Cannabis

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$32.77 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.

Definition:
The Cannabis market covers products derived from the cannabis plant used for medical or recreational purposes. These products may include dried flowers, oils, edibles, tinctures, and topicals. Depending on the regulations in each country or state, these products are provided by dispensaries, pharmacies, and/or online platforms. They may be consumed in the form of smoking, vaporizing, eating, or applying topically.

Structure:
The market includes Medical, Pharmaceutical, and Recreational Cannabis as well as CBD Products. The Medical and Pharmaceutical Cannabis markets include products used to treat conditions such as chronic pain, mental disorders, and other medical conditions. The Recreational Cannabis and the the CBD Products markets include products used for personal enjoyment or leisure purposes. All cannabis markets include various forms of cannabis such as flowers, concentrates, edibles, and topicals.

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), companies (B2B), and governments (B2G).

Company examples: Canopy Growth Corporation, Aurora Cannabis, Curaleaf Holdings, Tilray, Green Thumb Industries, Trulieve Cannabis, Verano Holdings.

Recreational Cannabis
Medical Cannabis
Pharmaceutical Cannabis
CBD Products

Illegal cannabis
Cannabis cultivated for private use

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.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

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.