Pharmaceutical Cannabis - South Africa

South Africa

South Africa is expected to see revenue in the Pharmaceutical Cannabis market reach €9.05m in 2024.
This revenue is projected to exhibit an annual growth rate (CAGR 2024-2029) of 2.70%, leading to a market volume of €10.34m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue (€846.70m in 2024).
In terms of per person revenues in 2024, €9.66k are generated relative to the total population.
South Africa's pharmaceutical cannabis market is poised for growth with increasing legalization and a focus on medical research and development.

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

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Analyst Opinion

The Pharmaceutical Cannabis market in South Africa is experiencing a notable shift in consumer preferences, market trends, and local special circumstances.

Customer preferences: Consumers in South Africa are increasingly leaning towards pharmaceutical cannabis products due to growing awareness about their potential health benefits and therapeutic properties. There is a rising demand for medical cannabis products as more people seek alternative treatments for various medical conditions.

Trends in the market: One of the key trends in the Pharmaceutical Cannabis market in South Africa is the gradual legalization and regulation of medical cannabis. This has opened up opportunities for pharmaceutical companies to enter the market and offer a diverse range of cannabis-based products to meet the growing demand. Additionally, there is a noticeable trend towards research and development in the pharmaceutical cannabis sector to introduce innovative products and improve existing formulations.

Local special circumstances: South Africa has a unique regulatory environment that influences the development of the Pharmaceutical Cannabis market. The country has made significant strides in legalizing medical cannabis, creating a conducive environment for pharmaceutical companies to operate and innovate. Moreover, the cultural acceptance of traditional herbal remedies in South Africa has paved the way for the integration of pharmaceutical cannabis products into the mainstream healthcare system.

Underlying macroeconomic factors: The Pharmaceutical Cannabis market in South Africa is also influenced by macroeconomic factors such as healthcare infrastructure, government policies, and international trade agreements. The availability of healthcare facilities and professionals plays a crucial role in shaping the market landscape. Government regulations and policies regarding cannabis production, distribution, and sales have a direct impact on the growth and development of the pharmaceutical cannabis industry. Furthermore, international trade agreements and partnerships can facilitate the import and export of cannabis products, expanding the market reach and driving economic growth in the sector.

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.