Cannabis - Uruguay

Uruguay

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$0.28k 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.

Key regions: United States, Canada, Netherlands, Germany, Thailand

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Analyst Opinion

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.

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.