Pharmaceutical Cannabis - Ghana

Ghana

Ghana's revenue in the Pharmaceutical Cannabis market is forecasted to reach US$2.00m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.56%, leading to a market volume of US$2.50m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$913.10m in 2024).
In terms of total population figures, per person revenues of US$3.62k are generated in 2024.
Ghana's pharmaceutical cannabis market is poised for growth with increasing government support and rising demand for medicinal products.

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

Market

Region

Region comparison

Currency

Analyst Opinion

Ghana has seen a significant rise in the Pharmaceutical Cannabis market in recent years, reflecting a global trend towards the acceptance and legalization of medical marijuana.

Customer preferences: Customers in Ghana are increasingly turning to Pharmaceutical Cannabis products due to growing awareness of its potential health benefits and therapeutic properties. The shift towards natural remedies and alternative medicine is driving demand for Cannabis-based pharmaceuticals in the country.

Trends in the market: The Pharmaceutical Cannabis market in Ghana is witnessing a surge in investments and partnerships between local companies and international pharmaceutical firms. This collaboration is not only expanding the product offerings in the market but also improving the quality and standards of Cannabis-based medications available to consumers.

Local special circumstances: One of the key factors driving the growth of the Pharmaceutical Cannabis market in Ghana is the supportive regulatory environment. The government's openness to exploring the medical benefits of Cannabis and willingness to implement new policies and regulations have created a conducive atmosphere for industry players to operate and innovate.

Underlying macroeconomic factors: Ghana's stable economic growth and increasing disposable income levels among the population are contributing to the expansion of the Pharmaceutical Cannabis market. As more Ghanaians are able to afford healthcare products, the demand for Pharmaceutical Cannabis is expected to continue rising in the coming years.

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.