Pharmaceutical Cannabis - Caribbean

Caribbean

In Caribbean, the revenue in the Pharmaceutical Cannabis market is forecasted to reach US$3.81m by 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.15%, leading to a market volume of US$4.67m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$913.10m in 2024).
In terms of per capita figures, in 2024, US$1.33k in revenue is generated per person.
Jamaica's pharmaceutical cannabis market is blooming, with a surge in research collaborations and innovative product developments leading the way.

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

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Analyst Opinion

The Pharmaceutical Cannabis market in Caribbean is experiencing a significant growth trajectory driven by evolving customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in the Caribbean region are increasingly seeking alternative medicinal solutions, leading to a rising demand for Pharmaceutical Cannabis products. The shift towards natural and plant-based remedies is a key driver behind the growing popularity of Cannabis-based pharmaceuticals among consumers.

Trends in the market: One notable trend in the Caribbean Pharmaceutical Cannabis market is the increasing legalization and acceptance of medical marijuana across various countries in the region. This trend is opening up new opportunities for pharmaceutical companies to develop and market Cannabis-derived products to meet the rising demand for medical marijuana.

Local special circumstances: The Caribbean region is known for its favorable climate conditions that are conducive to Cannabis cultivation. This local advantage allows pharmaceutical companies in the region to leverage locally sourced Cannabis for the production of pharmaceutical-grade products. Additionally, the cultural acceptance of Cannabis for medicinal purposes in some Caribbean countries further propels the growth of the Pharmaceutical Cannabis market.

Underlying macroeconomic factors: The Pharmaceutical Cannabis market in the Caribbean is also influenced by macroeconomic factors such as regulatory frameworks, government policies, and international trade agreements. The evolving regulatory landscape surrounding medical marijuana legalization plays a crucial role in shaping the growth and development of the Pharmaceutical Cannabis market in the region. Moreover, economic stability and foreign investment in the pharmaceutical sector contribute to the overall expansion of the market.

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.