Pharmaceutical Cannabis - Eastern Africa

Eastern Africa

Revenue in the Pharmaceutical Cannabis market in Eastern Africa is forecasted to reach US$3.48m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.27%, leading to a market volume of US$4.29m by 2029.
When compared globally, the United States is expected to generate the most revenue (US$913.10m in 2024).
In terms of per person revenues in relation to the total population, US$1.81k are generated in 2024.
In Eastern Africa, the Pharmaceutical Cannabis market is gaining traction with a growing interest in medical cannabis research and development.

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

Market

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Currency

Analyst Opinion

The Pharmaceutical Cannabis market in Eastern Africa is experiencing a notable growth trajectory driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Eastern Africa are increasingly turning to Pharmaceutical Cannabis products due to the growing awareness of the potential health benefits associated with cannabis-based medications. The shift towards natural remedies and alternative medicine options is fueling the demand for Pharmaceutical Cannabis products in the region.

Trends in the market: In countries like Kenya and Uganda, there is a rising trend of legalizing the cultivation and use of Cannabis for medicinal purposes. This regulatory shift is opening up new opportunities for pharmaceutical companies to enter the market and develop innovative cannabis-based medications to cater to the growing demand.

Local special circumstances: Eastern Africa has a conducive climate for Cannabis cultivation, making it an attractive region for pharmaceutical companies looking to establish local production facilities. The availability of skilled labor and relatively lower production costs compared to other regions further enhance the attractiveness of Eastern Africa for Pharmaceutical Cannabis market players.

Underlying macroeconomic factors: The Pharmaceutical Cannabis market in Eastern Africa is also influenced by macroeconomic factors such as population growth, urbanization, and increasing healthcare expenditure. As the population in the region continues to grow and urbanize, there is a higher demand for healthcare services, including pharmaceutical products like Cannabis-based medications. Additionally, the rising disposable income levels in Eastern Africa are enabling more consumers to afford pharmaceutical cannabis products, driving market growth.

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.