Recreational Cannabis - BRICS

BRICS

Revenue in the Recreational Cannabis market market in BRICS is forecasted to reach US$209.30m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.82%, leading to a market volume of US$229.10m by 2029.
When compared globally, the United States is expected to generate the most revenue (US$24.96bn in 2024).
In terms of total population figures, per person revenues of US$140.80 are generated in 2024.
Amid regulatory changes, Brazil's recreational cannabis market shows promising growth potential for investors in the BRICS countries.

Key regions: Spain, South Africa, Europe, Netherlands, Australia

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Analyst Opinion

The Recreational Cannabis market in BRICS countries is experiencing dynamic growth and evolving trends, driven by changing customer preferences, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Consumers in Brazil are increasingly turning to recreational cannabis for relaxation and social purposes, while in Russia, there is a growing interest in cannabis products for health and wellness benefits. Indian consumers are exploring cannabis-infused products for recreational use, while in China, there is a rising demand for cannabis-based products for medicinal purposes. South Africa is witnessing a shift towards the acceptance and normalization of recreational cannabis consumption among the population.

Trends in the market: In Brazil, the trend of cannabis tourism is gaining momentum, attracting visitors to experience the local cannabis culture and products. Russia is seeing a rise in the popularity of CBD-infused products, catering to the wellness trend in the market. India is witnessing a surge in the development of cannabis-based beverages and edibles to cater to the evolving preferences of consumers. China is experiencing a growing trend of online retail platforms offering a wide range of cannabis products to meet the increasing demand. South Africa is observing a trend towards the legalization of cannabis for recreational use, opening up new opportunities in the market.

Local special circumstances: Brazil's regulatory landscape is gradually shifting towards legalization, creating a favorable environment for the growth of the recreational cannabis market. Russia has strict regulations on cannabis use, leading to a thriving black market for cannabis products in the country. India has a long history of cannabis consumption for cultural and religious practices, influencing the current market trends in the country. China's traditional views on cannabis as a controlled substance pose challenges for market growth, despite increasing demand. South Africa has made significant strides in cannabis legalization, paving the way for a burgeoning recreational cannabis market in the country.

Underlying macroeconomic factors: Economic growth and increasing disposable income in Brazil are driving consumer spending on recreational cannabis products in the market. Russia's stringent regulations and limited access to legal cannabis products are shaping the dynamics of the market in the country. In India, the growing middle-class population and changing attitudes towards cannabis are fueling market expansion. China's focus on healthcare and pharmaceutical regulations impacts the development of the recreational cannabis market in the country. South Africa's regulatory reforms and initiatives to boost the cannabis industry are propelling market growth and investment opportunities in the country.

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.