Pharmaceutical Cannabis - Africa

Africa

In Africa, revenue in the Pharmaceutical Cannabis market is forecasted to reach US$19.23m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.60%, leading to a market volume of US$22.95m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$913.10m in 2024).
In terms of per person revenues in 2024, US$3.35k are generated relative to the total population figures.
In Egypt, the Pharmaceutical Cannabis market shows promising growth potential with increasing acceptance and exploration of medicinal applications.

Key regions: United States, Spain, Europe, Thailand, Canada

Market

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Region comparison

Currency

Analyst Opinion

The Pharmaceutical Cannabis market in Africa is experiencing significant growth and development, driven by various factors unique to the region.

Customer preferences: Customers in Africa are increasingly seeking alternative and natural remedies for various health conditions, leading to a growing demand for pharmaceutical cannabis products. The shift towards more holistic approaches to healthcare is fueling the popularity of cannabis-based treatments among the population.

Trends in the market: In countries like South Africa and Lesotho, where the cultivation of medical cannabis is legal, there is a notable increase in investments in cannabis production facilities. This trend is driven by the potential economic benefits of exporting pharmaceutical cannabis products to other regions where the market is also expanding.

Local special circumstances: One of the key factors influencing the Pharmaceutical Cannabis market in Africa is the regulatory environment. While some countries have legalized the use of medical cannabis, others still have strict regulations in place. This variation in legislation creates a complex landscape for businesses operating in the pharmaceutical cannabis sector across the continent.

Underlying macroeconomic factors: The economic potential of the Pharmaceutical Cannabis market in Africa is significant, with the continent being home to a large and diverse population. As more countries recognize the medical benefits of cannabis and move towards legalization, there is a growing opportunity for both domestic consumption and exportation of pharmaceutical cannabis products. Additionally, the presence of suitable climate conditions for cannabis cultivation in certain regions further contributes to the market's growth 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.