CBD Products - Chile | Statista Market Forecast

Chile is expected to see a revenue of US$34.68m in the CBD Products market by 2024.
The market is anticipated to experience a Compound Annual Growth Rate (CAGR 2024-2029) of 1.73%, leading to a market volume of US$37.79m by 2029.
When compared globally, the United States is projected to generate the highest revenue of US$2.58bn in 2024.
In terms of per capita income, the revenue generated per person in 2024 is US$22.72.
Chile's CBD market is burgeoning with a focus on innovative product development and consumer education to meet growing demand.

Definition:
The CBD Products market encompasses products derived from the cannabis plant that contain Cannabidiol (CBD), a non-psychoactive compound. These products may include oils, tinctures, edibles, topicals, and capsules. They are typically sold in health food stores, pharmacies, online platforms, and specialty CBD stores. These products are consumed for wellness purposes, and depending on the product, can be ingested, applied topically, or inhaled.

Structure:
The CBD Products market includes products used for general wellness, relaxation, and stress relief. The CBD Products market includes various forms of CBD such as oils, edibles, topicals, and capsules.

Additional information:
Market values represent the revenues generated by retail prices paid to vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C).

Cannabidiol (CBD) used for recreational purposes

CBD based medicine holding marketing authorisation
CBD based medicine not holding marketing authorisation

The CBD Products market in Chile is experiencing a significant growth trajectory driven by evolving customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Consumers in Chile are increasingly seeking natural and holistic wellness solutions, leading to a growing demand for CBD products. The shift towards organic and plant-based remedies is influencing individuals to explore CBD-infused products for various health and wellness benefits. Additionally, there is a rising awareness about the potential therapeutic properties of CBD, driving consumers to incorporate these products into their daily routines.

Trends in the market: In Chile, there is a noticeable trend towards the diversification of CBD products beyond traditional oils and tinctures. Consumers are showing interest in a wide range of CBD-infused products such as skincare items, edibles, beverages, and pet care products. This diversification is catering to different consumer preferences and lifestyles, expanding the market and creating opportunities for product innovation and differentiation.

Local special circumstances: Chile's regulatory environment plays a significant role in shaping the CBD market landscape. The country has established clear regulations regarding the sale and consumption of CBD products, providing a sense of security and legitimacy to both consumers and businesses operating in the market. This regulatory clarity has contributed to the growth of the CBD industry in Chile, fostering a more transparent and trustworthy market ecosystem.

Underlying macroeconomic factors: The overall economic stability and increasing disposable income levels in Chile are supporting the growth of the CBD market. As consumers have more purchasing power, they are willing to invest in high-quality CBD products for their health and well-being. Moreover, the expanding middle-class population in Chile is driving the demand for wellness and lifestyle products, including CBD items, creating a favorable market environment for industry players to thrive and expand their offerings. In conclusion, the CBD Products market in Chile is witnessing a positive upswing fueled by changing customer preferences, diverse product trends, supportive local regulations, and favorable macroeconomic conditions. As the market continues to evolve, businesses have the opportunity to capitalize on these factors and establish a strong presence in the growing CBD industry in Chile.

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.

Cannabis or marijuana, the psychoactive drug from the cannabis plant is growing in popularity around the globe, both for recreational and medicinal uses. While there are many countries that have legalized cannabis in some capacity for medical purposes, only a handful have done so for recreational use. Even though cannabis is not federally legal in the United States, the combined legal states represent the largest market in the world. After the U.S., Canada, which legalized cannabis nation-wide in 2018 represents the next largest market. In 2021, a new coalition government was formed in Germany that indicated that the legalization of cannabis was on their agenda. Germany would be the largest legal adult-use market in Europe and would act as a test case for other countries on the continent considering the merits of legalization.