Cannabis

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$82.89 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.

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.

Recreational Cannabis
Medical Cannabis
Pharmaceutical Cannabis
CBD Products

Illegal cannabis
Cannabis cultivated for private use

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.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Cannabis or marijuana, the psychoactive drug from the cannabis plant is growing in popularity around the globe, both for recreational and medicinal uses. While there are many countries that have legalized cannabis in some capacity for medical purposes, only a handful have done so for recreational use. Even though cannabis is not federally legal in the United States, the combined legal states represent the largest market in the world. After the U.S., Canada, which legalized cannabis nation-wide in 2018 represents the next largest market. In 2021, a new coalition government was formed in Germany that indicated that the legalization of cannabis was on their agenda. Germany would be the largest legal adult-use market in Europe and would act as a test case for other countries on the continent considering the merits of legalization.