Cannabis - Norway

Norway

Norway's revenue in the Cannabis market is forecasted to reach US$61.30m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -2.45%, leading to a market volume of US$54.14m by 2029.
When compared globally, the United States is expected to generate the most revenue (US$42.98bn in 2024).
Concerning total population figures, per person revenues of US$0.03k are generated in 2024.
In Norway, the emerging trend in the cannabis market revolves around increased interest in CBD-infused products and the potential legalization of medical marijuana.

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

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Analyst Opinion

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

Customer preferences: Consumers in Norway are increasingly showing interest in cannabis products for both medical and recreational purposes. The shift in consumer preferences towards natural remedies and alternative wellness products has contributed to the growing demand for cannabis-based products in the country.

Trends in the market: One of the notable trends in the Norwegian cannabis market is the increasing acceptance and legalization of medical cannabis. This trend is driven by growing awareness of the potential health benefits of cannabis and the changing regulatory landscape in the country. Additionally, there is a rising trend towards the use of CBD products in various forms such as oils, edibles, and topicals.

Local special circumstances: Norway has traditionally had strict regulations around cannabis, with recreational use being illegal. However, there is a growing movement towards decriminalization and legalization of cannabis for personal use. This shift in attitude is influenced by changing perceptions of cannabis as well as the potential economic benefits of a regulated cannabis market.

Underlying macroeconomic factors: The growing cannabis market in Norway is also influenced by broader macroeconomic factors such as increasing disposable income levels and changing consumer preferences. As the economy continues to grow, consumers have more purchasing power to spend on cannabis products. Additionally, the trend towards wellness and self-care products is driving demand for cannabis-based remedies in the 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.