Recreational Cannabis - Canada

Canada

Revenue in the Recreational Cannabis market market in Canada is forecasted to reach US$4.32bn by 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.54%, leading to a market volume of US$5.14bn by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$24.96bn in 2024).
In terms of per person revenues in 2024, in Canada sees US$1.42k generated per individual based on total population figures.
Canada's Recreational Cannabis market is experiencing a surge in innovative products and brands, solidifying its position as a global leader in the industry.

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

Market

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Analyst Opinion

Canada has been a pioneer in the legalization of recreational cannabis, setting the stage for a dynamic market that continues to evolve.

Customer preferences: Consumers in Canada are increasingly seeking out a wide variety of cannabis products, including edibles, concentrates, and topicals. This shift in preferences towards alternative consumption methods is driving innovation and product diversification within the market.

Trends in the market: One notable trend in the Canadian recreational cannabis market is the emergence of boutique and craft cannabis producers. These smaller-scale producers are focusing on high-quality, premium products to cater to discerning consumers who value unique strains and sustainable cultivation practices. Additionally, the market is seeing a rise in cannabis tourism, with visitors exploring Canadian dispensaries and participating in cannabis-themed experiences.

Local special circumstances: Canada's regulatory framework, which allows for both medical and recreational cannabis use, has created a well-established industry with stringent quality control measures. This has instilled consumer confidence in the safety and reliability of cannabis products available in the market. Furthermore, the country's progressive attitudes towards cannabis legalization have fostered a culture of innovation and entrepreneurship, attracting investment and talent to the industry.

Underlying macroeconomic factors: The Canadian recreational cannabis market is also influenced by broader macroeconomic factors, such as shifting consumer attitudes towards cannabis use and increasing acceptance of the plant for its potential health and wellness benefits. Economic conditions, regulatory developments, and international trade agreements all play a role in shaping the growth and direction of 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.