Recreational Cannabis - EMEA

EMEA

Revenue in the Recreational Cannabis market market in EMEA is forecasted to reach US$1.88bn in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.39%, leading to a market volume of US$2.33bn by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$24.96bn in 2024).
In terms of per person revenues in 2024, US$377.80 are generated concerning total population figures.
In the EMEA region, Germany is experiencing a surge in demand for high-quality recreational cannabis products, driving market growth.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Recreational Cannabis market in EMEA is experiencing significant growth and development.

Customer preferences: Consumers in EMEA are increasingly drawn to the recreational cannabis market due to changing attitudes towards cannabis use, driven by growing acceptance of its recreational and medicinal benefits. There is a shift towards seeking premium, high-quality products that offer a variety of strains and consumption methods to cater to different preferences.

Trends in the market: In countries like the Netherlands, known for its liberal cannabis policies, there is a long-established culture of cannabis consumption. The trend in the Dutch market is towards the normalization of cannabis use, with an emphasis on product quality and safety. On the other hand, in countries like Germany, the market is relatively new and evolving, with a focus on stringent regulations and quality standards to ensure consumer safety.

Local special circumstances: In the United Kingdom, there is a growing trend towards the legalization of cannabis for recreational use, driven by changing public opinion and the potential economic benefits. However, the market is still heavily regulated, with strict laws governing its sale and consumption. This presents both challenges and opportunities for businesses looking to enter the market.

Underlying macroeconomic factors: The economic landscape in EMEA plays a significant role in shaping the recreational cannabis market. Countries with strong economies and high disposable incomes, such as Switzerland and Luxembourg, are seeing a rise in cannabis consumption as consumers have more spending power. On the other hand, countries facing economic challenges may turn to the cannabis industry as a potential source of revenue through taxation and job creation.

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.