Medical Cannabis - Zambia

Zambia

In Zambia, revenue in the Medical Cannabis market market is forecasted to reach US$21.86m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 2.37%, leading to a market volume of US$24.58m 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$9.22k is generated concerning total population figures.
Zambia's medical cannabis market shows promising growth potential with increasing legalization and a focus on research and development.

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

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Analyst Opinion

Amidst a growing global trend towards the legalization of medical cannabis, Zambia has also seen significant developments in its medical cannabis market.

Customer preferences: Customers in Zambia are increasingly turning to medical cannabis products due to the growing awareness of its potential health benefits. With an emphasis on natural and alternative remedies, consumers are seeking out cannabis-based products for various medical conditions.

Trends in the market: The medical cannabis market in Zambia is witnessing a surge in demand for both locally grown and imported cannabis products. This trend can be attributed to the relaxation of regulations surrounding medical cannabis, leading to an increase in the number of licensed producers and suppliers in the country. Additionally, the government's efforts to promote the local cultivation of cannabis for medicinal purposes are further driving the market growth.

Local special circumstances: One of the unique aspects of the medical cannabis market in Zambia is the country's favorable climate for cannabis cultivation. The agricultural conditions in Zambia make it well-suited for the cultivation of high-quality cannabis plants, attracting both local farmers and international investors to participate in the market. Furthermore, the traditional use of cannabis in certain cultural practices in Zambia has also contributed to a more accepting attitude towards medical cannabis in the country.

Underlying macroeconomic factors: The growing medical cannabis market in Zambia is also influenced by broader macroeconomic factors such as the need for economic diversification. With traditional industries facing challenges, the government is looking towards the cannabis industry as a potential source of revenue generation and job creation. This has led to supportive policies and initiatives aimed at developing the medical cannabis sector and harnessing its economic potential.

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.