Cannabis - Zambia

Zambia

In Zambia, the revenue in the Cannabis market is forecasted to reach US$25.15m in 2024.
This revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 1.95%, leading to a market volume of US$27.70m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$42.98bn in 2024).
In terms of per person revenues in 2024, US$0.27k is generated concerning the total population figures.
Zambia's cannabis market is experiencing a surge in investor interest due to changing regulations and the potential for future growth.

Key regions: United States, Canada, Netherlands, Germany, Thailand

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Analyst Opinion

Amidst changing regulations and increasing global acceptance of Cannabis, Zambia has seen a notable shift in its Cannabis market landscape.

Customer preferences: Customers in Zambia are increasingly leaning towards Cannabis products for both medicinal and recreational purposes. The growing awareness of the potential health benefits of Cannabis has led to a surge in demand for CBD products. Additionally, the cultural acceptance of Cannabis in certain communities has also contributed to the rise in consumption.

Trends in the market: In Zambia, the Cannabis market is experiencing a trend towards the legalization of medical Cannabis. This shift is driven by the increasing recognition of the therapeutic properties of Cannabis and the potential economic benefits associated with its cultivation and export. As more countries around the world embrace the medical use of Cannabis, Zambia is also moving towards creating a regulatory framework to support this growing industry.

Local special circumstances: One of the unique aspects of the Cannabis market in Zambia is its rich history of traditional Cannabis cultivation. The plant has been used for various purposes in local communities for generations, which has created a strong foundation for the development of the market. Additionally, the favorable climate conditions in certain regions of Zambia make it an ideal environment for Cannabis cultivation, further boosting the local industry.

Underlying macroeconomic factors: The evolving regulatory environment and the potential for Cannabis export present significant economic opportunities for Zambia. The country's government is exploring ways to capitalize on the growing global demand for Cannabis products while ensuring compliance with international standards. This strategic approach not only positions Zambia as a key player in the Cannabis market but also opens up new avenues for economic growth and development.

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.