Key regions: Spain, South Africa, Europe, Netherlands, Australia
The Recreational Cannabis market in EU-27 is experiencing significant growth and development, driven by changing consumer preferences, evolving regulations, and shifting societal attitudes towards cannabis consumption.
Customer preferences: Consumers in EU-27 countries are increasingly turning to recreational cannabis for various reasons, including relaxation, socialization, and potential health benefits. There is a growing acceptance and normalization of cannabis use among a wider demographic, including young adults and older generations. As a result, there is a rising demand for diverse cannabis products, such as edibles, oils, and topicals, catering to different consumer preferences and needs.
Trends in the market: Each country in the EU-27 has its unique trends shaping the recreational cannabis market. For example, in Germany, there is a growing interest in medical cannabis products, which is influencing the recreational market as well. Spain, known for its cannabis social clubs, is seeing a shift towards more commercialized retail establishments. In the Netherlands, the focus is on cannabis tourism, attracting visitors from around the world to experience their famous coffee shops. These trends indicate a dynamic and evolving market landscape across the EU-27 region.
Local special circumstances: Several EU-27 countries have implemented or are considering changes in cannabis regulations, impacting the local market dynamics. For instance, Luxembourg has recently legalized recreational cannabis, becoming the first country in the EU to do so. This move is expected to have ripple effects on neighboring countries and encourage further legalization efforts in the region. Additionally, the cultural attitudes towards cannabis consumption vary between countries, influencing consumption patterns and market growth in different ways.
Underlying macroeconomic factors: The recreational cannabis market in EU-27 is also influenced by broader macroeconomic factors, such as economic stability, consumer spending power, and regulatory frameworks. As the region continues to recover from the economic impacts of the COVID-19 pandemic, there is a growing interest in the cannabis industry as a potential source of revenue and job creation. Governments are exploring the economic benefits of legalizing and regulating the market, which can stimulate growth and innovation in the industry. Additionally, the increasing trend towards sustainability and organic products is driving demand for ethically sourced and environmentally friendly cannabis products in the EU-27 market.
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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