According to the latest report by IMARC Group, titled " Africa Medical Cannabis Market: Africa Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the Africa medical cannabis market exhibited robust growth during 2015-2020. Cannabis is a psychoactive drug that is generally extracted from cannabis ruderalis, cannabis indica and cannabis sativa plants. It usually provides a calming and relaxing effect when consumed. Therefore, it is widely utilized in the manufacturing of various medicines for the treatment of several conditions, including depression, insomnia, chronic pain, anxiety and inflammation. Apart from this, it is also consumed by patients in pill form who are suffering from acquired immunodeficiency syndrome (AIDS) as well as undergoing cancer chemotherapy.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Africa Medical Cannabis Market Trends:
The market in Africa is primarily driven by the rising prevalence of chronic illnesses among the masses. Along with this, the increasing awareness regarding the medicinal properties and benefits of cannabis is creating a positive outlook for the market across the region. This is supported by the government initiatives of numerous countries across the region to legalize cannabis farming in order to utilize it for medicinal purposes. Moreover, significant growth in the pharmaceutical industry across Africa and the rising investments by public and private firms to upgrade the existing pharmaceutical sector are also creating a positive outlook for the market. Apart from this, the widespread adoption of cannabis in the preparation of numerous health supplements to treat psychotic ailments is propelling the market growth further. Some of the other factors contributing to the market growth include extensive research and development (R&D) activities conducted by key players in order to introduce effective product variants in the market. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 30% during the forecast period (2021-2026).
- On the basis of the species, the market has been segregated into cannabis indica, sativa and hybrid.
- Based on the derivative, the market has been categorized into cannabidiol, tetrahydrocannabinol and others.
- On the basis of the route of administration, the market has been divided into capsules and oral solutions, vaporizers, smoking, topicals and others.
- Based on the application, the market has been classified into cancer, HIV/AIDS, epilepsy, pain and others.
- On the basis of the end-user, the market has been segmented into the pharmaceutical industry, research and development centers and others.
- Based on the country, the market has been divided into Lesotho, Zimbabwe, South Africa, Ghana, Zambia and Malawi.
- The competitive landscape of the industry has been examined?in the report?with the detailed profiles of the key players.?Some of these players include AgriPharma Pty LTD., Bophelo Bioscience & Wellness (Pty) Ltd. (Halo Labs Inc), Canopy Growth Corporation, Medigrow Africa, Medi Kingdom, MG Health, Pharmaceutical Development Company, Precision Extraction Solutions and Verve Dynamics (Pty) Ltd.
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