Cannabis - Zimbabwe

Zimbabwe

Revenue in the Cannabis market is projected to reach US$24.97m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.07%, resulting in a market volume of US$27.66m by 2029.
In global comparison, most revenue will be generated in the United States (US$42.98bn in 2024).
In relation to total population figures, per person revenues of US$0.18k are generated in 2024.

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

Market

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Analyst Opinion

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

Customer preferences: Customers in Zimbabwe are increasingly turning to Cannabis products for medicinal and recreational purposes, following a global trend towards the legalization and acceptance of Cannabis. The demand for Cannabis-based products is being driven by a growing awareness of the potential health benefits and therapeutic properties of Cannabis.

Trends in the market: One of the key trends in the Cannabis market in Zimbabwe is the emergence of new local Cannabis companies and startups, capitalizing on the growing demand for Cannabis products. These companies are focusing on producing high-quality Cannabis products to meet the needs of both medical patients and recreational users. Additionally, there is a trend towards the diversification of Cannabis products, with companies introducing innovative Cannabis-infused products to cater to different consumer preferences.

Local special circumstances: Zimbabwe has a long history of Cannabis cultivation, and the country's climate and agricultural conditions are well-suited for Cannabis production. This has positioned Zimbabwe as a potential hub for Cannabis cultivation and exportation in the region. The government's recent moves to legalize and regulate the Cannabis industry have also created a conducive environment for market growth and investment in the sector.

Underlying macroeconomic factors: The development of the Cannabis market in Zimbabwe is also influenced by broader macroeconomic factors, such as the country's efforts to diversify its economy and attract foreign investment. The Cannabis industry presents an opportunity for economic growth and job creation in Zimbabwe, which is particularly significant given the country's economic challenges in recent years. Additionally, the legalization of Cannabis provides a new revenue stream for the government through taxation and licensing fees.

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.