Cannabis - Colombia

Colombia

Colombia is expected to see a revenue of US$64.59m in the Cannabis market by 2024.
The revenue is anticipated to experience a Compound Annual Growth Rate (CAGR 2024-2029) of 2.09%, leading to a market volume of US$71.64m by 2029.
When compared globally, the United States will generate the highest revenue of US$42.98bn in 2024.
In terms of per capita income, in 2024, each person in Colombia generates revenues of US$0.04k.
Colombia's Cannabis market is flourishing with innovative pharmaceutical companies leading the way in research and development of medical cannabis products.

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

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Analyst Opinion

The Cannabis market in Colombia has been experiencing a notable growth trajectory in recent years, driven by various factors that have shaped consumer preferences, market trends, and local special circumstances.

Customer preferences: Colombian consumers have shown a growing interest in cannabis products, particularly those related to health and wellness. There is a notable shift towards the acceptance and usage of medical cannabis, as consumers become more educated about its potential benefits. Additionally, there is a rising demand for high-quality recreational cannabis products among certain segments of the population.

Trends in the market: One of the key trends in the Colombian cannabis market is the increasing number of companies entering the industry. This influx of new players has led to a greater variety of products and brands available to consumers, fostering competition and innovation. Moreover, there is a growing trend towards sustainable and environmentally friendly practices within the cannabis cultivation and production processes.

Local special circumstances: Colombia's unique geographical location and climate provide ideal conditions for cannabis cultivation. The country's rich biodiversity and diverse ecosystems offer opportunities for the cultivation of a wide range of cannabis strains. Furthermore, Colombia's progressive regulatory framework for the cannabis industry has attracted both domestic and international investors, contributing to the market's growth.

Underlying macroeconomic factors: The Colombian government's efforts to regulate and legalize the cannabis industry have played a significant role in driving market growth. By establishing clear guidelines and frameworks for cultivation, production, and distribution, the government has created a conducive environment for industry development. Additionally, the increasing acceptance of cannabis for medical and therapeutic purposes globally has had a positive impact on the Colombian market, leading to greater investment and expansion opportunities.

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.