CBD Products - Mexico | Statista Market Forecast

Mexico is expected to see revenue in the CBD Products market reach US$190.70m by 2024.
The market is projected to show an annual growth rate (CAGR 2024-2029) of 3.20%, leading to a market volume of US$223.20m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue in 2024, with US$2.58bn.
In terms of per person revenues in 2024, US$24.47 is generated relative to the total population figures.
Mexico's growing acceptance of CBD products is paving the way for a flourishing market with diverse offerings and increasing consumer 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 Mexico is experiencing a significant growth trajectory driven by evolving customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Mexican consumers are increasingly seeking natural and holistic remedies, leading to a growing preference for CBD products known for their therapeutic properties. The shift towards wellness and self-care among the population is fueling the demand for a wide range of CBD-infused products, including oils, edibles, topicals, and beverages.

Trends in the market: One notable trend in the Mexican CBD market is the diversification of product offerings to cater to different consumer needs and preferences. Companies are introducing innovative CBD products, such as skincare items, pet treats, and functional foods, to capitalize on the expanding market and differentiate themselves from competitors. Additionally, there is a rising interest in organic and locally sourced CBD products among environmentally conscious consumers.

Local special circumstances: Mexico's regulatory environment plays a crucial role in shaping the CBD market landscape. The country has seen advancements in cannabis legislation, with the legalization of medical marijuana in 2017. This regulatory shift has opened doors for the legal sale of CBD products, providing businesses with opportunities to tap into a previously untapped market. Moreover, Mexico's proximity to the United States, where CBD products are gaining popularity, has facilitated the cross-border trade of such goods.

Underlying macroeconomic factors: The economic landscape in Mexico, characterized by a growing middle-class population and increasing disposable income, is contributing to the expansion of the CBD market. As more consumers have the purchasing power to invest in health and wellness products, the demand for CBD items is expected to rise. Furthermore, the prevalence of health conditions such as anxiety, chronic pain, and insomnia is driving individuals to explore alternative treatments like CBD, further propelling market growth. Overall, the CBD Products market in Mexico is poised for continued development as companies innovate their offerings, consumers embrace natural remedies, regulations evolve, and economic factors support market expansion.

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.