New study examines regional and global cannabis and hemp opportunities for Africa
WASHINGTON, May 23, 2019 /PRNewswire/ -- New Frontier Data, the authority in data analytics and business intelligence on the global cannabis industry, announces its latest report the Africa Regional Hemp and Cannabis Report: 2019 Industry Outlook, estimating Africa's total addressable cannabis market at $37.3 billion USD; more than 11% of the total global cannabis market. The report will be released at the InterCannAlliance Africa Symposium, Africa's premier hemp and cannabis event, on May 24-25 in Victoria Falls, Zimbabwe, and made public for free download shortly thereafter.
Since Lesotho became the first African nation to legalize medical cannabis in 2017, Africa's annual cannabis use rate has been nearly twice the global average use rate of 6%.
"Demand for CBD products continues to surge across Europe, and many including Canada, which now imports from Colombia to help meet this growing demand, are looking to capitalize on it. It will be interesting to see if Africa's proximity to the old continent and its many agro-based economies may be better positioned to provide a more cost-effective supply," noted New Frontier Data Founder and CEO Giadha Aguirre de Carcer. "Not only is hemp a potential low tech, high profit margin, new crop to invigorate African economies; it could also support United Nations' current Sustainable Development Goals such as fostering regional inclusive economic growth and creating sustainable jobs."
Key takeaways from the report include:
- This report covers 13 African nations which encompass more than 565.4 million people, and across which nearly 42.8 million are estimated to use cannabis at least annually.
- By 2050 Africa's population is expected to double; representing 58% of total global population growth over this time.
- Africa's largest cannabis markets are those with the largest populations with Nigeria ($15.3 billion USD) and Ethiopia ($9.8 billion USD) leading the way.
To request an advance copy of the Africa Regional Hemp and Cannabis Report: 2019 Industry Outlook or to download the complimentary report once it is available, visit https://newfrontierdata.com/africa2019.
About New Frontier Data:
New Frontier Data is an independent, technology-driven analytics company specializing in the cannabis industry. It offers vetted data, actionable business intelligence and risk management solutions for investors, operators, researchers and policymakers. New Frontier Data's reports and data have been cited in over 80 countries to inform industry leaders. Founded in 2014, New Frontier Data is headquartered in Washington, D.C. with additional offices in Denver, CO, and London, UK.
New Frontier Data does not take a position on the merits of cannabis legalization. For more information about New Frontier Data, please visit: https://www.NewFrontierData.com.
SOURCE New Frontier Data