Cannabis - Northern Africa

Northern Africa

In Northern Africa, the revenue in the Cannabis market is forecasted to reach US$241.20m 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$278.90m by 2029.
When globally compared, the United States is expected to generate the highest revenue (US$42.98bn in 2024).
In terms of per person revenues in 2024, US$0.39k are generated concerning the total population figures.
In Northern Africa, the Cannabis market is experiencing a surge in investment opportunities due to changing regulations and increasing acceptance of medicinal and recreational use.

Key regions: United States, Canada, Netherlands, Germany, Thailand

Market

Region

Region comparison

Currency

Analyst Opinion

The Cannabis market in Northern Africa is experiencing a notable growth trajectory.

Customer preferences: Customers in Northern Africa are increasingly showing interest in Cannabis products for both recreational and medicinal purposes. The demand for Cannabis-based goods is on the rise as consumers become more open to exploring alternative therapies and recreational options.

Trends in the market: In countries like Morocco and Egypt, where Cannabis has a long history of cultivation, there is a growing trend towards legalizing and regulating the market. This shift is driven by the potential economic benefits of a legalized Cannabis industry, including job creation and tax revenue generation. Additionally, there is a noticeable trend towards the acceptance and normalization of Cannabis use in society.

Local special circumstances: Northern Africa has a unique cultural and historical relationship with Cannabis, particularly in countries like Morocco where Cannabis cultivation has been a traditional practice for centuries. This cultural acceptance of Cannabis in certain regions contributes to the growing momentum towards legalization and regulation.

Underlying macroeconomic factors: The economic landscape in Northern Africa plays a significant role in the development of the Cannabis market. Countries in the region are looking for new avenues of economic growth, and the Cannabis industry presents a promising opportunity to stimulate economic activity. Additionally, the potential for Cannabis exports to international markets presents a lucrative opportunity for countries in Northern Africa to capitalize on the growing global demand for 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.