CBD Products - Uruguay | Statista Market Forecast

Uruguay's CBD Products market is projected to reach US$7.35m in 2024.
The revenue is forecasted to demonstrate an annual growth rate (CAGR 2024-2029) of 0.13%, leading to a market volume of US$7.40m by 2029.
When compared globally, the United States will generate the highest revenue (US$2.58bn in 2024).
In terms of per person revenues in 2024, US$21.98 is generated concerning the total population figures.
Uruguay's CBD products market is flourishing, driven by progressive cannabis regulations and a growing acceptance of alternative wellness solutions.

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

Uruguay, a country known for its progressive stance on cannabis legalization, has seen a significant development in the CBD Products market.

Customer preferences: Consumers in Uruguay are increasingly leaning towards natural and organic products, driving the demand for CBD products in the market. The shift towards holistic wellness and self-care practices has led to a growing interest in CBD-infused items among the population.

Trends in the market: One notable trend in the CBD Products market in Uruguay is the diversification of product offerings. From CBD oils and tinctures to skincare products and edibles, manufacturers are introducing a wide range of items to cater to different consumer preferences. Additionally, there is a rising trend of incorporating CBD into everyday products such as beverages and cosmetics, further expanding the market reach.

Local special circumstances: Uruguay's progressive cannabis laws have created a conducive environment for the CBD industry to thrive. With the legalization of recreational marijuana in 2013, the country has paved the way for research and development in cannabis-related products, including CBD. This regulatory framework has attracted investments in the sector, leading to innovation and growth in the market.

Underlying macroeconomic factors: The stable economic conditions in Uruguay have provided a favorable backdrop for the CBD Products market to expand. With a relatively high GDP per capita and a growing middle-class population, consumers have more disposable income to spend on wellness products like CBD. Moreover, the government's support for the cannabis industry through regulations and policies has instilled confidence in investors, driving further growth in the market.

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.