Medical Cannabis - Chile

Chile

Revenue in the Medical Cannabis market is projected to reach US$5.53m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.30%, resulting in a market volume of US$7.16m by 2029.
In global comparison, most revenue will be generated in the United States (US$14,530.00m in 2024).
In relation to total population figures, per person revenues of US$1.61k are generated in 2024.

Key regions: Spain, Europe, Australia, Germany, United States

Market

Region

Region comparison

Currency

Analyst Opinion

The Medical Cannabis market in Chile has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Chile are increasingly turning to medical cannabis products as an alternative form of treatment for various health conditions. The growing awareness about the potential therapeutic benefits of cannabis has led to a shift in consumer preferences towards natural and holistic remedies.

Trends in the market: One of the key trends in the Chilean Medical Cannabis market is the increasing acceptance and legalization of medical cannabis for therapeutic use. This has opened up opportunities for local companies to enter the market and for international players to expand their operations in the region. Additionally, there is a rising trend of research and development in medical cannabis products tailored to specific medical conditions, catering to the evolving needs of consumers.

Local special circumstances: Chile stands out in the region for its progressive approach towards medical cannabis legalization and regulation. The country has established a comprehensive regulatory framework that allows for the cultivation, production, and distribution of medical cannabis products. This has created a conducive environment for market growth and innovation, attracting investments and fostering partnerships within the industry.

Underlying macroeconomic factors: The evolving regulatory landscape and increasing social acceptance of medical cannabis in Chile are driven by a combination of factors such as changing attitudes towards cannabis, growing demand for alternative healthcare solutions, and the potential economic benefits associated with the industry. Moreover, the government's efforts to promote research and development in the medical cannabis sector are also contributing to the market expansion in the country.

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.