Medical Cannabis - Belgium

Belgium

Belgium is projected to reach a revenue of US$104.00m in the Medical Cannabis market market by 2024.
The revenue is forecasted to demonstrate an annual growth rate (CAGR 2024-2029) of 3.88%, leading to a market volume of US$125.80m by 2029.
When compared globally, the United States is expected to generate the highest revenue, amounting to US$14,530.00m in 2024.
In terms of per person revenues in 2024, US$8.54k are generated relative to the total population figures.
Belgium's medical cannabis market is burgeoning, with increased patient demand driving regulatory changes and expanding investment opportunities in the sector.

Key regions: Australia, Europe, South Africa, United States, Netherlands

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Analyst Opinion

Belgium has seen a growing interest in the Medical Cannabis market in recent years, with a number of factors driving this development.

Customer preferences: Consumers in Belgium are increasingly turning to medical cannabis as an alternative form of treatment for various health conditions. The shift towards natural and holistic remedies has influenced many individuals to explore the potential benefits of medical cannabis products.

Trends in the market: One notable trend in the Belgian Medical Cannabis market is the increasing availability of different product types and forms. From oils and tinctures to edibles and topicals, consumers have a wide range of options to choose from based on their preferences and needs. Additionally, there has been a rise in the number of medical professionals and clinics offering guidance on the use of medical cannabis, further legitimizing its place in the healthcare industry.

Local special circumstances: Belgium's progressive stance on medical cannabis has played a significant role in shaping the market within the country. The legalization of medical cannabis for certain conditions has opened up opportunities for both patients and businesses to explore this emerging industry. Moreover, the country's strategic location in Europe allows for easy access to a larger market, contributing to the growth of the Medical Cannabis sector in Belgium.

Underlying macroeconomic factors: The increasing acceptance and legalization of medical cannabis across Europe have created a favorable environment for the market to thrive in Belgium. As more countries within the region adopt similar regulations, there is a growing sense of normalization and standardization surrounding medical cannabis products. This, coupled with the rising awareness of the potential therapeutic benefits of cannabis, has led to a steady increase in demand within the Belgian market.

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.