After a booming summer for socialising, things are starting to cool off. Inflation and the cost of living crisis are catching up with consumers who might still have some pent-up desire to go out. These conflicting desires leave consumers dangling between spend and save, while still looking for ways to continue their social lives.
As cannabis starts to appear in the headlines around the world, both consumers and companies have started to show interest in experimenting with cannabis products.
The tobacco and nicotine market is changing rapidly and the environment in which it operates is more turbulent than ever. Euromonitor is delighted to introduce a new tool, the Tobacco Forecast Model, that can assist in plotting a course through this disruption and navigate future market evolution.
In 2022, Euromonitor researched the Japanese cannabis market for the first time. While only in its initial stages, there are high growth opportunities, particularly among health-conscious Japanese consumers, given inherent demand for better sleep and pain relief.
The US dominates the global cannabis market, generating 81% total value share in 2021. At the same time, European countries account for 8% share of worldwide value following Canada with 9%. Poland is responsible for an 8% value share of European countries; adult-use is prohibited by law, medical cannabis is only legal with a prescription, while CBD is freely available.
Indonesia is the second largest cigarette market in the world, and is the largest market meaningfully accessible to international companies, given trading restrictions in China. Smoking levels remain high and despite economic and regulatory threats to demand, this remains a key market to watch for tobacco.
As the first cracks appear in the pan-European prohibitionary edifice, Germany is about to embark on a legalisation journey of seismic proportions and far-reaching ripple effects. Could this be the catalyst that will ultimately shift the green limelight onto European markets?
In this podcast, Shane MacGuill, Euromonitor International’s Global Lead for Nicotine & Cannabis discusses the drivers of environmental sustainability regulation in tobacco and cannabis industries, its role and implications on businesses and consumers.