Cannabis - GCC

Revenue in the Cannabis market in the GCC is forecasted to reach 0.00 in 2024.
Revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-0.00) of [globalrevenue_currentlayer_yeartoday_currentcountryvalue], leading to a market volume of 0.00 by [globalrevenue_currentlayer_yeartoday_currentcountryvalue].
When compared globally, the majority of revenue will be generated in 0 ([globalrevenue_currentlayer_yeartoday_maxcountrynameprep] in 2024).
In terms of total population figures, per person revenues of 0.00 are expected to be generated in 2024.
In the GCC, the Cannabis market shows potential for growth as regulations evolve towards more liberal attitudes.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Cannabis market in GCC is experiencing significant growth and development, driven by changing customer preferences, evolving trends, and unique local special circumstances.

Customer preferences: Customers in the GCC region are increasingly open to exploring alternative wellness options, including cannabis products. There is a growing acceptance of the potential health benefits of cannabis-based products, leading to a shift in consumer preferences towards these offerings.

Trends in the market: One of the key trends in the GCC Cannabis market is the rising demand for CBD products. CBD, known for its non-psychoactive properties, is gaining popularity among consumers seeking natural remedies for various health issues. This trend is driving the market towards a wider range of CBD-infused products, including oils, edibles, and skincare items.

Local special circumstances: The GCC region has unique circumstances that influence the Cannabis market. The conservative cultural and regulatory environment poses challenges for the industry, leading to a more cautious approach to market expansion. However, with changing attitudes and increasing awareness, there is a gradual shift towards more openness and acceptance of cannabis products.

Underlying macroeconomic factors: The economic diversification efforts in the GCC countries are playing a significant role in shaping the Cannabis market. As governments look for new sources of revenue and job creation, the cannabis industry presents opportunities for growth and investment. Additionally, the region's strategic location and infrastructure developments contribute to the market's expansion by facilitating trade and distribution of cannabis products.

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.