Medical Cannabis - Eastern Africa

Eastern Africa

In Eastern Africa, the revenue in the Medical Cannabis market market is forecasted to reach US$104.10m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 2.95%, leading to a market volume of US$120.40m 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 relation to the total population, US$8.11k is generated in 2024.
In Eastern Africa, the emerging medical cannabis market is attracting increasing investor interest and regulatory attention in Kenya.

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

Market

Region

Region comparison

Currency

Analyst Opinion

Medical Cannabis is gaining significant traction in Eastern Africa, with several countries in the region experiencing a notable development in this market.

Customer preferences: Customers in Eastern Africa are increasingly turning to medical cannabis products due to growing awareness about its potential health benefits. The shift towards natural and alternative medicine is driving the demand for medical cannabis as more people seek organic and holistic remedies for various health conditions.

Trends in the market: In Kenya, there is a rising trend of incorporating medical cannabis products into traditional medicine practices, blending modern pharmaceuticals with natural remedies. This integration is reshaping the healthcare landscape in the country and creating new opportunities for medical cannabis companies to collaborate with local practitioners.

Local special circumstances: Ethiopia stands out in Eastern Africa for its unique climate and agricultural practices that are conducive to cultivating cannabis. The country's rich history of traditional medicine also contributes to a favorable environment for the medical cannabis market to thrive. Additionally, the government's recent moves to legalize cannabis production for medical and industrial purposes are expected to further boost the market in Ethiopia.

Underlying macroeconomic factors: The increasing acceptance and legalization of medical cannabis across Eastern Africa are driven by a combination of factors such as shifting societal attitudes, the potential for economic growth through cannabis cultivation, and the desire to tap into the global market for medical cannabis products. As more countries in the region recognize the potential benefits of medical cannabis, the market is poised for continued expansion and innovation.

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.