Key regions: Spain, South Africa, Europe, Netherlands, Australia
The Recreational Cannabis market in G7 countries is experiencing significant growth and evolution, driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Consumers in G7 countries are increasingly seeking out recreational cannabis products for various reasons, including relaxation, socialization, and wellness. There is a growing acceptance and normalization of cannabis use among a wider demographic, leading to an expansion of the customer base. Additionally, there is a shift towards premium and high-quality products, with consumers showing a preference for organic, sustainably sourced, and lab-tested cannabis.
Trends in the market: In the United States, the largest market in the G7, there is a trend towards legalization at the state level, creating a patchwork of regulations and opportunities for businesses. Canada, another key player in the market, has seen significant growth since nationwide legalization, with a focus on product innovation and retail expansion. In European countries like Germany and Italy, where recreational cannabis is still largely prohibited, there is a growing push for legalization and regulation to capture economic opportunities and address social issues.
Local special circumstances: Each G7 country has its own unique set of circumstances shaping the recreational cannabis market. In the United States, the market is highly fragmented due to state-level regulations, creating both challenges and opportunities for businesses. Canada's early adoption of legalization has positioned it as a leader in the global market, with a focus on export opportunities. European countries are navigating complex regulatory frameworks and cultural attitudes towards cannabis, leading to varying degrees of acceptance and progress towards legalization.
Underlying macroeconomic factors: The growth of the recreational cannabis market in G7 countries is also influenced by broader macroeconomic factors. Economic conditions, such as job growth, disposable income, and consumer confidence, play a role in shaping demand for cannabis products. Regulatory developments, trade agreements, and political dynamics can impact market access, supply chains, and investment opportunities. Additionally, evolving attitudes towards cannabis, driven by social movements and public health considerations, are shaping the legal and cultural landscape of the 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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
