Key regions: United States, Canada, Netherlands, Germany, Thailand
The Cannabis market in Western Asia is experiencing a significant shift in consumer preferences and market trends, driven by various local special circumstances and underlying macroeconomic factors.
Customer preferences: Consumers in Western Asia are increasingly leaning towards cannabis products with higher CBD content, seeking the potential health benefits without the psychoactive effects of THC. This shift in preferences is in line with the global trend towards wellness and natural remedies, driving the demand for CBD-infused products such as oils, topicals, and edibles.
Trends in the market: In countries like Israel and Lebanon, there is a growing trend towards medical cannabis legalization and research, leading to an expansion of licensed producers and a wider variety of medical cannabis products available to patients. On the other hand, in more conservative countries like Saudi Arabia and Iran, where cannabis remains illegal, there is a rising interest in CBD products as a more socially acceptable alternative.
Local special circumstances: The cultural and religious norms in Western Asia play a significant role in shaping the cannabis market in the region. Countries with more liberal attitudes towards cannabis, such as Israel and Lebanon, are capitalizing on their research capabilities and historical knowledge of cannabis cultivation to establish themselves as key players in the global market. Meanwhile, countries with stricter regulations, like Saudi Arabia and Iran, are navigating the delicate balance between traditional values and evolving consumer preferences.
Underlying macroeconomic factors: Economic diversification efforts in countries like the United Arab Emirates and Qatar are driving investments in industries beyond oil and gas, including the cannabis sector. As governments look for new sources of revenue and job creation, the cannabis market presents an attractive opportunity for growth and innovation. Additionally, the impact of the COVID-19 pandemic has accelerated the acceptance of e-commerce and online retail in Western Asia, providing a new distribution channel for cannabis products in the region.
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.
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