Cannabis - Southern Europe

Southern Europe

In Southern Europe, the revenue in the Cannabis market is forecasted to hit US$2,743.00m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.28%, leading to a market volume of US$3,383.00m by 2029.
When compared globally, the United States will generate the highest revenue (US$42.98bn in 2024).
In terms of per person revenues, US$103.80 are generated in 2024 concerning the total population.
In Southern Europe, Italy's cannabis market is experiencing a surge in demand for high-quality CBD products due to changing regulations and increased consumer awareness.

Key regions: United States, Canada, Netherlands, Germany, Thailand

Market

Region

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Analyst Opinion

The Cannabis market in Southern Europe has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Southern Europe are increasingly seeking out high-quality cannabis products, driving demand for premium and organic options. There is a growing interest in diverse product offerings, including CBD-infused items and wellness products. Additionally, consumers are placing importance on sustainable and eco-friendly practices in the cannabis industry.

Trends in the market: In countries like Spain and Italy, there is a rising trend towards the legalization of medical cannabis, opening up opportunities for both domestic production and imports. The recreational market is also gaining traction, with more lenient attitudes towards cannabis consumption. As a result, there is a proliferation of cannabis dispensaries and online platforms catering to a diverse customer base.

Local special circumstances: Southern European countries have unique cultural attitudes towards cannabis, with a long history of hemp production for industrial and medicinal purposes. This cultural acceptance is contributing to the growing mainstream popularity of cannabis products. Moreover, the favorable climate in the region allows for outdoor cultivation, leading to a burgeoning market for locally grown cannabis.

Underlying macroeconomic factors: The economic landscape in Southern Europe, characterized by factors such as high unemployment rates and economic disparities, is prompting governments to explore the potential economic benefits of the cannabis industry. The market presents an opportunity for job creation, tax revenues, and foreign investment, which are particularly appealing in light of economic challenges faced by the region. Additionally, the shift towards cannabis legalization is aligned with broader trends in drug policy reform and public health initiatives.

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.