Cannabis - Italy

Italy

Italy is projected to reach a revenue of US$312.50m in the Cannabis market by 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.58%, leading to a market volume of US$337.90m 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$33.12 are generated in relation to the total population figures.
Italy is experiencing a growing trend of cannabis companies entering the market, positioning Italy as a key player in the European cannabis industry.

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

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Analyst Opinion

Italy has seen a significant evolution in its Cannabis market, reflecting changing consumer preferences and regulatory developments.

Customer preferences: Italian consumers are increasingly seeking out high-quality Cannabis products, including CBD oils and edibles, driven by a growing awareness of the potential health benefits associated with these products. There is also a rising demand for a wider variety of strains and products, indicating a more sophisticated consumer base looking for tailored experiences.

Trends in the market: One notable trend in the Italian Cannabis market is the shift towards more sustainable and organic cultivation practices. Consumers are showing a preference for products that are grown using environmentally friendly methods, reflecting a broader global trend towards sustainability in the Cannabis industry. Additionally, there is a growing interest in alternative consumption methods such as vaporizers and topicals, indicating a diversification of product offerings in the market.

Local special circumstances: Italy's Cannabis market is influenced by its unique regulatory environment, where medical Cannabis has been legal since 2013. This early legalization has allowed the market to mature and establish a foundation for further growth. The country's strict regulations ensure product quality and safety, providing consumers with confidence in the products they purchase. Furthermore, Italy's cultural acceptance of Cannabis for both medical and recreational use has contributed to the market's development.

Underlying macroeconomic factors: Italy's Cannabis market growth is also supported by favorable macroeconomic conditions, including a growing economy and increasing disposable income levels. As more consumers have the financial means to purchase Cannabis products, the market is expanding rapidly. Additionally, the government's continued support for the Cannabis industry through regulatory frameworks and initiatives further propels market growth in Italy.

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.