Key regions: United States, Canada, Netherlands, Germany, Thailand
The Cannabis market in Europe has been experiencing significant growth and development in recent years.
Customer preferences: Customers in Europe are increasingly turning to cannabis products for both recreational and medicinal purposes. The growing acceptance and legalization of cannabis in various European countries have led to a shift in consumer preferences towards alternative and natural remedies. There is a rising demand for a wide range of cannabis products, including CBD oils, edibles, and topicals, driven by the increasing awareness of the potential health benefits associated with these products.
Trends in the market: In countries like Germany and the Netherlands, there is a growing trend towards the legalization of medical cannabis, creating opportunities for both domestic and international players in the market. The CBD market, in particular, has been witnessing a surge in popularity, with a focus on wellness and self-care products. Additionally, there is a rise in the number of cannabis dispensaries and online retailers catering to the diverse needs of consumers across Europe.
Local special circumstances: Each European country has its own unique regulations and policies regarding the cultivation, sale, and consumption of cannabis products. For example, countries like Spain and Portugal have decriminalized the personal use of cannabis, leading to a flourishing cannabis culture in these regions. On the other hand, countries like France and the United Kingdom have stricter regulations in place, limiting the availability of cannabis products to consumers. These local circumstances play a significant role in shaping the dynamics of the cannabis market in Europe.
Underlying macroeconomic factors: The economic landscape of Europe, with its diverse consumer base and strong purchasing power, has contributed to the growth of the cannabis market in the region. The increasing disposable income and changing attitudes towards cannabis use have created a favorable environment for market expansion. Additionally, the European Union's regulatory framework and support for medical cannabis research have paved the way for further market development and innovation in the industry.
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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