Pharmaceutical Cannabis - Cyprus

Cyprus

In Cyprus, revenue in the Pharmaceutical Cannabis market is forecasted to reach US$0.89m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 5.26%, leading to a market volume of US$1.15m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$913.10m in 2024).
In terms of per person revenues in 2024, US$3.83k is generated concerning the total population figures.
Cyprus sees a growing interest in pharmaceutical cannabis research and development, positioning itself as a key player in the emerging market.

Key regions: United States, Spain, Europe, Thailand, Canada

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Currency

Analyst Opinion

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

Customer preferences: Customers in Cyprus are increasingly turning to pharmaceutical cannabis products due to growing awareness of their potential health benefits and effectiveness in treating various medical conditions. The shift towards natural and alternative medicines is also influencing consumer preferences in the country.

Trends in the market: One of the notable trends in the Pharmaceutical Cannabis market in Cyprus is the increasing acceptance and legalization of medical cannabis for therapeutic purposes. This has opened up opportunities for pharmaceutical companies to introduce a wide range of cannabis-based products to meet the rising demand in the market. Additionally, collaborations between local companies and international pharmaceutical firms are driving innovation and product development in the sector.

Local special circumstances: Cyprus's strategic location as a bridge between Europe, Africa, and the Middle East positions it as a key player in the Pharmaceutical Cannabis market. The country's favorable climate for cultivating cannabis, along with its supportive regulatory environment, is attracting investments and fostering growth in the industry. Moreover, the government's efforts to establish Cyprus as a leading medical cannabis hub in the region are further propelling the market forward.

Underlying macroeconomic factors: The growing trend towards the legalization and commercialization of medical cannabis globally is creating opportunities for countries like Cyprus to capitalize on this emerging market. The increasing acceptance of cannabis for medical use, coupled with shifting regulatory landscapes, is driving investments and shaping the future of the Pharmaceutical Cannabis market in the country. Additionally, the rising demand for alternative healthcare solutions and the potential economic benefits associated with the cannabis industry are influencing the market dynamics in Cyprus.

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.