Key regions: Spain, South Africa, Europe, Netherlands, Australia
The Recreational Cannabis market in Southern Africa has been experiencing significant growth and development in recent years.
Customer preferences: Customers in Southern Africa are increasingly seeking out a wider variety of cannabis products, including edibles, oils, and topicals, in addition to traditional dried flower. This shift in preferences is driven by a growing awareness of the potential health benefits of cannabis consumption and a desire for more discreet consumption methods.
Trends in the market: In South Africa, the largest market in the region, there has been a notable increase in the number of cannabis dispensaries and online retailers catering to the recreational market. This trend is fueled by changing regulations that have made it easier for consumers to access cannabis products. Additionally, there is a rising interest in locally grown cannabis strains, reflecting a preference for products that are cultivated closer to home.
Local special circumstances: Countries like Lesotho and Zimbabwe have emerged as key players in the cultivation of cannabis for both domestic consumption and export. The favorable climate and growing conditions in these countries have attracted investment from international cannabis companies looking to establish cultivation operations. This has not only boosted the local economies but has also positioned these countries as important players in the global cannabis market.
Underlying macroeconomic factors: The increasing acceptance and legalization of cannabis for recreational use in Southern Africa is closely tied to broader global trends towards cannabis decriminalization. As more countries around the world move towards legalizing cannabis, there is a growing recognition of the economic opportunities that the cannabis industry presents. In Southern Africa, where agriculture plays a significant role in the economy, the cultivation of cannabis offers a new revenue stream and the potential for job creation. Additionally, the region's young and tech-savvy population is driving demand for innovative cannabis products and consumption methods, further fueling market growth.
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.
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