Pharmaceutical Cannabis - Zimbabwe

In Zimbabwe, revenue in the Pharmaceutical Cannabis sector is forecasted to reach US$879.60k by 2024.
The revenue is anticipated to demonstrate a Compound Annual Growth Rate (CAGR 2024-2029) of 3.97%, leading to a market volume of US$1.07m by 2029.
When compared globally, the United States is expected to generate the highest revenue, amounting to US$913.10m in 2024.
In terms of per person revenues in 2024, US$2.71k are generated in relation to the total population figures.
Zimbabwe's pharmaceutical cannabis market is flourishing with increasing regulatory support and a growing interest from investors and international partnerships.

Definition:
The Pharmaceutical Cannabis market encompasses products derived from the cannabis plant specifically used for medical purposes. These products may include dried flowers, oils, tinctures, capsules, and topicals. Depending on the regulations in each country or state, these products are available through medical dispensaries, pharmacies, and/or online platforms. They may be consumed in various ways such as smoking, vaporizing, ingesting, or applying topically.

Structure:
The Pharmaceutical Cannabis market encompasses formulated, processed, or synthetic cannabis sold as a finished product. These products, such as Sativex, Epidiolex, and Dronabinol, have undergone full medical trials and hold a medical marketing authorization. The market also includes cannabinoid-based API (Active Pharmaceutical Ingredient), which is registered as an API in a medicinal product with marketing authorization in one or more regions. These APIs can be manipulated and/or compounded by a magistral pharmacy to produce a cannabinoid-based medicine. The Pharmaceutical Cannabis market includes various forms of cannabis such as flowers, oils, capsules, and topicals.

Additional information:
Market values represent the revenues generated by retail prices paid to vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by patients (B2C), healthcare facilities (B2B), and governments (B2G).

Cannabinoid-based medicine holding marketing authorisation containing THC
Cannabinoid-based medicine holding marketing authorisation containing CBD

Cannabinoid-based medicine not holding marketing authorisation containing THC
Cannabinoid-based medicine not holding marketing authorisation containing CBD

Zimbabwe, like many other countries, has seen a growing interest in the Pharmaceutical Cannabis market in recent years.

Customer preferences: Customers in Zimbabwe are increasingly looking for alternative and natural remedies for various health conditions. The shift towards Pharmaceutical Cannabis products is driven by the growing awareness of the potential health benefits of cannabis-derived products. Consumers are seeking out these products for their reported pain relief, anti-inflammatory, and relaxation properties.

Trends in the market: In Zimbabwe, there is a noticeable trend towards the legalization and regulation of Pharmaceutical Cannabis for medical and therapeutic purposes. The government has taken steps to create a legal framework for the cultivation, processing, and distribution of cannabis for medicinal use. This regulatory clarity has attracted local and international investors looking to capitalize on the growing market.

Local special circumstances: Zimbabwe's climate and agricultural conditions are well-suited for cannabis cultivation, making it an attractive location for Pharmaceutical Cannabis production. The country has a history of cannabis cultivation, and with the proper regulations in place, it has the potential to become a key player in the global Pharmaceutical Cannabis market. Additionally, the government's efforts to promote the industry as a way to boost economic growth have further fueled interest in the sector.

Underlying macroeconomic factors: The Pharmaceutical Cannabis market in Zimbabwe is also influenced by broader macroeconomic factors. The country has been facing economic challenges in recent years, and the cannabis industry presents an opportunity for job creation and revenue generation. As the market develops, it has the potential to not only provide medical benefits to the population but also contribute to the overall economic growth of the country.

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.

Cannabis or marijuana, the psychoactive drug from the cannabis plant is growing in popularity around the globe, both for recreational and medicinal uses. While there are many countries that have legalized cannabis in some capacity for medical purposes, only a handful have done so for recreational use. Even though cannabis is not federally legal in the United States, the combined legal states represent the largest market in the world. After the U.S., Canada, which legalized cannabis nation-wide in 2018 represents the next largest market. In 2021, a new coalition government was formed in Germany that indicated that the legalization of cannabis was on their agenda. Germany would be the largest legal adult-use market in Europe and would act as a test case for other countries on the continent considering the merits of legalization.