Medical Cannabis - Portugal

Portugal

Portugal is expected to see its Medical Cannabis market market revenue reach US$7.50m by 2024.
The market is projected to experience a Compound Annual Growth Rate (CAGR 2024-2029) of 4.24%, leading to a market volume of US$9.23m by 2029.
When compared globally, the United States will generate the highest revenue in 2024, amounting to US$14,530.00m.
In terms of per capita figures, in 2024, each individual in Portugal contributes US$2.99k in revenue.
Portugal's medical cannabis market is blossoming, attracting increased investment and research, positioning the country as a key player in the global cannabis industry.

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

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Analyst Opinion

Portugal has seen a significant growth in the Medical Cannabis market in recent years, reflecting changing attitudes towards cannabis products for medicinal purposes.

Customer preferences: Patients in Portugal are increasingly turning to Medical Cannabis as an alternative treatment option for various health conditions. The growing awareness of the potential therapeutic benefits of cannabis products has led to a shift in consumer preferences towards natural and holistic remedies.

Trends in the market: One of the key trends observed in the Portuguese Medical Cannabis market is the expanding range of product options available to consumers. From oils and tinctures to capsules and topicals, patients have a variety of choices to suit their individual needs. This diversification of products is indicative of a maturing market that is catering to a wider customer base.

Local special circumstances: Portugal's progressive legislation on Medical Cannabis has played a crucial role in shaping the market dynamics. The country decriminalized the personal use of all drugs in 2001 and legalized Medical Cannabis in 2018, creating a conducive environment for industry growth. Additionally, Portugal's strategic geographical location in Europe allows for easy access to other markets in the region, further enhancing its position in the Medical Cannabis industry.

Underlying macroeconomic factors: The economic landscape in Portugal has also contributed to the development of the Medical Cannabis market. The industry presents opportunities for job creation, investment, and revenue generation, which are particularly valuable in a post-recession economy. As the market continues to evolve, collaborations between local companies and international players are likely to increase, driving further innovation and growth in the Medical Cannabis sector.

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.