Recreational Cannabis - G20

Revenue in the Recreational Cannabis market market in G20 is forecasted to reach US$35.29bn in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.96%, leading to a market volume of US$42.85bn 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$1.67k are generated relative to the total population figures.
In the G20, Mexico's recreational cannabis market shows promise with recent legislative advancements and growing investor interest.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Recreational Cannabis market in G20 countries is experiencing significant growth and development.

Customer preferences: Customers in G20 countries are increasingly favoring a shift towards the legalization and acceptance of recreational cannabis. This change in preferences is being driven by a growing awareness of the potential health benefits of cannabis products and a shift in societal attitudes towards its consumption.

Trends in the market: In the United States, there is a trend towards the legalization of recreational cannabis at the state level, leading to a fragmented market with varying regulations and opportunities for businesses. Canada, on the other hand, has established a nationwide legal framework for recreational cannabis, leading to a more unified market with clear guidelines for businesses to operate within.

Local special circumstances: In Mexico, the recent legalization of recreational cannabis is opening up new opportunities for businesses in the market. The country's large population and proximity to the United States make it a lucrative market for cannabis companies looking to expand their operations. Additionally, the cultural acceptance of cannabis use in Mexico is contributing to the growth of the market.

Underlying macroeconomic factors: The economic impact of the COVID-19 pandemic has also played a role in the development of the recreational cannabis market in G20 countries. As governments look for new sources of revenue and job creation, the legalization of cannabis presents an attractive opportunity to stimulate economic growth. Additionally, the growing trend towards cannabis legalization is driven by the potential tax revenues that can be generated from the sale of cannabis products.

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.