Medical Cannabis - Turkey

Turkey

Turkey projects a revenue of US$58.64m in the Medical Cannabis market market by 2024.
The market is expected to grow annually at a rate of 6.04% (CAGR 2024-2029), reaching a volume of US$78.64m by 2029.
When compared globally, the United States leads in revenue generation with US$14,530.00m in 2024.
In terms of per capita figures, in 2024, each person contributes US$3.24k to the revenue in Turkey.
Turkey's medical cannabis market shows promising growth potential with increasing research and regulatory developments paving the way for future investments and advancements.

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

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Analyst Opinion

The Medical Cannabis market in Turkey has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Turkey are increasingly showing interest in alternative medical treatments, including medical cannabis, due to its potential health benefits and fewer side effects compared to traditional pharmaceuticals. The growing awareness and acceptance of medical cannabis as a treatment option have driven demand among patients seeking relief from various medical conditions.

Trends in the market: One of the key trends in the Medical Cannabis market in Turkey is the gradual legalization and regulation of medical cannabis products. This shift in regulatory framework has opened up opportunities for domestic cultivation, production, and distribution of medical cannabis, leading to a more structured and transparent market. Additionally, partnerships between local companies and international players have helped bring expertise and investment into the market, further fueling its growth.

Local special circumstances: Turkey's unique geographical location provides a strategic advantage for the Medical Cannabis market. The country's climate and fertile land make it suitable for cannabis cultivation, positioning Turkey as a potential hub for medical cannabis production in the region. Furthermore, the government's efforts to support the development of the medical cannabis industry through regulatory reforms and investment incentives have created a conducive environment for market expansion.

Underlying macroeconomic factors: The growing Medical Cannabis market in Turkey is also influenced by macroeconomic factors such as increasing healthcare expenditure, rising chronic diseases, and shifting attitudes towards medical cannabis. As the healthcare sector continues to evolve and prioritize patient-centered care, medical cannabis is emerging as a viable treatment option, driving market growth. Moreover, economic factors such as job creation, tax revenues, and export opportunities from the medical cannabis industry are contributing to its overall development and sustainability.

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.