Key regions: United States, Canada, Netherlands, Germany, Thailand
The Cannabis market in Africa has been experiencing significant growth and development in recent years.
Customer preferences: Customers in Africa are increasingly turning to cannabis products for both medicinal and recreational purposes. The growing awareness of the potential health benefits of cannabis is driving demand for a variety of products, including CBD oils, edibles, and topicals. Additionally, the cultural acceptance of cannabis in certain regions is contributing to the rising popularity of these products among consumers.
Trends in the market: In countries like South Africa and Lesotho, there has been a notable trend towards the legalization of cannabis for medical and industrial use. This shift in legislation has opened up new opportunities for local businesses and international investors to enter the market. As a result, there has been a surge in cannabis cultivation and production activities in these countries. Furthermore, the export potential of African-grown cannabis to other regions is also a key trend shaping the market.
Local special circumstances: One of the unique aspects of the African cannabis market is the presence of traditional medicinal and spiritual uses of the plant in certain communities. This cultural significance of cannabis has influenced the regulatory environment in some countries, where policymakers are taking into consideration the historical context of cannabis use when drafting legalization frameworks. Additionally, the diverse climate conditions across the continent provide ideal growing environments for cannabis cultivation, making Africa a potential hub for cannabis production.
Underlying macroeconomic factors: The economic potential of the cannabis market in Africa is attracting attention from both domestic and international investors. The creation of jobs in the cultivation, processing, and distribution of cannabis products is seen as a way to stimulate economic growth in certain regions. Moreover, the export of cannabis products to countries with established markets is viewed as a lucrative opportunity for African economies to capitalize on the growing global demand for cannabis.
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.
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