Cannabis - Brazil

Brazil

Brazil is projected to reach a revenue of €423.90m in the Cannabis market by 2024.
The revenue is anticipated to demonstrate a 3.00% annual growth rate (CAGR 2024-2029), leading to a market volume of €491.30m by 2029.
When compared globally, the United States is expected to generate the highest revenue, with €39,850.00m in 2024.
In terms of per person revenues in 2024, €43.81 is generated concerning the total population.
Brazil's emerging cannabis market shows promising growth potential with increasing legalization efforts and a growing demand for medical and recreational products.

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

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Región

Comparación de regiones

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Analyst Opinion

Brazil has seen a significant shift in the Cannabis market in recent years, with evolving customer preferences and changing regulations driving the industry forward.

Customer preferences: Customers in Brazil are increasingly seeking out Cannabis products for both medicinal and recreational purposes. The growing awareness of the potential health benefits of Cannabis has led to a surge in demand for medical marijuana products. Additionally, there is a rising interest in alternative forms of consumption such as edibles and topicals, reflecting a shift towards more discreet and convenient options.

Trends in the market: One notable trend in the Brazilian Cannabis market is the emergence of a strong domestic production industry. With favorable climate conditions and a skilled labor force, Brazil has the potential to become a major player in Cannabis cultivation. This shift towards local production is not only driven by cost considerations but also by the desire to establish a self-sufficient industry that can cater to the growing domestic demand.

Local special circumstances: Brazil's unique regulatory environment has played a significant role in shaping the Cannabis market. The country has made strides in recent years towards legalizing the use of medical marijuana, creating opportunities for both domestic and international companies to enter the market. However, the regulatory framework is still evolving, creating uncertainties for businesses operating in the industry. Navigating the complex legal landscape requires a deep understanding of local regulations and a willingness to adapt to changes.

Underlying macroeconomic factors: The economic landscape in Brazil also influences the development of the Cannabis market. As the country grapples with economic challenges, including high unemployment rates and inflation, the Cannabis industry presents an opportunity for job creation and revenue generation. The potential tax revenues from a regulated Cannabis market could provide a much-needed boost to the economy. Additionally, the shift towards Cannabis cultivation could help revitalize rural areas and provide new sources of income for farmers. Overall, the Cannabis market in Brazil is poised for continued growth as evolving customer preferences, favorable local conditions, regulatory developments, and macroeconomic factors converge to shape the industry's trajectory.

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.