Skip to main content
  1. Market Insights
  2. Health

Cannabis - LATAM

LATAM
  • The revenue in the Cannabis market in LATAM is forecasted to reach US$4.22bn in 2024.
  • It is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 4.65%, leading to a market volume of US$5.30bn by 2029.
  • When compared globally, the United States is expected to generate the highest revenue (US$42.98bn in 2024).
  • In terms of per capita income, in 2024, each person in LATAM generates revenues of US$141.90.
  • In LATAM, the Cannabis market is rapidly expanding with Colombia positioning itself as a key player in cannabis cultivation and export.

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.

In-Scope

  • Recreational Cannabis
  • Medical Cannabis
  • Pharmaceutical Cannabis
  • CBD Products

Out-Of-Scope

  • Illegal cannabis
  • Cannabis cultivated for private use
Cannabis: market data & analysis - Cover

Market Insights report

Cannabis: market data & analysis

Study Details

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Users

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Cannabis market in LATAM is experiencing significant growth and development, driven by changing customer preferences, evolving trends, local special circumstances, and underlying macroeconomic factors.

    Customer preferences:
    Customers in LATAM are increasingly seeking alternative medical treatments and wellness products, leading to a growing demand for cannabis-based products. The shift towards natural remedies and increasing awareness of the potential health benefits of cannabis are influencing consumer preferences in the region.

    Trends in the market:
    In countries like Colombia and Uruguay, where cannabis regulations have been more progressive, there is a growing trend towards the legalization of medical and recreational cannabis. This trend is attracting investments from both domestic and international players, leading to the expansion of the cannabis market in these countries. Additionally, the rise of e-commerce platforms and online dispensaries is making cannabis products more accessible to consumers across LATAM.

    Local special circumstances:
    Each country in LATAM has its own regulations and cultural attitudes towards cannabis, which impact the development of the market. For example, countries like Mexico and Argentina are in the process of legalizing cannabis for recreational use, while others like Brazil have strict regulations in place. These local special circumstances shape the competitive landscape and market dynamics in each country.

    Underlying macroeconomic factors:
    The economic landscape in LATAM, including factors such as GDP growth, inflation rates, and foreign investment, plays a crucial role in the development of the cannabis market. Countries with stable economies and supportive regulatory frameworks are seeing faster growth in the cannabis sector compared to those facing economic challenges. Additionally, the COVID-19 pandemic has accelerated the adoption of e-commerce and digital platforms for cannabis sales in LATAM, further driving market growth.

    Global Comparison

    Most recent update: Mar 2024

    Source: Statista Market Insights

    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.

    Health

    Access more Market Insights on Health topics with our featured report

    Cannabis: market data & analysis - BackgroundCannabis: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Explore more high-quality data on related topic

    Cannabis market worldwide - Statistics & Facts

    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.
    More data on the topic

    Contact

    Get in touch with us. We are happy to help.