Medical Cannabis - Colombia

Colombia

In Colombia, the Medical Cannabis market is forecasted to achieve a revenue of US$19.15m in the year 2024.
It is expected that the revenue will exhibit a Compound Annual Growth Rate (CAGR) of 4.54% between 2024 and 2029, resulting in a market volume of US$23.91m by 2029.
When compared globally, in the United States is anticipated to generate the highest revenue in the Medical Cannabis market, with a projected amount of US$14,530.00m in 2024.
Considering the population figures, in Colombia, the per person revenue is estimated to be US$0.58k in 2024.
Colombia, with its favorable climate and low production costs, is becoming a leading exporter of high-quality medical cannabis.

Key regions: Spain, Europe, Australia, Germany, United States

Market

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Currency

Analyst Opinion

Colombia has emerged as a key player in the global Medical Cannabis market, showcasing significant growth and potential.

Customer preferences: Customers in Colombia are increasingly turning to Medical Cannabis products as an alternative form of treatment due to the growing acceptance of its therapeutic benefits. The shift towards natural and holistic remedies is influencing consumer preferences, driving the demand for Medical Cannabis products in the country.

Trends in the market: One notable trend in the Colombian Medical Cannabis market is the emphasis on research and development. Local companies are investing in innovation to create new and improved products that cater to a wide range of medical conditions. This focus on product development is not only meeting the needs of domestic consumers but also positioning Colombia as a hub for Medical Cannabis research in the region.

Local special circumstances: Colombia's unique climate and geographical conditions provide a competitive advantage for the cultivation of Medical Cannabis. The country's equatorial location offers abundant sunlight and ideal temperatures for outdoor cultivation, resulting in high-quality yields at lower production costs. Additionally, Colombia's rich history in agriculture and experience in cultivating crops further supports the growth of the Medical Cannabis industry.

Underlying macroeconomic factors: The liberalization of regulations surrounding Medical Cannabis in Colombia has been a key driver of market growth. The government's progressive stance on legalization and its support for the industry have created a favorable environment for businesses to thrive. This regulatory framework, coupled with the country's strategic location for export to other Latin American markets, has attracted significant investment in the Medical Cannabis sector, paving the way for further expansion 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.