Cannabis - Ireland

Ireland

Revenue in the Cannabis market in Ireland is forecasted to reach US$157.60m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.07%, leading to a market volume of US$183.30m 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, in Ireland is projected to generate revenues of US$0.08k per person in 2024.
Ireland's cannabis market is seeing a rise in demand for medical cannabis products due to evolving regulations and increasing awareness of its therapeutic benefits.

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

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Analyst Opinion

The Cannabis market in Ireland has been experiencing notable growth and development in recent years.

Customer preferences: Customers in Ireland are increasingly showing interest in alternative health and wellness products, leading to a growing demand for cannabis-based products. The shift towards natural remedies and holistic approaches to health has driven consumers to explore the benefits of cannabis for various ailments.

Trends in the market: One significant trend in the Irish Cannabis market is the increasing acceptance and legalization of medical cannabis. This shift in regulations has opened up opportunities for companies to enter the market and offer a range of medical cannabis products to meet the rising demand from patients seeking alternative treatments.

Local special circumstances: Ireland's conservative approach to drug policies in the past has created unique challenges for the Cannabis market. However, with changing attitudes towards cannabis and a growing awareness of its potential benefits, the market is gradually evolving. The country's regulatory landscape is adapting to accommodate the growing interest in cannabis products, creating a more conducive environment for industry players.

Underlying macroeconomic factors: The growing Cannabis market in Ireland can also be attributed to broader macroeconomic factors such as increasing disposable income and changing consumer preferences. As the economy continues to grow, consumers have more spending power to invest in health and wellness products, including cannabis-based offerings. Additionally, the global trend towards cannabis legalization has influenced Ireland's market dynamics, paving the way for further growth and development in the industry.

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.