Medical Cannabis - New Zealand | Statista Market Forecast

New Zealand's Medical Cannabis market market is projected to reach US$5.98m in 2024.
The revenue is expected to exhibit an annual growth rate (CAGR 2024-2029) of 3.25%, leading to a market volume of US$7.02m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue (US$14.53bn in 2024).
In terms of per person revenues in 2024, US$2.69k are generated concerning the total population.
New Zealand's medical cannabis market shows promising growth potential with evolving regulations and increasing patient access.

Definition:
The Medical Cannabis market encompasses products derived from the cannabis plant specifically used for medical purposes. These products may include dried flowers, oils, tinctures, capsules, and topicals. Depending on the regulations in each country or state, these products are available through medical dispensaries, pharmacies, and/or online platforms. They may be consumed in various ways such as smoking, vaporizing, ingesting, or applying topically.

Structure:
The Medical Cannabis market involves cannabinoid-based medicine without marketing authorisation. These unlicensed medicines are supplied through health systems, prescribed by doctors, or used as Active Pharmaceutical Ingredients (API). The API is manipulated and/or compounded by a magistral pharmacy to prepare a cannabinoid-based medicine without marketing authorisation. The Medical Cannabis market includes various forms of cannabis such as flowers, oils, capsules, and topicals.

Additional information:
Market values represent the revenues generated by retail prices paid to vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by patients (B2C), healthcare facilities (B2B), and governments (B2G).

Cannabinoid-based medicine not holding marketing authorisation containing THC
Cannabinoid-based medicine not holding marketing authorisation containing CBD

Cannabinoid-based medicine holding marketing authorisation containing THC
Cannabinoid-based medicine holding marketing authorisation containing CBD

Amidst the global surge in the medical cannabis market, New Zealand has been experiencing a notable evolution in this sector.

Customer preferences: Customers in New Zealand are increasingly leaning towards natural and alternative healthcare solutions, which has been a key driver in the growing demand for medical cannabis products. The shift towards organic and plant-based remedies is influencing consumer choices and boosting the acceptance of medical cannabis in the country.

Trends in the market: One prominent trend in the New Zealand medical cannabis market is the expanding range of product offerings. Companies are introducing a variety of cannabis-based products, including oils, tinctures, capsules, and topical solutions, to cater to diverse consumer needs and preferences. Moreover, there is a growing emphasis on research and development to create innovative formulations and enhance the efficacy of medical cannabis products.

Local special circumstances: New Zealand's unique regulatory environment plays a significant role in shaping the medical cannabis market. The country legalized medical cannabis in 2018, allowing for the cultivation, production, and distribution of medicinal cannabis products under strict regulations. This legalization has opened up opportunities for domestic companies to enter the market and has also attracted foreign investors looking to capitalize on the growing industry.

Underlying macroeconomic factors: The economic landscape of New Zealand, characterized by a stable economy and a supportive business environment, has been conducive to the growth of the medical cannabis market. The country's strong regulatory framework, coupled with increasing awareness and acceptance of medical cannabis among healthcare professionals and the general public, has created a favorable ecosystem for the development of the industry. Additionally, New Zealand's strategic location and trade partnerships have facilitated the import and export of medical cannabis products, further fueling market growth.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Cannabis or marijuana, the psychoactive drug from the cannabis plant is growing in popularity around the globe, both for recreational and medicinal uses. While there are many countries that have legalized cannabis in some capacity for medical purposes, only a handful have done so for recreational use. Even though cannabis is not federally legal in the United States, the combined legal states represent the largest market in the world. After the U.S., Canada, which legalized cannabis nation-wide in 2018 represents the next largest market. In 2021, a new coalition government was formed in Germany that indicated that the legalization of cannabis was on their agenda. Germany would be the largest legal adult-use market in Europe and would act as a test case for other countries on the continent considering the merits of legalization.