Cannabis - Uganda

Uganda

The revenue in the Cannabis market in Uganda is forecasted to reach US$35.58m in 2024.
It is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 3.23%, leading to a market volume of US$41.70m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue (US$42.98bn in 2024).
In terms of per person revenues in 2024, US$0.17k are generated concerning the total population figures.
Uganda sees a growing interest in the cannabis market, with potential for significant investment opportunities in the emerging industry.

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

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Analyst Opinion

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

Customer preferences: Customers in Uganda are increasingly turning to Cannabis products for various reasons, including medicinal purposes, recreational use, and as an alternative source of income. The growing awareness about the potential health benefits of Cannabis is driving demand among consumers looking for natural remedies. Additionally, the cultural acceptance of Cannabis in certain regions of Uganda is contributing to the rise in its popularity among users.

Trends in the market: One notable trend in the Cannabis market in Uganda is the increasing number of local farmers and entrepreneurs entering the industry. This trend is fueled by the favorable climate conditions in Uganda for Cannabis cultivation, as well as the potential for export opportunities to other countries where Cannabis is legal. Moreover, the government's efforts to regulate and formalize the Cannabis industry are also shaping the market landscape in Uganda.

Local special circumstances: Uganda's geographical location and climate provide ideal conditions for Cannabis cultivation, making it a lucrative option for local farmers. The traditional use of Cannabis in certain cultural practices and ceremonies also contributes to its widespread acceptance in the country. Furthermore, the government's push to legalize and regulate the Cannabis industry is creating new opportunities for businesses and investors to capitalize on the growing market.

Underlying macroeconomic factors: The economic potential of the Cannabis market in Uganda is attracting interest from both local and international investors. The revenue generated from the sale of Cannabis products has the potential to boost the country's economy and create employment opportunities for the local population. Additionally, the government's efforts to formalize the industry and establish regulations are aimed at ensuring sustainable growth and maximizing the benefits of the Cannabis market for Uganda.

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.