Medical Cannabis - Baltics

Baltics

In the Baltics, revenue in the Medical Cannabis market market is forecasted to reach US$74.81m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.82%, leading to a market volume of US$90.22m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$14,530.00m in 2024).
In terms of per person revenues in 2024, US$14.04k are generated in relation to the total population figures.
In the Baltics, the Medical Cannabis market is gaining traction, with increased regulatory support and growing public acceptance of alternative healthcare options.

Key regions: Australia, Europe, South Africa, United States, Netherlands

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Analyst Opinion

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

Customer preferences: Customers in the Baltics are increasingly turning to medical cannabis products due to the growing awareness of its potential health benefits and therapeutic properties. There is a shift towards natural and alternative remedies, driving the demand for medical cannabis products in the region.

Trends in the market: One of the key trends in the Medical Cannabis market in the Baltics is the gradual relaxation of regulations surrounding the use of medical cannabis. This has led to an expansion of the market as more patients have access to medical cannabis products for various health conditions. Additionally, there is a rising trend of research and development in the region to explore the full potential of medical cannabis for medical purposes.

Local special circumstances: The Baltics region has a unique regulatory environment that is shaping the development of the Medical Cannabis market. Each country in the Baltics has its own set of regulations governing the use of medical cannabis, creating a diverse landscape for market players. This diversity presents both challenges and opportunities for companies operating in the region.

Underlying macroeconomic factors: The growing acceptance of medical cannabis in the Baltics is also influenced by broader macroeconomic factors. Economic growth, increasing healthcare expenditures, and changing attitudes towards healthcare and wellness are all contributing to the expansion of the Medical Cannabis market in the Baltics. As the region continues to evolve, the market is expected to witness further growth and innovation 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.