Cannabis - Rwanda

Rwanda

Rwanda is a country where revenue in the Cannabis market is projected to reach US$21.30m in 2024.
This revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.81%, resulting in a market volume of US$24.46m by 2029.
In global comparison, most revenue will be generated the United States (US$42.98bn in 2024).
In relation to total population figures, per person revenues of US$0.35k are generated in 2024.
Rwanda is seeing a growing interest in cannabis investments, with a focus on sustainable cultivation practices and market regulations.

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

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Analyst Opinion

The Cannabis market in Rwanda has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Rwanda are increasingly showing interest in Cannabis products for both medicinal and recreational purposes. The growing awareness of the potential health benefits of Cannabis is driving this trend, with many consumers seeking natural alternatives to traditional pharmaceuticals. Additionally, the relaxation of regulations around Cannabis in some regions has made it more accessible to a wider customer base.

Trends in the market: One notable trend in the Cannabis market in Rwanda is the emergence of a variety of Cannabis-based products catering to different consumer needs. From oils and tinctures to edibles and topicals, there is a diverse range of options available to customers. This trend reflects a growing demand for innovative and convenient ways to consume Cannabis, as well as the increasing acceptance of Cannabis products in mainstream society.

Local special circumstances: In Rwanda, the Cannabis market is influenced by unique cultural and regulatory factors. The traditional use of Cannabis for medicinal and ceremonial purposes in certain communities has shaped consumer attitudes towards the plant. Additionally, the evolving legal landscape surrounding Cannabis in Rwanda plays a significant role in shaping the market. As regulations continue to evolve, local businesses are adapting to meet changing consumer demands and compliance requirements.

Underlying macroeconomic factors: The growth of the Cannabis market in Rwanda is also influenced by broader macroeconomic factors. Economic stability, changing consumer preferences, and shifts in government policies all have an impact on the industry. As Rwanda continues to develop and modernize, the Cannabis market is likely to see further growth and diversification in the coming years.

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.