Pharmaceutical Cannabis - Colombia

Colombia

Revenue in the Pharmaceutical Cannabis is projected to reach US$10.66m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.49%, resulting in a market volume of US$13.28m by 2029.
In global comparison, most revenue will be generated in the United States (US$913.10m in 2024).
In relation to total population figures, per person revenues of US$2.15k are generated in 2024.

Market

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Analyst Opinion

Colombia has emerged as a key player in the Pharmaceutical Cannabis market, driven by unique factors that are shaping the industry in the region.

Customer preferences: Customers in Colombia are increasingly turning to Pharmaceutical Cannabis products due to growing awareness about the potential health benefits associated with these products. The shift towards natural and alternative medicine options is also influencing consumer preferences in the country.

Trends in the market: One of the notable trends in the Pharmaceutical Cannabis market in Colombia is the increasing number of companies entering the market to capitalize on the growing demand for these products. This trend is further fueled by the supportive regulatory environment in the country, which has made it easier for companies to operate and distribute Pharmaceutical Cannabis products. Additionally, Colombia's strategic geographic location and favorable climate for Cannabis cultivation are attracting both domestic and international players to invest in the market.

Local special circumstances: Colombia's history of Cannabis cultivation for medicinal and traditional purposes has laid a strong foundation for the development of the Pharmaceutical Cannabis market in the country. The cultural acceptance of Cannabis in Colombia, coupled with the government's efforts to regulate and support the industry, has created a conducive environment for the growth of the market. Furthermore, the country's experience in the cultivation of high-quality Cannabis strains is positioning it as a key player in the global Pharmaceutical Cannabis market.

Underlying macroeconomic factors: The economic potential of the Pharmaceutical Cannabis market in Colombia is significant, with the industry expected to contribute to job creation, export growth, and overall economic development. The increasing investments in research and development, production facilities, and distribution networks are not only driving the growth of the market but also positioning Colombia as a hub for Pharmaceutical Cannabis in the region. Additionally, the country's efforts to establish quality standards and certifications for Pharmaceutical Cannabis products are enhancing its credibility in the international market, attracting partnerships and collaborations with global pharmaceutical companies.

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.