Medical Cannabis - LATAM

LATAM

The revenue in the Medical Cannabis market market in LATAM is forecasted to reach US$1.15bn in 2024.
It is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 3.11%, leading to a market volume of US$1.34bn by 2029.
When compared globally, the United States is set to generate the highest revenue, amounting to US$14,530.00m in 2024.
In terms of per person revenues, US$4.09k are generated in 2024 relative to the total population figures.
The Medical Cannabis market in LATAM is experiencing rapid growth, with Colombia emerging as a key player in cultivation and export.

Key regions: Australia, Europe, South Africa, United States, Netherlands

Market

Region

Region comparison

Currency

Analyst Opinion

The Medical 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 turning to medical cannabis products due to growing awareness of its potential health benefits and therapeutic properties. The shift towards natural and alternative medicine options is driving demand for medical cannabis as consumers seek non-traditional treatments for various health conditions.

Trends in the market: In countries like Colombia and Uruguay, where medical cannabis regulations are more progressive, there is a noticeable trend towards increased cultivation and production of medical cannabis. These countries are positioning themselves as key players in the global medical cannabis market by leveraging their favorable climate conditions and cost-effective production capabilities.

Local special circumstances: LATAM countries have unique regulatory environments that impact the medical cannabis market. While some countries have fully legalized medical cannabis and established robust regulatory frameworks, others are still in the process of developing their legislation. These varying degrees of legalization and regulation create opportunities and challenges for market players operating in the region.

Underlying macroeconomic factors: The economic landscape in LATAM plays a significant role in the development of the medical cannabis market. Countries facing economic challenges may view medical cannabis as a potential source of revenue through taxation and job creation. Additionally, foreign investment in the medical cannabis industry is influenced by macroeconomic factors such as exchange rates, inflation rates, and political stability in the region.

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.