Recreational Cannabis - Malta | Statista Market Forecast

Malta is projected to reach a revenue of US$14.59m in the Recreational Cannabis market market by 2024.
The market is expected to grow annually at a rate of 5.07%, leading to a market volume of US$18.69m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue in 2024, amounting to US$24.96bn.
In terms of per person revenues in 2024, US$562.20 are generated based on total population figures.
In Malta, the recreational cannabis market is gaining traction with growing public support and potential regulatory shifts on the horizon.

Definition:
The Recreational Cannabis market encompasses products derived from the cannabis plant that are used for leisure or personal enjoyment. These products can include dried flowers, oils, edibles, tinctures, and topicals. The availability of these products is subject to the regulations in each country or state, and they can be obtained from dispensaries, retail stores, or online platforms. Consumption methods vary, and can include smoking, vaporizing, eating, or applying topically.

Structure:
The Recreational Cannabis market is a subset of the broader cannabis market, which also includes medical and pharmaceutical cannabis as well as CBD products. The Recreational Cannabis market specifically pertains to products used for personal enjoyment, as opposed to the medical and pharmaceutical markets which focus on products used for treating medical conditions. The market includes various forms of cannabis such as flowers, concentrates, edibles, and topicals.

Additional information:
The market values represent the revenues generated by retail prices paid to vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C).

Cannabis containing THC used for recreational purposes
Extracts
Dried cannabis
Edibles
Beverages

Medical cannabis
Pharmaceutical cannabis
CBD Products

The Recreational Cannabis market in Malta has been witnessing significant growth and development in recent years.

Customer preferences: Customers in Malta are increasingly gravitating towards high-quality, organic cannabis products that offer a wide range of strains and potency levels. They are also showing a preference for products that are ethically sourced and produced in a sustainable manner.

Trends in the market: One notable trend in the Maltese market is the increasing acceptance and normalization of recreational cannabis use among the population. This shift in attitude is driving demand for a diverse array of cannabis products, including edibles, concentrates, and topicals. Additionally, there is a growing interest in cannabis tourism, with visitors seeking out unique cannabis experiences while in Malta.

Local special circumstances: Malta's strategic location in the Mediterranean makes it an attractive market for cannabis producers looking to establish a foothold in Europe. The country's progressive stance on cannabis legislation, including the legalization of medical cannabis, has created a favorable environment for the growth of the recreational market. Furthermore, Malta's robust regulatory framework provides a level of safety and quality assurance for consumers.

Underlying macroeconomic factors: The growing trend of cannabis legalization and decriminalization across Europe is influencing Malta's approach to cannabis regulation. As more countries in the region move towards legalizing recreational cannabis, Malta is positioning itself as a key player in the emerging European cannabis market. Additionally, the potential economic benefits of a thriving cannabis industry, including job creation and tax revenue, are driving government support for the sector's development.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Cannabis or marijuana, the psychoactive drug from the cannabis plant is growing in popularity around the globe, both for recreational and medicinal uses. While there are many countries that have legalized cannabis in some capacity for medical purposes, only a handful have done so for recreational use. Even though cannabis is not federally legal in the United States, the combined legal states represent the largest market in the world. After the U.S., Canada, which legalized cannabis nation-wide in 2018 represents the next largest market. In 2021, a new coalition government was formed in Germany that indicated that the legalization of cannabis was on their agenda. Germany would be the largest legal adult-use market in Europe and would act as a test case for other countries on the continent considering the merits of legalization.