Medical Cannabis - Caribbean

Caribbean

Revenue in the Medical Cannabis market market in the Caribbean is forecasted to reach US$303.60m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.45%, leading to a market volume of US$326.20m 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 in 2024, US$15.87k are generated based on total population figures.
Jamaica's medical cannabis sector is blooming, attracting investors due to favorable regulations and a growing global demand for Caribbean-grown products.

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

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Analyst Opinion

The Medical Cannabis market in Caribbean has been experiencing significant growth and development in recent years.

Customer preferences: Customers in the Caribbean region are increasingly turning to medical cannabis products due to their growing awareness of the potential health benefits associated with cannabis-based treatments. There is a rising demand for natural and alternative remedies, and medical cannabis products are being viewed as a viable option for managing various health conditions.

Trends in the market: One of the notable trends in the Caribbean Medical Cannabis market is the gradual legalization and regulation of medical cannabis across different countries in the region. This shift towards legalization has opened up new opportunities for businesses to enter the market and for consumers to access medical cannabis products. Additionally, there is a growing trend towards research and development in the region to explore the full potential of medical cannabis in treating a wide range of medical conditions.

Local special circumstances: The Caribbean region has a unique climate that is well-suited for cultivating cannabis plants. Countries in the region have been leveraging their natural resources to establish a strong foundation for the cultivation and production of medical cannabis. This has not only boosted the local economy but has also positioned the Caribbean as a key player in the global medical cannabis market.

Underlying macroeconomic factors: The economic landscape in the Caribbean plays a significant role in the development of the Medical Cannabis market. Countries in the region are looking towards the medical cannabis industry as a means to drive economic growth, create job opportunities, and attract foreign investment. The potential for exportation of medical cannabis products to other countries also presents a promising economic opportunity for Caribbean nations.

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.