Cannabis - Israel

Israel

Israel is projected to reach a revenue of US$354.90m in the Cannabis market by 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.88%, leading to a market volume of US$389.50m by 2029.
When compared globally, the United States is expected to generate the most revenue in 2024, amounting to US$42.98bn.
In terms of per person revenues in 2024, US$0.16k are generated in relation to the total population figures.
Israel's Cannabis market is rapidly growing, with a focus on medical research and innovation in cannabinoid-based treatments.

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

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Analyst Opinion

Israel has been at the forefront of cannabis research and development, with a rapidly growing market that is attracting both local and international attention.

Customer preferences: Consumers in Israel are increasingly turning to cannabis products for both medical and recreational purposes. There is a growing demand for high-quality medical cannabis products, driven by an aging population looking for alternative treatments for various health conditions. Additionally, there is a rising trend among younger demographics towards recreational cannabis consumption, leading to an expansion of the market.

Trends in the market: One of the key trends in the Israeli cannabis market is the increasing number of licensed producers and suppliers. This growth is fueled by the government's supportive regulations and policies surrounding medical cannabis, which have created a conducive environment for industry players. Moreover, there is a growing trend towards innovation in product development, with companies focusing on creating unique and diverse cannabis offerings to cater to different consumer preferences.

Local special circumstances: Israel's unique position as a global leader in cannabis research and innovation sets it apart from other markets. The country's progressive approach to cannabis regulation has paved the way for significant advancements in medical cannabis treatments and technologies. This, coupled with a strong entrepreneurial spirit and a culture of innovation, has positioned Israel as a hub for cannabis-related startups and research initiatives.

Underlying macroeconomic factors: The growing acceptance and legalization of cannabis worldwide have also had a positive impact on the Israeli market. As more countries move towards cannabis reform, Israel stands to benefit from increased international collaborations and partnerships in the industry. Additionally, the potential for cannabis exports presents a significant economic opportunity for Israel, further driving the growth and development of the market.

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.