Medical Cannabis - South Africa

South Africa

Revenue in the Medical Cannabis market market in South Africa is forecasted to reach US$55.96m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.46%, leading to a market volume of US$60.18m 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$8.96k are generated in 2024.
South Africa's medical cannabis market is poised for significant growth with evolving regulations and increasing acceptance of cannabis-based treatments.

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

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Analyst Opinion

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

Customer preferences: Customers in South Africa are increasingly turning to medical cannabis products due to the growing awareness of its potential health benefits. The shift towards natural and alternative remedies is driving demand for medical cannabis as more people seek non-traditional treatment options.

Trends in the market: One notable trend in the South African Medical Cannabis market is the increasing number of companies entering the industry. This influx of new players is not only expanding the product offerings available to consumers but also driving competition and innovation in the market. Additionally, there is a growing trend towards research and development in the sector, with a focus on creating new and improved medical cannabis products tailored to the needs of the local population.

Local special circumstances: South Africa's unique regulatory environment has played a significant role in shaping the Medical Cannabis market in the country. The legalization of medical cannabis for certain health conditions has opened up opportunities for both domestic and international companies to enter the market. However, stringent regulations and licensing requirements have also posed challenges for businesses looking to operate in the industry.

Underlying macroeconomic factors: The economic landscape in South Africa, with its growing middle class and increasing healthcare expenditures, has created a favorable environment for the growth of the Medical Cannabis market. As disposable incomes rise and access to healthcare improves, more people are willing to explore alternative treatment options like medical cannabis. Additionally, the country's agricultural sector, with its conducive climate for cannabis cultivation, provides a strong foundation for the local production of medical cannabis products.

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.