Medical Cannabis - Mexico

Mexico

Mexico is projected to reach a revenue of US$231.70m in the Medical Cannabis market market by 2024.
The market is expected to show an annual growth rate (CAGR 2024-2029) of 5.77%, leading to a market volume of US$306.70m by 2029.
When compared globally, the United States will generate the most revenue, reaching US$14,530.00m in 2024.
In terms of per person revenues in 2024, US$3.87k are generated based on total population figures.
Mexico's evolving regulations are shaping a promising landscape for medical cannabis investments in the country's emerging market.

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

Market

Region

Region comparison

Currency

Analyst Opinion

Mexico has seen a significant growth in the Medical Cannabis market in recent years, with various factors contributing to this development.

Customer preferences: Customers in Mexico have shown a growing interest in alternative medical treatments, including Medical Cannabis. The increasing awareness of the potential health benefits of cannabis products has driven demand in the market. Additionally, the preference for natural and plant-based remedies has further fueled the popularity of Medical Cannabis among consumers.

Trends in the market: One of the notable trends in the Medical Cannabis market in Mexico is the expanding legalization and regulation of cannabis products for medical use. As the government implements more lenient policies and regulations surrounding Medical Cannabis, more companies are entering the market to meet the growing demand. This trend is expected to continue as the industry matures and becomes more mainstream in the country.

Local special circumstances: Mexico's geographical proximity to the United States, where the cannabis industry is well-established, has influenced the development of the Medical Cannabis market in the country. The cross-border flow of information, investment, and expertise has contributed to the growth of the market in Mexico. Additionally, the cultural acceptance of cannabis in certain regions of Mexico has created a favorable environment for the market to thrive.

Underlying macroeconomic factors: The economic landscape in Mexico has also played a role in shaping the Medical Cannabis market. The potential for job creation, tax revenue, and economic growth associated with the cannabis industry has garnered the interest of policymakers and investors alike. As Mexico looks for new opportunities to stimulate economic development, the Medical Cannabis market presents a promising sector for growth and investment.

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.