Key regions: Spain, South Africa, Europe, Netherlands, Australia
The recreational cannabis market in APAC is experiencing a significant shift in consumer preferences, market trends, and local special circumstances that are shaping its development.
Customer preferences: Consumers in APAC countries are increasingly leaning towards recreational cannabis products that offer unique flavors, convenient consumption methods, and consistent quality. With a growing focus on health and wellness, there is a rising demand for cannabis-infused products such as edibles, beverages, and topicals. Additionally, customers are showing a preference for products with lower THC levels and higher CBD content for therapeutic purposes.
Trends in the market: In Japan, there is a notable trend towards cannabis tourism, with an increasing number of international visitors seeking out cannabis-related experiences. The country's strict regulations on cannabis use have started to relax, leading to a surge in cannabis-themed events and activities catering to both locals and tourists. On the other hand, South Korea is witnessing a rise in the popularity of cannabis beauty products, with consumers embracing the anti-inflammatory and antioxidant properties of cannabis-infused skincare items.
Local special circumstances: In Australia, the recreational cannabis market is heavily influenced by the country's legalization framework, which allows for the cultivation and sale of cannabis products for adult use. This has led to a proliferation of cannabis dispensaries and online stores, offering a wide range of products to meet the diverse preferences of Australian consumers. Moreover, the cultural acceptance of cannabis use in certain regions of APAC, such as parts of India and Thailand, is contributing to the normalization of recreational cannabis consumption.
Underlying macroeconomic factors: The economic landscape in APAC countries plays a crucial role in shaping the recreational cannabis market. Countries with robust agricultural sectors, such as Vietnam and Indonesia, are exploring the potential of cannabis cultivation for export purposes, capitalizing on the growing global demand for cannabis products. Furthermore, the increasing disposable income and changing lifestyles of consumers in APAC are driving the market towards innovative cannabis products and experiences that cater to a diverse range of preferences.
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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