Medical Cannabis - Southern Africa

Southern Africa

In Southern Africa, the revenue in the Medical Cannabis market market is forecasted to reach US$59.35m in 2024.
This revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.48%, leading to a market volume of US$63.87m 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$8.82k are generated in relation to the total population figures.
Southern Africa's medical cannabis market is burgeoning with increased research, legal reforms, and growing investor interest in Lesotho's favorable regulatory environment.

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

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Analyst Opinion

The Medical Cannabis market in Southern Africa is experiencing a rapid growth trajectory driven by changing customer preferences, evolving regulatory landscapes, and unique local circumstances.

Customer preferences: Customers in Southern Africa are increasingly turning to medical cannabis products due to growing awareness about the potential health benefits of cannabis-based treatments. The shift towards natural and alternative medicine is a key driver of this trend, as consumers seek out plant-based remedies for various health conditions.

Trends in the market: In countries like South Africa and Lesotho, the medical cannabis market is witnessing a surge in investments and cultivation activities. South Africa, with its progressive cannabis regulations, is becoming a hub for medical cannabis research and production. On the other hand, Lesotho's favorable climate and supportive government policies are attracting international cannabis companies to set up cultivation operations in the region.

Local special circumstances: Southern Africa presents unique opportunities for the medical cannabis market due to its diverse climate conditions and rich agricultural heritage. Countries like Zimbabwe and Zambia have also shown interest in tapping into the economic potential of medical cannabis, leading to policy reforms and pilot projects to explore the feasibility of cannabis cultivation for medicinal purposes.

Underlying macroeconomic factors: The growing medical cannabis market in Southern Africa is also influenced by broader macroeconomic factors such as increasing demand for export opportunities, job creation, and foreign investment. As countries in the region look to diversify their economies and create new revenue streams, the medical cannabis industry is seen as a promising sector that can drive economic growth and 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.