CBD Products - LATAM

LATAM

Revenue in the CBD Products is projected to reach US$0.59bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.32%, resulting in a market volume of US$0.63bn by 2029.
In global comparison, most revenue will be generated in the United States (US$2,575.00m in 2024).
In relation to total population figures, per person revenues of US$22.74 are generated in 2024.

Key regions: South Africa, Spain, Canada, Europe, Netherlands

Market

Region

Region comparison

Currency

Analyst Opinion

The CBD Products market in LATAM has been experiencing significant growth in recent years, driven by changing consumer preferences, evolving regulations, and increasing awareness of the potential health benefits of CBD products.

Customer preferences: Consumers in LATAM are increasingly turning to CBD products as a natural alternative for health and wellness. The preference for organic and sustainable products is driving demand for CBD products in the region. Additionally, there is a growing interest in CBD-infused beauty and skincare products among consumers in LATAM.

Trends in the market: In Brazil, the largest market in LATAM, there is a rising trend of incorporating CBD into food and beverages. This trend is driven by the increasing popularity of functional foods and drinks that offer health benefits. In Mexico, the CBD market is seeing a surge in demand for CBD oil and tinctures, as more consumers are looking for natural remedies for various health conditions. Colombia is emerging as a key player in the CBD market, with a focus on cultivating high-quality hemp for CBD extraction.

Local special circumstances: In Argentina, the CBD market is influenced by the country's economic challenges, leading to a growing interest in CBD products as a potential source of income for individuals. The regulatory environment in Chile is relatively more favorable towards CBD products, attracting investments in the industry. In Peru, traditional plant medicine practices are contributing to the acceptance of CBD products among consumers.

Underlying macroeconomic factors: The economic stability and purchasing power of consumers in each country play a significant role in shaping the CBD market in LATAM. As disposable incomes rise, consumers are more willing to spend on premium CBD products. Additionally, government regulations and policies regarding the cultivation, production, and sale of CBD products impact the growth and development of the market in each 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.