Medical Cannabis - Africa

Africa

In Africa, revenue in the Medical Cannabis market market is forecasted to reach US$443.60m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 2.75%, leading to a market volume of US$508.00m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$14,530.00m in 2024).
In terms of per person revenues, US$11.59k are generated in 2024 based on total population figures.
In Africa, the medical cannabis market is gaining traction as countries like South Africa explore legalizing for therapeutic purposes, signaling a potential emerging industry.

Key regions: Australia, Europe, South Africa, United States, Netherlands

Market

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Region comparison

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Analyst Opinion

The Medical Cannabis market in Africa is experiencing significant growth and development, driven by evolving customer preferences, changing regulations, and unique local circumstances.

Customer preferences: Customers in Africa are increasingly turning to Medical Cannabis products due to growing awareness of its potential health benefits and therapeutic properties. There is a rising demand for natural and alternative remedies, driving the market for Medical Cannabis products across the continent.

Trends in the market: In countries like South Africa and Lesotho, where Medical Cannabis cultivation is legal, there is a noticeable trend towards investment in cultivation facilities and research initiatives. These countries are positioning themselves as key players in the African Medical Cannabis market, catering to both domestic and international demand.

Local special circumstances: Countries in Africa have diverse climates and agricultural landscapes, making them well-suited for Medical Cannabis cultivation. For instance, Lesotho's high-altitude terrain provides ideal conditions for cannabis cultivation, while countries like Zimbabwe are exploring Medical Cannabis cultivation as a means to boost their agricultural sector and economy.

Underlying macroeconomic factors: The increasing acceptance and legalization of Medical Cannabis in Africa are driven by a combination of factors, including the potential for economic growth, job creation, and foreign investment. As countries look to diversify their economies and capitalize on the growing global demand for Medical Cannabis, regulatory frameworks are being established to support the industry's development.

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.