Recreational Cannabis - Australia & Oceania

Australia & Oceania

Revenue in the Recreational Cannabis market market in Australia & Oceania is forecasted to reach US$1.88bn in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.29%, leading to a market volume of US$2.21bn by 2029.
When compared globally, the United States is expected to generate the most revenue (US$24.96bn in 2024).
In terms of per person revenues relative to the total population, US$0.87k is generated in 2024.
Australia's recreational cannabis market is seeing a surge in investments and regulatory changes, indicating a growing acceptance and potential for significant market growth.

Key regions: Spain, South Africa, Europe, Netherlands, Australia

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Analyst Opinion

The Recreational Cannabis market in Australia & Oceania has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Australia & Oceania are increasingly favoring high-quality cannabis products that offer a wide range of options, including different strains, formats, and potency levels. They also show a preference for products that are sustainably sourced and produced, as well as those that offer consistent and reliable effects.

Trends in the market: In Australia, there has been a growing trend towards the legalization of recreational cannabis, with several states moving towards decriminalization or legalization. This has led to an increase in the number of cannabis dispensaries and a wider variety of products available to consumers. Additionally, there is a rising interest in alternative consumption methods such as edibles, oils, and topicals.

Local special circumstances: Australia & Oceania's unique geography and climate provide ideal conditions for cultivating high-quality cannabis. This has led to an increase in local production and a focus on developing unique strains that cater to the preferences of the region's consumers. Additionally, the cultural acceptance of cannabis for both recreational and medicinal purposes is contributing to the growth of the market.

Underlying macroeconomic factors: The growing acceptance and legalization of recreational cannabis in Australia & Oceania are driven by a combination of factors, including changing societal attitudes, increasing awareness of the potential medical benefits of cannabis, and the economic opportunities associated with the cannabis industry. This has led to a more favorable regulatory environment and increased investment in the sector, further fueling market growth.

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.