Medical Cannabis - Mexico | Statista Market Forecast

Mexico is projected to reach a revenue of US$231.70m in the Medical Cannabis market market by 2024.
The market is expected to show an annual growth rate (CAGR 2024-2029) of 5.77%, leading to a market volume of US$306.70m by 2029.
When compared globally, the United States will generate the most revenue, reaching US$14.53bn in 2024.
In terms of per person revenues in 2024, US$3.87k are generated based on total population figures.
Mexico's evolving regulations are shaping a promising landscape for medical cannabis investments in the country's emerging market.

Definition:
The Medical Cannabis market encompasses products derived from the cannabis plant specifically used for medical purposes. These products may include dried flowers, oils, tinctures, capsules, and topicals. Depending on the regulations in each country or state, these products are available through medical dispensaries, pharmacies, and/or online platforms. They may be consumed in various ways such as smoking, vaporizing, ingesting, or applying topically.

Structure:
The Medical Cannabis market involves cannabinoid-based medicine without marketing authorisation. These unlicensed medicines are supplied through health systems, prescribed by doctors, or used as Active Pharmaceutical Ingredients (API). The API is manipulated and/or compounded by a magistral pharmacy to prepare a cannabinoid-based medicine without marketing authorisation. The Medical Cannabis market includes various forms of cannabis such as flowers, oils, capsules, 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 patients (B2C), healthcare facilities (B2B), and governments (B2G).

Cannabinoid-based medicine not holding marketing authorisation containing THC
Cannabinoid-based medicine not holding marketing authorisation containing CBD

Cannabinoid-based medicine holding marketing authorisation containing THC
Cannabinoid-based medicine holding marketing authorisation containing CBD

Mexico has seen a significant growth in the Medical Cannabis market in recent years, with various factors contributing to this development.

Customer preferences: Customers in Mexico have shown a growing interest in alternative medical treatments, including Medical Cannabis. The increasing awareness of the potential health benefits of cannabis products has driven demand in the market. Additionally, the preference for natural and plant-based remedies has further fueled the popularity of Medical Cannabis among consumers.

Trends in the market: One of the notable trends in the Medical Cannabis market in Mexico is the expanding legalization and regulation of cannabis products for medical use. As the government implements more lenient policies and regulations surrounding Medical Cannabis, more companies are entering the market to meet the growing demand. This trend is expected to continue as the industry matures and becomes more mainstream in the country.

Local special circumstances: Mexico's geographical proximity to the United States, where the cannabis industry is well-established, has influenced the development of the Medical Cannabis market in the country. The cross-border flow of information, investment, and expertise has contributed to the growth of the market in Mexico. Additionally, the cultural acceptance of cannabis in certain regions of Mexico has created a favorable environment for the market to thrive.

Underlying macroeconomic factors: The economic landscape in Mexico has also played a role in shaping the Medical Cannabis market. The potential for job creation, tax revenue, and economic growth associated with the cannabis industry has garnered the interest of policymakers and investors alike. As Mexico looks for new opportunities to stimulate economic development, the Medical Cannabis market presents a promising sector for growth and investment.

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.