Recreational Cannabis - GCC

Revenue in the 0 market in GCC is forecasted to reach 0.00 in 2024.
Revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-0.00) of [globalrevenue_currentlayer_yeartoday_currentcountryvalue], leading to a market volume of 0.00 by [globalrevenue_currentlayer_yeartoday_currentcountryvalue].
When compared globally, the majority of revenue will originate from 0 ([globalrevenue_currentlayer_yeartoday_maxcountrynameprep] in 2024).
Concerning total population statistics, per person revenues of 0.00 are projected to be generated in 2024.
The GCC countries are seeing a growing interest in the recreational cannabis market, with shifting attitudes towards legalization and regulation.

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

Market

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Analyst Opinion

The recreational cannabis market in the GCC is experiencing significant growth and development.

Customer preferences: Customers in the GCC region are increasingly showing a preference for cannabis products for recreational use due to changing societal attitudes towards cannabis consumption. The growing acceptance of cannabis for recreational purposes is being driven by factors such as relaxation, socialization, and curiosity about the effects of cannabis.

Trends in the market: In the GCC region, there is a noticeable trend towards the legalization and decriminalization of recreational cannabis. Countries in the region are exploring the potential economic benefits of regulating the recreational cannabis market, including tax revenues and job creation. This trend is in line with the global movement towards cannabis legalization for recreational use.

Local special circumstances: The GCC region has unique cultural and religious considerations that influence the development of the recreational cannabis market. While some countries in the region are moving towards legalization, others maintain strict laws against cannabis use. This diversity in regulatory approaches creates a complex landscape for cannabis businesses operating in the GCC.

Underlying macroeconomic factors: The economic diversification efforts in the GCC countries are also driving the development of the recreational cannabis market. As traditional industries face challenges, governments in the region are looking towards new sectors such as cannabis to stimulate economic growth. Additionally, the potential for cannabis tourism in the GCC presents a promising opportunity for countries looking to boost their tourism industry.

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.