Cannabis - EMEA

EMEA

Revenue in the Cannabis market in EMEA is forecasted to reach US$7.32bn in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.01%, leading to a market volume of US$8.49bn by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$42.98bn in 2024).
In terms of per capita figures, individuals in EMEA generate revenues of US$0.07k in 2024.
In EMEA, the Cannabis market in France is experiencing a surge in investor interest despite regulatory challenges, signaling potential growth in the industry.

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

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Analyst Opinion

The Cannabis market in EMEA has been experiencing significant growth and development in recent years, driven by changing customer preferences, evolving regulations, and unique local circumstances.

Customer preferences: Customers in EMEA countries are increasingly seeking out a wider variety of cannabis products, including CBD oils, edibles, and topicals. The shift towards more diverse product offerings is influenced by growing awareness of the potential health benefits of cannabis and a desire for alternative wellness solutions.

Trends in the market: In countries like Germany and the Netherlands, medical cannabis legalization has been a key driver of market growth. Patients are prescribed cannabis for a variety of medical conditions, leading to increased demand for pharmaceutical-grade products. On the other hand, countries like Spain and Portugal are seeing a rise in cannabis tourism, with visitors exploring the local cannabis culture and products.

Local special circumstances: Each country in EMEA has its own unique set of regulations and cultural attitudes towards cannabis. For example, in the United Kingdom, there has been a gradual shift towards more lenient cannabis policies, with the legalization of medical cannabis in 2018. In contrast, countries like Russia and Turkey have strict anti-cannabis laws, limiting market opportunities in those regions.

Underlying macroeconomic factors: The economic landscape in EMEA plays a significant role in shaping the cannabis market. Countries with strong agricultural sectors, such as Italy and Greece, are exploring cannabis cultivation as a new revenue stream. Additionally, the impact of COVID-19 has accelerated the shift towards online cannabis sales and delivery services across the 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.