Medical Cannabis - EMEA

EMEA

Revenue in the Medical Cannabis market market in EMEA is forecasted to reach US$2.37bn in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.61%, leading to a market volume of US$2.83bn 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$1.89k are generated in relation to the total population figures.
In EMEA, the medical cannabis market in Germany is experiencing rapid growth due to increasing legalization and acceptance among healthcare professionals.

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

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Analyst Opinion

The Medical Cannabis market in EMEA is experiencing significant growth and development, driven by changing regulations, increasing awareness of the potential health benefits, and shifting consumer attitudes towards alternative medicine.

Customer preferences: Customers in EMEA are increasingly seeking natural and holistic approaches to healthcare, leading to a growing demand for medical cannabis products. Many consumers are turning to medical cannabis as a potential treatment for various health conditions, including chronic pain, anxiety, and epilepsy.

Trends in the market: In Europe, countries like Germany and the Netherlands have established medical cannabis programs, leading to a rise in patient registrations and product sales. In the Middle East, countries such as Israel have been at the forefront of medical cannabis research and innovation. The market in Africa is also gaining traction, with countries like Lesotho becoming key players in cannabis cultivation.

Local special circumstances: Each country in EMEA has its own unique regulatory environment and cultural attitudes towards medical cannabis. For example, while some countries have legalized medical cannabis for certain conditions, others maintain strict restrictions. Additionally, factors such as climate and agricultural infrastructure can impact the local production and availability of medical cannabis products.

Underlying macroeconomic factors: The growing medical cannabis market in EMEA is also influenced by broader macroeconomic factors, such as increasing healthcare expenditures, rising awareness of alternative therapies, and the potential for job creation and economic growth in the cannabis industry. As governments and regulatory bodies continue to evolve their stance on medical cannabis, the market in EMEA is expected to expand further 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.