Pharmaceutical Cannabis - Western Africa

Western Africa

In Western Africa, 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 most revenue (US$913.10m in 2024).
In terms of per capita figures, US$3.62k in revenue is generated per person in 2024.
In Western Africa, the pharmaceutical cannabis market is gaining traction due to increasing acceptance of medicinal cannabis products in the region.

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

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Analyst Opinion

The Pharmaceutical Cannabis market in Western Africa is experiencing significant growth and development.

Customer preferences: Customers in Western Africa are showing an increasing interest in pharmaceutical cannabis products due to the growing awareness of the potential health benefits associated with cannabis-based treatments. The shift towards more natural and holistic remedies is also driving the demand for pharmaceutical cannabis in the region.

Trends in the market: In countries like Ghana and Nigeria, there is a rising trend of legalizing and regulating the use of medical cannabis, which is creating new opportunities for pharmaceutical cannabis companies to enter the market. Additionally, the increasing number of clinical trials and research studies on the efficacy of cannabis for various medical conditions is boosting confidence among both consumers and healthcare professionals.

Local special circumstances: One of the key special circumstances in Western Africa is the rich cultural heritage of using medicinal plants for healthcare purposes. Cannabis has been traditionally used in some communities for its therapeutic properties, and this cultural acceptance is facilitating the integration of pharmaceutical cannabis products into the mainstream healthcare system.

Underlying macroeconomic factors: The growing pharmaceutical cannabis market in Western Africa is also influenced by macroeconomic factors such as population growth, urbanization, and increasing disposable incomes. As the population grows and urbanizes, there is a higher demand for healthcare solutions, including pharmaceutical cannabis products. Moreover, the rising middle class with more purchasing power is willing to explore alternative medical treatments, further driving the 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.