness products, the demand for CBD products such as oils, edibles, and topicals continues to rise in Czechia. Moreover, the increasing number of specialized cannabis shops and online retailers indicates a growing market for cannabis products in the country.

Local special circumstances: Czechia has relatively lenient regulations surrounding the use of cannabis compared to some other European countries. The decriminalization of small-scale cannabis possession for personal use has created a more permissive environment for cannabis consumers in Czechia. This legal landscape has contributed to the growth of the cannabis market in the country, attracting both domestic and international players to enter the market.

Underlying macroeconomic factors: The overall economic stability and increasing disposable income levels in Czechia have also played a role in driving the growth of the cannabis market. As consumers have more purchasing power, they are more inclined to spend on premium cannabis products and accessories. Additionally, the thriving tourism industry in Czechia has further boosted the demand for cannabis products, particularly among visitors looking to explore the local cannabis culture.

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.