Cannabis - Finland

Finland

Finland's Cannabis market is forecasted to reach US$41.87m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.82%, leading to a market volume of US$45.82m 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, US$0.03k are generated in 2024.
Finland's cannabis market is seeing a rise in demand for CBD-infused products as consumers prioritize health and wellness trends.

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

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Analyst Opinion

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

Customer preferences: Customers in Finland are increasingly favoring high-quality cannabis products that are sourced from reputable suppliers. There is a growing demand for a variety of cannabis derivatives such as oils, edibles, and topicals. Consumers are also showing a preference for products with specific cannabinoid profiles tailored to their individual needs.

Trends in the market: One of the notable trends in the Finnish cannabis market is the increasing acceptance and legalization of medical cannabis. This has led to a surge in the number of patients seeking cannabis-based treatments for various health conditions. Additionally, there is a rising trend of wellness-focused cannabis products catering to health-conscious consumers looking for natural remedies.

Local special circumstances: Finland has a unique regulatory environment that influences the cannabis market. The country has strict regulations governing the sale and use of cannabis products, which has created challenges for businesses operating in the market. However, recent legislative changes have paved the way for the establishment of a legal framework for the production and distribution of medical cannabis.

Underlying macroeconomic factors: The growing acceptance of cannabis for medical and wellness purposes, coupled with evolving consumer preferences, is driving the expansion of the cannabis market in Finland. Additionally, the increasing awareness of the potential health benefits of cannabis products is fueling demand in the market. As the industry continues to mature, it is expected that the Finnish cannabis market will witness further growth and diversification in the coming years.

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.