Key regions: United States, Canada, Netherlands, Germany, Thailand
Belgium, known for its waffles, chocolates, and beers, has seen a notable evolution in its Cannabis market in recent years.
Customer preferences: Belgian consumers are increasingly showing a preference for Cannabis products for both medicinal and recreational purposes. The demand for Cannabis-based wellness products, such as CBD oils and creams, has been on the rise as individuals seek alternative remedies for various health issues. Moreover, there is a growing interest in recreational Cannabis products, including edibles and beverages, reflecting a shift towards more socially acceptable consumption habits.
Trends in the market: One of the significant trends in the Belgian Cannabis market is the increasing acceptance and legalization of Cannabis for medical use. This shift in legislation has paved the way for a wider range of Cannabis-derived pharmaceuticals to enter the market, catering to patients with specific medical conditions. Additionally, the market has witnessed a surge in Cannabis cafes and social clubs, providing spaces for individuals to consume Cannabis in a controlled environment.
Local special circumstances: Belgium's unique position within the European Union allows it to serve as a strategic hub for Cannabis trade and distribution. The country's central location and well-established infrastructure make it an attractive market for Cannabis companies looking to expand their operations across Europe. Furthermore, Belgium's progressive stance on Cannabis legislation has created a favorable environment for both domestic and international players to invest in the market.
Underlying macroeconomic factors: The growth of the Cannabis market in Belgium can also be attributed to broader macroeconomic factors, such as increasing disposable income levels and changing societal attitudes towards Cannabis. As the economy continues to recover and consumer spending power strengthens, more individuals are willing to explore Cannabis products for various purposes. Moreover, ongoing debates and discussions surrounding Cannabis legalization at the national and EU levels are shaping the regulatory framework and market dynamics in Belgium.
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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