Cannabis - Chile

Chile

Chile is expected to see a revenue of US$50.14m in the Cannabis market by 2024.
The market is projected to grow annually at a rate of 2.93% between 2024 and 2029, reaching a volume of US$57.92m by 2029.
When compared globally, the United States is anticipated to lead in revenue generation with US$42.98bn in 2024.
In terms of per person revenues, US$0.03k are generated in 2024 relative to the total population figures.
Chile's cannabis market is rapidly evolving, with a focus on research and medical applications, positioning the country as a key player in South America.

Key regions: United States, Canada, Netherlands, Germany, Thailand

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Analyst Opinion

The Cannabis market in Chile has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Chile have shown a growing interest in cannabis products for both medicinal and recreational purposes. The increasing awareness of the potential health benefits of cannabis has driven demand for a variety of products, including oils, edibles, and topicals. Consumers are also seeking out high-quality, locally sourced products that are produced in a sustainable and environmentally friendly manner.

Trends in the market: One of the key trends in the Chilean cannabis market is the expanding legalization of medical cannabis. As more research highlights the therapeutic properties of cannabis, the government has been taking steps to regulate and legalize its use for medical purposes. This has opened up new opportunities for companies to enter the market and develop innovative medical cannabis products to meet the growing demand.

Local special circumstances: Chile's unique geographical location and climate provide ideal conditions for cannabis cultivation. The country's diverse microclimates allow for the cultivation of a wide variety of cannabis strains, leading to the production of high-quality products. Additionally, Chile has a well-established agricultural industry with a skilled workforce, which has helped support the growth of the cannabis market.

Underlying macroeconomic factors: The growing acceptance and legalization of cannabis in Chile are also influenced by broader macroeconomic factors. The government's efforts to diversify the economy and promote new industries have created a favorable environment for the cannabis market to thrive. Additionally, the increasing investment in research and development within the cannabis sector has helped drive innovation and product development, further fueling the 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.