Cannabis - Australia

Australia

Australia is expected to see a revenue of €2,229.00m in the Cannabis market by 2024.
The revenue is forecasted to grow annually at a rate of 3.06% between 2024 and 2029, leading to a market volume of €2,591.00m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue of €39,440.00m in 2024.
In terms of per person revenues in 2024, €249.10 are generated in relation to the total population.
Australia's legalized cannabis market is experiencing a surge in investment, with major players eyeing lucrative opportunities in the country's growing industry.

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

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Analyst Opinion

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

Customer preferences: Customers in Australia are showing an increasing interest in cannabis products for both medicinal and recreational purposes. The demand for alternative health and wellness products has been on the rise, leading to a growing acceptance of cannabis-based remedies. Additionally, there is a shift towards more sophisticated and diverse product offerings in the market, catering to different consumer preferences and needs.

Trends in the market: One of the key trends in the Australian cannabis market is the gradual legalization and regulation of medicinal cannabis. This has opened up opportunities for companies to enter the market and develop innovative medical solutions. Another notable trend is the emergence of cannabis-infused products in various industries such as beauty, food, and beverages. This diversification of product offerings is attracting a wider customer base and driving market growth.

Local special circumstances: Australia's unique geographical location and climate present special circumstances for the cannabis market. The country's vast landmass allows for large-scale cultivation of cannabis, leading to potential cost efficiencies in production. Additionally, Australia's strict regulatory framework ensures product quality and safety, which is crucial for building consumer trust in the market. These factors contribute to the country's position as a key player in the global cannabis industry.

Underlying macroeconomic factors: The growing acceptance and legalization of cannabis in Australia are influenced by broader macroeconomic factors. Economic trends such as increasing healthcare costs and shifting consumer preferences towards natural remedies are driving the demand for cannabis products. Moreover, the potential economic benefits of a thriving cannabis industry, including job creation and tax revenue, are incentivizing policymakers to support its growth. These factors, combined with evolving societal attitudes, are shaping the future of the cannabis market in Australia.

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.