Key regions: United States, Canada, Netherlands, Germany, Thailand
Peru has seen a significant growth in the Cannabis market in recent years, reflecting a global trend towards increasing acceptance and legalization of cannabis for both medical and recreational use.
Customer preferences: Consumers in Peru are increasingly seeking out cannabis products for medicinal purposes, driven by a growing awareness of the potential health benefits of cannabinoids. This trend mirrors the shift towards wellness and natural remedies that is being observed in markets worldwide. Additionally, there is a rising interest in alternative forms of consumption such as edibles and topicals, indicating a diversification of product offerings to cater to evolving consumer preferences.
Trends in the market: One notable trend in the Peruvian Cannabis market is the emergence of a strong domestic cultivation industry. With favorable climate conditions and a long history of traditional use of cannabis, Peru has the potential to become a significant player in the cultivation and export of cannabis products. This trend is further supported by the government's efforts to regulate and formalize the industry, creating opportunities for local businesses to thrive and contribute to the economy.
Local special circumstances: Peru's unique cultural relationship with cannabis, dating back to ancient civilizations such as the Inca Empire, sets it apart from other markets. This historical connection not only shapes consumer attitudes towards cannabis but also provides a foundation for the development of a sustainable and responsible industry. The presence of traditional knowledge and practices in cultivating and using cannabis presents an opportunity for the market to leverage local expertise and heritage in product development and branding.
Underlying macroeconomic factors: The economic landscape in Peru, characterized by a growing middle class and increasing disposable income, plays a significant role in driving the expansion of the Cannabis market. As consumer purchasing power rises, there is a greater capacity to invest in premium cannabis products and innovative offerings. Furthermore, the government's efforts to regulate the industry and attract foreign investment signal a commitment to fostering a competitive market environment that can support long-term growth and sustainability.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
