Medical Cannabis - Peru

Peru

Peru is projected to reach a revenue of US$12.52m in the Medical Cannabis market market by 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.25%, leading to a market volume of US$14.69m by 2029.
When compared globally, the United States is expected to generate the highest revenue, amounting to US$14,530.00m in 2024.
In terms of per person revenues in 2024, US$0.29k is generated in relation to total population figures.
Peru's medical cannabis market is rapidly growing, attracting attention from investors seeking opportunities in the burgeoning industry.

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

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Analyst Opinion

Peru, known for its rich cultural heritage and stunning landscapes, has also been making strides in the Medical Cannabis market.

Customer preferences: Customers in Peru are increasingly turning to Medical Cannabis products due to growing awareness about its potential health benefits. As people become more health-conscious, there is a rising demand for natural and alternative remedies, driving the popularity of Medical Cannabis products in the country.

Trends in the market: One noticeable trend in the Peruvian Medical Cannabis market is the increasing acceptance and legalization of medical marijuana for certain medical conditions. This shift in regulations has opened up opportunities for companies to enter the market and offer a variety of Medical Cannabis products to meet the growing demand.

Local special circumstances: Peru's unique geography and climate also play a significant role in the development of the Medical Cannabis market. The country's diverse ecosystems allow for the cultivation of a wide range of cannabis strains, leading to the production of high-quality Medical Cannabis products that cater to different consumer preferences.

Underlying macroeconomic factors: Moreover, the economic landscape in Peru is also contributing to the growth of the Medical Cannabis market. With a steady economic growth and increasing disposable income among the population, more people have the purchasing power to invest in Medical Cannabis products for their health and wellness needs. Additionally, the government's efforts to regulate and support the Medical Cannabis industry further boost investor confidence and drive market development in Peru.

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.