Recreational Cannabis - Uruguay

Uruguay

Uruguay's Recreational Cannabis market market is forecasted to reach US$55.62m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.28%, leading to a market volume of US$68.57m by 2029.
When compared globally, the United States will generate the highest revenue (US$24.96bn in 2024).
In terms of per person revenues in 2024, US$398.60 is generated concerning total population figures.
Uruguay sees a surge in the demand for recreational cannabis, driving innovation and investment in the country's evolving cannabis market.

Key regions: Spain, South Africa, Europe, Netherlands, Australia

Market

Region

Region comparison

Currency

Analyst Opinion

Uruguay, known for being the first country in the world to fully legalize the production, sale, and consumption of recreational cannabis, has seen interesting developments in its market.

Customer preferences: Uruguayan consumers have shown a growing interest in exploring the variety of cannabis products available in the market. With the legalization of recreational cannabis, customers are increasingly looking for high-quality products that offer different levels of THC and CBD content to suit their preferences.

Trends in the market: The recreational cannabis market in Uruguay has been witnessing a trend towards the diversification of products. Consumers are now not only interested in traditional forms of cannabis consumption but also in exploring new products such as edibles, oils, and topicals. This trend indicates a maturing market that is catering to a wider range of consumer preferences.

Local special circumstances: Uruguay's unique regulatory framework, which allows for the legal cultivation and sale of recreational cannabis, sets it apart from many other countries. This special circumstance has created a conducive environment for local businesses to thrive and innovate in the cannabis industry. Additionally, the government's strict quality control measures ensure that consumers have access to safe and regulated products.

Underlying macroeconomic factors: The steady growth of the recreational cannabis market in Uruguay can be attributed to several macroeconomic factors. The country's stable economy and progressive regulatory environment have attracted investments in the cannabis industry, leading to job creation and economic growth. Furthermore, the increasing social acceptance of cannabis use has contributed to the expansion of the market as more consumers feel comfortable exploring cannabis products.

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.