Pharmaceutical Cannabis - South America

South America

Revenue in Pharmaceutical Cannabis in South America is forecasted to reach US$113.30m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.74%, leading to a market volume of US$142.80m by 2029.
Among global comparisons, the United States will generate the highest revenue (US$913.10m in 2024).
In terms of total population figures, per person revenues of US$3.72k are generated in 2024.
In South America, the Pharmaceutical Cannabis market is rapidly growing due to increasing legalization and a growing demand for medical cannabis products.

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

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Analyst Opinion

The Pharmaceutical Cannabis market in South America is experiencing significant growth and development, driven by various factors shaping the industry in the region.

Customer preferences: Customers in South America are increasingly turning to pharmaceutical cannabis products for medical purposes, seeking alternative treatments for a variety of health conditions. The shift towards natural and plant-based remedies is influencing consumer choices, with a growing acceptance of cannabis-based pharmaceuticals in the healthcare sector.

Trends in the market: In countries like Colombia and Uruguay, where cannabis regulations are more progressive, there is a rise in pharmaceutical companies investing in cannabis cultivation and production. This trend is fueled by the potential for export opportunities to global markets where medical cannabis is in high demand. Additionally, there is a growing trend towards research and development in South America, with local companies focusing on innovation in pharmaceutical cannabis products to meet the evolving needs of consumers.

Local special circumstances: Each country in South America has its own regulatory framework concerning cannabis, leading to a diverse market landscape across the region. For example, Uruguay was the first country in the world to fully legalize cannabis, creating a unique environment for pharmaceutical companies to operate. In contrast, other countries like Brazil are gradually easing restrictions on medical cannabis, presenting opportunities for market expansion in the future.

Underlying macroeconomic factors: The economic landscape in South America plays a crucial role in shaping the pharmaceutical cannabis market. As countries in the region look to diversify their economies and attract foreign investment, the cannabis industry presents a promising sector for growth and development. The potential for job creation, tax revenue, and export earnings from pharmaceutical cannabis products is driving governments to reconsider their policies and regulations to capitalize on this emerging market.

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.