Cannabis - United Kingdom

United Kingdom

Revenue in the Cannabis market in the United Kingdom is forecasted to reach US$445.60m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.71%, leading to a market volume of US$485.00m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$42.98bn in 2024).
In terms of per person revenues in 2024, US$25.11 are generated in relation to the total population figures.
The United Kingdom's Cannabis market is experiencing a surge in investment opportunities, attracting both domestic and international investors.

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

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Analyst Opinion

The Cannabis market in United Kingdom has been experiencing significant growth and evolution in recent years.

Customer preferences: Customers in the United Kingdom are increasingly seeking out a variety of cannabis products, including CBD oils, edibles, and topicals. There is a growing interest in natural and alternative health remedies, driving the demand for cannabis-based products. Additionally, there is a trend towards premium and high-quality cannabis products among consumers who value potency and purity.

Trends in the market: One notable trend in the UK Cannabis market is the increasing acceptance and legalization of medical cannabis. This has opened up new opportunities for companies to develop and market medical cannabis products. Another trend is the rise of online retail channels for cannabis products, providing consumers with convenient access to a wide range of options. Additionally, there is a growing emphasis on research and development in the industry, leading to innovative product offerings and formulations.

Local special circumstances: The regulatory environment in the United Kingdom plays a significant role in shaping the Cannabis market. With evolving regulations and policies surrounding cannabis use, companies must navigate a complex legal landscape to operate in the market. This has led to a diverse range of products available to consumers, as companies innovate to comply with regulations while meeting consumer demands. Moreover, cultural attitudes towards cannabis are shifting, with increasing acceptance and normalization of its use contributing to market growth.

Underlying macroeconomic factors: The economic landscape in the United Kingdom also influences the Cannabis market. As the market continues to expand, it creates job opportunities and stimulates economic growth. The tax revenue generated from the sale of cannabis products can also contribute to government coffers. Additionally, consumer spending habits and disposable income levels impact the demand for cannabis products, with shifts in the economy influencing purchasing patterns within the 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.