Pharmaceutical Cannabis - Mexico

Mexico

Mexico is projected to reach a revenue of US$50.90m in the Pharmaceutical Cannabis market by 2024.
The revenue is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 6.24%, leading to a market volume of US$68.88m by 2029.
When compared globally, the United States is expected to generate the highest revenue amounting to US$913.10m in 2024.
In terms of per person revenues in 2024, US$5.67k are generated relative to the total population figures.
Mexico is experiencing a surge in pharmaceutical cannabis research and development, positioning itself as a key player in the market.

Market

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Region comparison

Currency

Analyst Opinion

The Pharmaceutical Cannabis market in Mexico has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Mexico are increasingly turning to pharmaceutical cannabis products due to the growing awareness of the potential health benefits associated with cannabis-based treatments. The shift towards natural and alternative medicine options has also influenced consumer preferences in the pharmaceutical cannabis market.

Trends in the market: One of the key trends in the pharmaceutical cannabis market in Mexico is the increasing acceptance and legalization of medical cannabis products. This trend has opened up new opportunities for pharmaceutical companies to expand their product offerings and cater to a wider customer base. Additionally, the government's efforts to regulate the market and ensure product quality and safety have contributed to the overall growth of the pharmaceutical cannabis sector in Mexico.

Local special circumstances: Mexico's unique geographical location and climate provide ideal conditions for cannabis cultivation, making it a cost-effective production hub for pharmaceutical cannabis products. The country's rich history with cannabis and traditional medicinal practices have also influenced the growing acceptance and integration of pharmaceutical cannabis into the healthcare system.

Underlying macroeconomic factors: The evolving regulatory environment and increasing investments in research and development are driving the growth of the pharmaceutical cannabis market in Mexico. Additionally, the rising disposable income levels and changing lifestyle preferences among the population have created a favorable market landscape for pharmaceutical companies looking to capitalize on the growing demand for cannabis-based treatments.

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.