Africa Medical Cannabis Market Outlook 2024, Share, Size, Key Players and Forecast By 2032
3 min readMedical Cannabis Market – Africa
Market Statistics
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 19.2% (2024-2032)
The Africa medical cannabis market is rapidly growing, driven by increasing legalization, therapeutic demand, and investment in cultivation facilities. According to the latest report by IMARC Group, the market is projected to grow at a CAGR of 19.2% from 2024 to 2032.
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Africa Medical Cannabis Market Trends and Drivers:
- Rapid Market Growth: The Africa medical cannabis market is experiencing rapid growth due to increasing awareness of cannabis’s therapeutic benefits.
- Therapeutic Approvals: Cannabis is being approved for treating conditions such as chronic pain, multiple sclerosis, epilepsy, and cancer symptoms.
- Government Support: Governments across the continent are introducing legal frameworks to support the cultivation, processing, and distribution of medical cannabis.
- Attractive Investment: Africa’s favorable climate, abundant arable land, and potential for significant export revenues make the region attractive for investment.
- International Partnerships: Collaborations between local producers and international companies are strengthening the medical cannabis supply chain and driving sector development.
- Government Initiatives: Government-led initiatives aim to position cannabis as a driver of agricultural and economic growth.
- South Africa, Lesotho, and Zimbabwe are leading with regulatory frameworks and attracting foreign investments.
- Cultivation Technology: Advancements in technologies such as hydroponics and precision agriculture are improving yield and quality.
- Research and Development: Increased focus on developing cannabinoid-based pharmaceuticals.
- Changing Societal Attitudes: Societal attitudes toward cannabis are becoming more accepting, aiding market growth.
- Regulatory Clarity: Improved regulatory clarity is expected to further drive market expansion.
- Market Drivers:
- Rising domestic demand for medical cannabis.
- Expanding export opportunities.
- Progress in medical research.
- Sustained Development: The Africa medical cannabis market is set for significant growth, driven by domestic demand, export opportunities, and advancements in medical research.
- Economic Impact: The market will contribute to agricultural and economic growth across the continent.
Africa Medical Cannabis Industry Segmentation:
The report has segmented the market into the following categories:
Breakup by Species:
- Cannabis Indica
- Sativa
- Hybrid
Breakup by Derivative:
- Cannabidiol
- Tetrahydrocannabinol
- Others
Breakup by Route of Administration:
- Capsules and Oral Solutions
- Vaporizers
- Smoking
- Topicals
- Others
Breakup by Application:
- Cancer
- HIV/AIDS
- Epilepsy
- Pain
- Others
Breakup by End User:
- Pharmaceutical Industry
- Research and Development Centers
- Others
Breakup by Country:
- Lesotho
- Zimbabwe
- South Africa
- Ghana
- Zambia
- Malawi
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Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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