Cannabis - Northern Europe

  • Northern Europe
  • In Northern Europe, the revenue in the Cannabis market is forecasted to reach US$244.00m in 2024.
  • The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.23%, leading to a market volume of US$259.40m by 2029.
  • When compared globally, the United States is expected to generate the highest revenue (US$42.98bn in 2024).
  • In terms of per person revenues in 2024, US$0.05k are generated relative to the total population figures.
  • In Northern Europe, Denmark's cannabis market is witnessing a shift towards sustainable cultivation practices to meet increasing demand for organic products.

Key regions: United States, Canada, Netherlands, Germany, Thailand

 
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Analyst Opinion

The Cannabis market in Northern Europe has been experiencing significant growth and development in recent years.

Customer preferences:
Customers in Northern Europe are increasingly favoring high-quality and organic cannabis products. There is a growing demand for a wide range of cannabis derivatives, including oils, edibles, and topicals. Consumers are also showing a preference for products with specific cannabinoid profiles tailored to their individual needs.

Trends in the market:
In countries like Denmark and Sweden, there is a trend towards medical cannabis legalization, opening up new opportunities for companies in the pharmaceutical and healthcare sectors. Additionally, the Netherlands has a long-standing reputation for its cannabis culture, with Amsterdam being a popular destination for cannabis tourism. Finland and Norway are also seeing a rise in CBD products as consumers become more health-conscious.

Local special circumstances:
One unique aspect of the Northern European cannabis market is the varying degrees of legalization and regulation across different countries. While some countries have fully legalized cannabis for both medical and recreational use, others have more restrictive policies. This patchwork of regulations creates challenges for businesses looking to operate across multiple markets in the region.

Underlying macroeconomic factors:
The growing acceptance of cannabis for medical and recreational use in Northern Europe is driven by shifting societal attitudes, increased awareness of the potential health benefits of cannabis, and the potential economic opportunities associated with the industry. As more countries in the region move towards legalization, there is a growing sense of momentum in the cannabis market. Additionally, the region's strong economy and high disposable income levels contribute to the increasing demand for cannabis products.

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.

Overview

  • Revenue
  • Users
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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