Key regions: Spain, South Africa, Europe, Netherlands, Australia
The Recreational Cannabis market in Americas is experiencing significant growth and evolution, driven by shifting customer preferences, changing regulations, and unique local circumstances across different countries in the region.
Customer preferences: Customers in the Americas are increasingly gravitating towards recreational cannabis products that offer diverse options in terms of strains, potency, and consumption methods. There is a growing demand for premium and exotic strains, as well as products with precise dosing for a more tailored experience. Additionally, consumers are showing a preference for edibles, beverages, and concentrates, reflecting a desire for discreet and convenient consumption methods.
Trends in the market: In the United States, the trend towards legalization at the state level has created a patchwork of regulations, leading to a booming market with intense competition among businesses. Brands are focusing on innovation, branding, and expanding product lines to stand out in a crowded market. On the other hand, Canada has established a nationwide legal framework for recreational cannabis, leading to a more structured market with a focus on quality control and standardization.
Local special circumstances: In Mexico, the recent legalization of recreational cannabis presents a unique opportunity for businesses to tap into a large and relatively untapped market. However, the country is still in the process of developing regulations and infrastructure, creating challenges and uncertainties for industry players. In contrast, Uruguay was one of the first countries in the world to fully legalize recreational cannabis, offering a well-established market with clear rules and government support.
Underlying macroeconomic factors: The economic impact of the COVID-19 pandemic has played a significant role in shaping the recreational cannabis market in the Americas. As governments look for new sources of revenue and job creation, many are turning to the cannabis industry as a potential solution. This has led to increased legalization efforts and a growing acceptance of cannabis as a legitimate industry that can stimulate economic growth. Additionally, the gradual shift in public perception towards cannabis as a mainstream product has contributed to the expansion of the recreational market across the region.
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.
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