CBD Products - South America

South America

In South America, revenue in the CBD Products market is forecasted to reach US$383.80m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 0.35%, leading to a market volume of US$390.50m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$2,575.00m in 2024).
In terms of per person revenues in 2024, US$21.99 is generated concerning total population figures.
In South America, the CBD Products market is rapidly expanding, with a growing demand for innovative cannabis-infused products across the region.

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

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Analyst Opinion

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

Customer preferences: Consumers in South America are increasingly inclined towards natural and organic products, leading to a rising demand for CBD products. The shift towards holistic wellness and self-care practices has propelled the popularity of CBD-infused items in the region. Moreover, the growing awareness about the potential health benefits of CBD is influencing consumer choices, driving the market expansion.

Trends in the market: In Brazil, the largest economy in South America, there is a notable trend towards incorporating CBD products in beauty and skincare routines. The beauty industry in Brazil is embracing CBD-infused cosmetics due to their anti-inflammatory and antioxidant properties, catering to the preferences of health-conscious consumers. This trend is driving the growth of CBD beauty products in the country.

Local special circumstances: Colombia, known for its favorable climate for cannabis cultivation, has emerged as a key player in the CBD market in South America. The country's conducive environment for hemp cultivation has attracted investments in CBD production, positioning Colombia as a significant supplier of CBD oil and extracts. This unique advantage has positioned Colombia as a prominent player in the regional CBD market.

Underlying macroeconomic factors: The regulatory landscape surrounding CBD products in South America is evolving, with several countries legalizing the use of CBD for medicinal and therapeutic purposes. This shift in regulations has opened up new opportunities for market players, leading to increased investments in the CBD industry across the region. Additionally, the economic potential of the CBD market is attracting both domestic and international investors, further fueling market growth in South America.

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.