Cannabis

Uruguay's Cannabis market is forecasted to achieve a revenue of US$135.50m in 2024.
The market is anticipated to demonstrate a Compound Annual Growth Rate (CAGR 2024-2029) of 3.12%, leading to a market volume of US$158.00m by 2029.
Among global counterparts, the United States is expected to generate the highest revenue (US$42.98bn in 2024).
Concerning total population statistics, per person revenues of US$280.20 are realized in 2024.
Uruguay's Cannabis market showcases a pioneering regulatory framework, attracting international investment and positioning the country as a leader in the industry.

Definition:
The Cannabis market covers products derived from the cannabis plant used for medical or recreational purposes. These products may include dried flowers, oils, edibles, tinctures, and topicals. Depending on the regulations in each country or state, these products are provided by dispensaries, pharmacies, and/or online platforms. They may be consumed in the form of smoking, vaporizing, eating, or applying topically.

Structure:
The market includes Medical, Pharmaceutical, and Recreational Cannabis as well as CBD Products. The Medical and Pharmaceutical Cannabis markets include products used to treat conditions such as chronic pain, mental disorders, and other medical conditions. The Recreational Cannabis and the the CBD Products markets include products used for personal enjoyment or leisure purposes. All cannabis markets include various forms of cannabis such as flowers, concentrates, edibles, and topicals.

Additional information:
Market values represent the revenues generated by retail prices paid to vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Canopy Growth Corporation, Aurora Cannabis, Curaleaf Holdings, Tilray, Green Thumb Industries, Trulieve Cannabis, Verano Holdings.

Recreational Cannabis
Medical Cannabis
Pharmaceutical Cannabis
CBD Products

Illegal cannabis
Cannabis cultivated for private use

Uruguay, a pioneer in the legalization of cannabis for recreational use, has been witnessing interesting developments in its Cannabis market.

Customer preferences: Uruguayan consumers have shown a growing interest in cannabis products, with a preference for high-quality strains and a variety of consumption methods. The demand for edibles and oils has been on the rise, reflecting a shift towards more discreet and convenient ways of consuming cannabis.

Trends in the market: One notable trend in the Uruguayan Cannabis market is the increasing number of licensed producers and dispensaries. This trend indicates a maturing industry with a wider range of products available to consumers. Additionally, there is a growing focus on sustainable and organic cultivation practices, aligning with global trends towards environmentally friendly products.

Local special circumstances: Uruguay's unique regulatory framework, which allows for the legal cultivation, distribution, and consumption of cannabis, sets it apart from many other countries. This progressive approach has created a conducive environment for the development of a diverse and innovative Cannabis market in the country. Furthermore, the small size of the Uruguayan market has led to a close-knit community of producers and consumers, fostering a sense of collaboration and shared knowledge.

Underlying macroeconomic factors: The stable political and economic environment in Uruguay has provided a solid foundation for the growth of the Cannabis market. With a relatively small population and a high level of education, Uruguayan consumers are open to exploring new products and trends in the market. Additionally, the government's support for the Cannabis industry through regulations and infrastructure development has contributed to the market's expansion.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Cannabis or marijuana, the psychoactive drug from the cannabis plant is growing in popularity around the globe, both for recreational and medicinal uses. While there are many countries that have legalized cannabis in some capacity for medical purposes, only a handful have done so for recreational use. Even though cannabis is not federally legal in the United States, the combined legal states represent the largest market in the world. After the U.S., Canada, which legalized cannabis nation-wide in 2018 represents the next largest market. In 2021, a new coalition government was formed in Germany that indicated that the legalization of cannabis was on their agenda. Germany would be the largest legal adult-use market in Europe and would act as a test case for other countries on the continent considering the merits of legalization.