Pharmaceutical Cannabis - LATAM

LATAM

Revenue in Pharmaceutical Cannabis in LATAM is forecasted to reach US$168.00m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 5.19%, leading to a market volume of US$216.40m by 2029.
When compared globally, the United States will generate the highest revenue (US$913.10m in 2024).
In terms of total population figures, per person revenues of US$3.97k are generated in 2024.
In LATAM, the Pharmaceutical Cannabis market is rapidly evolving, with regulatory changes paving the way for increased research and product development.

Key regions: United States, Spain, Europe, Thailand, Canada

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Analyst Opinion

The Pharmaceutical Cannabis market in LATAM has been experiencing significant growth and development in recent years.

Customer preferences: Customers in the LATAM region are increasingly turning to Pharmaceutical Cannabis products due to the growing awareness of the potential health benefits associated with cannabis-based treatments. There is a rising demand for natural and alternative medical solutions, which has driven the popularity of Pharmaceutical Cannabis among consumers in the region.

Trends in the market: In countries like Colombia, there has been a trend towards the legalization and regulation of Pharmaceutical Cannabis for both medical and research purposes. This has led to an increase in investments in the industry and the establishment of Pharmaceutical Cannabis cultivation and production facilities. Additionally, there is a growing trend towards the export of Pharmaceutical Cannabis products to other markets, further boosting the industry in the region.

Local special circumstances: One of the key special circumstances in the LATAM region is the favorable climate for cannabis cultivation in countries like Colombia and Uruguay. The ideal growing conditions have positioned these countries as key players in the Pharmaceutical Cannabis market, attracting investments and driving growth in the industry. Additionally, the regulatory environment in each country plays a crucial role in shaping the development of the Pharmaceutical Cannabis market in LATAM.

Underlying macroeconomic factors: The economic landscape in LATAM, characterized by a growing middle class and increasing healthcare expenditures, has contributed to the expansion of the Pharmaceutical Cannabis market in the region. As disposable incomes rise and access to healthcare improves, more consumers are willing to explore alternative medical treatments like Pharmaceutical Cannabis. This, coupled with supportive government policies and regulations, has created a conducive environment for the growth of the Pharmaceutical Cannabis market in LATAM.

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.