Cannabis - Turkey

Turkey

Turkey's revenue in the Cannabis market is forecasted to reach US$212.20m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.77%, leading to a market volume of US$267.90m by 2029.
When compared globally, the United States is expected to generate the most revenue (US$42.98bn in 2024).
In terms of per person revenues in 2024, US$0.05k are generated in relation to the total population figures.
Turkey's evolving regulatory landscape is shaping the future of the cannabis market, attracting both local and international investors looking for opportunities in the region.

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

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: Customers in Turkey are increasingly showing interest in cannabis products for both medicinal and recreational purposes. The changing societal attitudes towards cannabis use, coupled with growing awareness of its potential health benefits, have contributed to the rising demand for cannabis products in the country.

Trends in the market: One of the notable trends in the Turkish cannabis market is the increasing popularity of CBD products. Consumers are drawn to the therapeutic properties of CBD, leading to a surge in the availability and variety of CBD products in the market. Additionally, there is a growing trend towards organic and locally sourced cannabis products as consumers prioritize quality and sustainability.

Local special circumstances: Turkey's unique geographical position makes it an ideal location for cannabis cultivation. The country's climate and soil conditions are well-suited for cannabis growth, allowing for the production of high-quality cannabis products. Furthermore, Turkey has a long history of cannabis cultivation, with certain regions having a legacy of producing cannabis for centuries.

Underlying macroeconomic factors: The Turkish government has taken steps to regulate the cannabis market, creating a legal framework for the production and sale of cannabis products. This regulatory clarity has attracted both domestic and international investors, leading to increased investment in the sector. Additionally, the potential economic benefits of a thriving cannabis industry have not gone unnoticed, with the government recognizing the industry as a potential source of revenue and job creation.

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.