Medical Cannabis - Northern Africa

Northern Africa

Revenue in the Medical Cannabis market market in Northern Africa is forecasted to reach US$222.60m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.01%, leading to a market volume of US$258.20m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$14,530.00m in 2024).
In terms of total population figures, per person revenues of US$14.83k are generated in 2024.
Northern Africa's medical cannabis market is poised for growth as regulatory reforms in **Egypt** pave the way for increased investment and market expansion.

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

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Analyst Opinion

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

Customer preferences: Customers in Northern Africa are increasingly turning to medical cannabis products due to growing awareness of its potential health benefits. The shift towards natural and alternative remedies is driving demand for medical cannabis in the region.

Trends in the market: In countries like Morocco and Egypt, where cannabis cultivation has a long history, there is a growing trend towards legalizing and regulating the medical cannabis market. This trend is fueled by the potential economic benefits of a thriving medical cannabis industry, including job creation and export opportunities.

Local special circumstances: Northern Africa has a unique climate that is well-suited for cannabis cultivation, making it a prime location for growing high-quality medical cannabis. Additionally, the cultural acceptance of cannabis in some parts of the region is paving the way for more lenient regulations and increased access to medical cannabis products.

Underlying macroeconomic factors: The economic potential of the medical cannabis market is a key driver behind its development in Northern Africa. Governments in the region are looking to capitalize on the growing global demand for medical cannabis products by establishing regulatory frameworks that attract investment and promote domestic cultivation. This, in turn, is expected to boost economic growth and create new opportunities in the region.

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.