Definition:
The Cannabis market covers products derived from the cannabis plant used for medical or recreational purposes. These products may include dried flowers, oils, edibles, tinctures, and topicals. Depending on the regulations in each country or state, these products are provided by dispensaries, pharmacies, and/or online platforms. They may be consumed in the form of smoking, vaporizing, eating, or applying topically.
Structure:
The market includes Medical, Pharmaceutical, and Recreational Cannabis as well as CBD Products. The Medical and Pharmaceutical Cannabis markets include products used to treat conditions such as chronic pain, mental disorders, and other medical conditions. The Recreational Cannabis and the the CBD Products markets include products used for personal enjoyment or leisure purposes. All cannabis markets include various forms of cannabis such as flowers, concentrates, edibles, and topicals.
Additional information:
Market values represent the revenues generated by retail prices paid to vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).
Company examples: Canopy Growth Corporation, Aurora Cannabis, Curaleaf Holdings, Tilray, Green Thumb Industries, Trulieve Cannabis, Verano Holdings.
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Mar 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Market Insights
The Cannabis market in Estonia is showing promising signs of growth and development.
Customer preferences: Customers in Estonia are increasingly seeking out cannabis products for both recreational and medicinal purposes. The growing awareness of the potential health benefits of cannabis products is driving demand in the market. Additionally, the shift towards natural and organic products is also influencing customer preferences towards cannabis-based offerings.
Trends in the market: One of the notable trends in the Estonian cannabis market is the increasing availability of a wide range of products. From CBD oils and edibles to skincare products infused with cannabis extracts, consumers in Estonia now have access to a variety of options. Furthermore, there is a growing trend towards the acceptance and normalization of cannabis use in the country, leading to a more open and receptive market environment.
Local special circumstances: Estonia's relatively small population size and unique regulatory environment play a significant role in shaping the cannabis market in the country. The strict regulations surrounding the sale and distribution of cannabis products have created barriers to entry for businesses, leading to a limited number of players in the market. However, the progressive attitude towards cannabis use among the population indicates potential for further market expansion in the future.
Underlying macroeconomic factors: Estonia's stable economy and increasing disposable income levels are contributing to the growth of the cannabis market in the country. As consumers become more willing to spend on wellness and lifestyle products, the demand for cannabis offerings is expected to rise. Additionally, Estonia's strategic location within the European Union provides opportunities for market expansion and exportation of cannabis products to other EU countries.
Most recent update: Mar 2024
Source: Statista Market Insights
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights