Medical Cannabis - South America

South America

The South American country's Medical Cannabis market market is forecasted to reach US$618.40m in 2024.
The market is anticipated to demonstrate a Compound Annual Growth Rate (CAGR 2024-2029) of 2.57%, leading to a market volume of US$702.10m by 2029.
When compared globally, the United States will generate the highest revenue (US$14,530.00m in 2024).
In terms of per capita income, individuals in the country are expected to generate revenues of US$3.04k in 2024.
In South America, the medical cannabis market is rapidly expanding, with increasing acceptance and demand for alternative healthcare options.

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

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Analyst Opinion

The Medical Cannabis market in South America has been experiencing significant growth and development in recent years.

Customer preferences: Customers in South America are increasingly turning to medical cannabis products due to the growing awareness of the potential health benefits associated with cannabis-based treatments. Patients are seeking alternative and natural remedies for various medical conditions, driving the demand for medical cannabis products in the region.

Trends in the market: In countries like Colombia and Uruguay, where medical cannabis regulations are more progressive, there has been a surge in the cultivation and production of medical cannabis. These countries are becoming key players in the export of medical cannabis products to other parts of the world. Additionally, there is a trend towards the legalization of medical cannabis in more South American countries, which is further fueling market growth.

Local special circumstances: One of the key special circumstances in South America is the diverse regulatory landscape for medical cannabis across different countries. While some countries have embraced medical cannabis and established comprehensive regulatory frameworks, others are still in the process of legalizing and regulating the market. This variation in regulations creates opportunities for companies to enter and expand in less saturated markets.

Underlying macroeconomic factors: The economic conditions in South America play a crucial role in the development of the medical cannabis market. Countries with struggling economies see the medical cannabis industry as a potential source of revenue and job creation. As a result, there is a growing trend of governments in the region exploring the economic benefits of legalizing and regulating medical cannabis. Additionally, the increasing acceptance of medical cannabis globally has also influenced the market trends in South America, as countries align their regulations with international standards to attract investment and facilitate trade.

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.