Key regions: Australia, Europe, South Africa, United States, Netherlands
The Medical Cannabis market in BRICS countries is experiencing significant growth and development.
Customer preferences: Customers in BRICS countries are increasingly turning to medical cannabis products due to growing awareness about the potential health benefits of cannabis-based treatments. Patients are seeking alternative and natural remedies for various medical conditions, driving the demand for medical cannabis products.
Trends in the market: In Brazil, there has been a notable shift towards the legalization and regulation of medical cannabis, opening up opportunities for local and international companies to enter the market. Russia, on the other hand, is exploring the potential of medical cannabis but is still in the early stages of development. India is witnessing a rise in the use of medical cannabis for various health issues, leading to a growing market for cannabis-based pharmaceuticals. China is gradually loosening restrictions on medical cannabis, paving the way for increased research and development in the sector. South Africa has already established a framework for medical cannabis use, attracting investments and fostering market growth.
Local special circumstances: Each BRICS country has its unique regulatory environment and cultural attitudes towards cannabis, influencing the pace and direction of market development. Brazil's progressive stance on medical cannabis contrasts with Russia's more conservative approach. India's traditional use of cannabis in Ayurvedic medicine shapes its market dynamics, while China's historical perspective on cannabis as a controlled substance impacts its current policies. South Africa's experience with cannabis legalization for recreational and medicinal purposes sets it apart within the BRICS group.
Underlying macroeconomic factors: Economic factors such as population size, income levels, and healthcare infrastructure play a crucial role in shaping the medical cannabis market in BRICS countries. The diverse economic landscapes across the BRICS nations contribute to varying levels of market penetration and consumer affordability. Additionally, regulatory frameworks, political stability, and international trade agreements impact the growth potential of the medical cannabis market in the BRICS region.
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.
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