CBD Products - Peru

Peru

Peru is expected to see a projected revenue of US$25.68m in CBD Products by 2024.
The market is forecasted to demonstrate an annual growth rate (CAGR 2024-2029) of 0.39%, leading to a market volume of US$26.19m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue, reaching US$2,575.00m in 2024.
In terms of per person revenues in 2024, in Peru is expected to generate US$24.18.
Peru's CBD Products market is rapidly expanding, driven by a growing awareness of the potential health benefits and increasing acceptance of cannabis-derived products.

Key regions: Netherlands, Spain, United States, Europe, Australia

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Analyst Opinion

The CBD Products market in Peru has been experiencing a significant growth trajectory in recent years.

Customer preferences: Customers in Peru are increasingly seeking natural and holistic remedies for various health and wellness issues, which has led to a growing demand for CBD products. The shift towards organic and plant-based solutions is a global trend that is influencing consumer preferences in Peru as well.

Trends in the market: One noticeable trend in the CBD Products market in Peru is the diversification of product offerings. Local manufacturers and international brands are introducing a wide range of CBD products such as oils, topicals, edibles, and capsules to cater to different consumer needs and preferences. This trend is driven by the growing awareness and acceptance of CBD for both medical and recreational purposes.

Local special circumstances: Peru's unique geographical location and climate provide ideal conditions for cultivating hemp, the primary source of CBD. The rich biodiversity in the region allows for the production of high-quality CBD products, which is a significant advantage for local manufacturers. Additionally, the Peruvian government has implemented regulations to support the cultivation and sale of hemp-derived products, creating a conducive environment for the CBD industry to thrive.

Underlying macroeconomic factors: The overall economic stability and increasing disposable income in Peru have contributed to the growth of the CBD Products market. As more consumers are able to afford premium CBD products, the market is expected to continue expanding. Additionally, the rise of e-commerce platforms and online retail channels has made it easier for consumers to access a wide variety of CBD products, further driving market growth.

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.