Cannabis - Colombia

Colombia

Colombia's Cannabis market is expected to reach a projected revenue of US$64.59m in 2024.
The market is projected to experience an annual growth rate (CAGR 2024-2029) of 2.09%, leading to a market volume of US$71.64m by 2029.
When compared globally, in the United States is anticipated to generate the most revenue in 2024, with a total of US$42.98bn.
In terms of per person revenues, in Colombia is forecasted to generate US$0.04k in 2024.
Colombia's cannabis market is experiencing a surge in international investment due to its favorable climate and government support.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Cannabis market has been rapidly evolving worldwide, with changing regulations and increasing acceptance of cannabis products for both medical and recreational use.

Customer preferences: Consumers are showing a growing interest in alternative medicine and natural remedies, driving the demand for medical cannabis products. Additionally, there is a shift towards wellness and self-care products, leading to an increase in the consumption of CBD-infused items.

Trends in the market: In North America, the Cannabis market is experiencing significant growth due to the legalization of recreational cannabis in several states and the increasing number of medical marijuana patients. The market is becoming more competitive with new product innovations and branding strategies to attract a diverse consumer base.

Local special circumstances: In Europe, the Cannabis market is still in its early stages compared to North America, with a focus on medical cannabis legalization in various countries. The regulatory environment is complex, with each country having different laws regarding cannabis cultivation, distribution, and consumption. This diversity creates challenges for companies looking to operate across multiple European markets.

Underlying macroeconomic factors: The global Cannabis market is influenced by macroeconomic factors such as changing consumer attitudes, government regulations, and economic conditions. The market is also impacted by trade agreements, currency fluctuations, and investment trends. As more countries legalize cannabis for medical and recreational use, the market is expected to continue to expand and attract investment from both domestic and international players.

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.