Medical Cannabis - GCC

Revenue in the 0 market in GCC is forecasted to reach 0.00 in 2024.
Revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-0.00) of [globalrevenue_currentlayer_yeartoday_currentcountryvalue], leading to a market volume of 0.00 by [globalrevenue_currentlayer_yeartoday_currentcountryvalue].
When compared globally, the majority of revenue will be generated 0 ([globalrevenue_currentlayer_yeartoday_maxcountrynameprep] in 2024).
Concerning total population figures, per person revenues of 0.00 are generated in 2024.
In the GCC, the medical cannabis market is gaining traction with increasing acceptance and potential for significant growth in the near future.

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

Market

Region

Region comparison

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Analyst Opinion

Amidst the growing global trend towards the acceptance and legalization of medical cannabis, the GCC region is also experiencing a notable shift in attitudes and regulations towards this market.

Customer preferences: Customers in the GCC region are increasingly showing interest in alternative and natural healthcare solutions, leading to a rising demand for medical cannabis products. The shift towards more holistic approaches to health and wellness is driving consumers to explore the potential benefits of medical cannabis.

Trends in the market: In the GCC region, the medical cannabis market is witnessing a gradual but steady growth as governments start to acknowledge the potential therapeutic properties of cannabis. Countries in the region are beginning to explore the possibility of legalizing medical cannabis under strict regulations, opening up opportunities for both domestic production and importation.

Local special circumstances: The GCC region has traditionally had strict drug laws and conservative views on cannabis. However, changing perceptions towards cannabis for medical purposes are slowly influencing policy changes. Each country in the GCC has its own unique cultural and regulatory environment, which impacts the pace and extent of developments in the medical cannabis market.

Underlying macroeconomic factors: The economic diversification efforts in the GCC region are pushing governments to explore new industries and revenue streams, with medical cannabis emerging as a potential sector for growth. Additionally, the region's young and tech-savvy population is more open to exploring alternative healthcare options, creating a conducive environment for the development of the medical cannabis 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.