The global Mexico Medical Cannabis market size is expected to be worth around US$ 249.10 million by 2028, according to a new report by Vision Research Reports.
The global Mexico Medical Cannabis market size was valued at US$ 47.9 million in 2020 and is anticipated to grow at a CAGR of 27.10% during forecast period 2021 to 2028.
Rising adoption of medicinal marijuana for the treatment of chronic conditions such as Alzheimer’s disease, cancer, arthritis, anxiety, and epilepsy is one of the key factors propelling the Mexican medical cannabis market. Furthermore, approval of CBD derivatives for medicinal use is also expected to drive demand in the coming years.
The cannabis industry is booming due to its increasing adoption for medicinal application and imminent legalization for recreational use. In Mexico, marijuana is only legalized for medicinal use and is anticipated to be legalized for recreational purposes in an effort to abolish illicit drug trade and generate tax revenue.
Competition among existing players is moderately high as very few companies have the technology, financial resources, and legal clearance to venture into large-scale manufacturing of marijuana. Medical marijuana has been legalized in Mexico since June 2017. Health licenses for cultivation, harvesting, and production of marijuana in the country are exclusively limited to medicinal and research purposes. Laws pertaining to marijuana are not that well-regulated in the nation and go through a secondary regulation by Federal Commission for the Protection against Health Risks.
marijuana buds emerged as the largest segment, accounting for 47.6% of the revenue owing to their low price and easy availability. Moreover, with the legalization of cannabis for recreational use, this segment is anticipated to remain dominant in the coming years. However, with growing indigenous production and expansion in availability and drop in price, the oil segment is expected to emerge as the fastest growing segment by the end of 2025, toppling the buds segment.
Marijuana oil is used for treatment of diseases and conditions such as cancer and nausea, and can also be used for improving sleep and alleviating stress and anxiety. Due to its high potential in medical use, it has been legalized in the country. Marijuana oil is available in various forms: edibles, vapes, topicals, and other products. The demand for smoking cannabis is decreasing owing to increasing social stigma regarding its smoking. Moreover, doctors are not comfortable with patients smoking, as it has potentially harmful components—particles, tar, and other chemicals. Thus, the adoption of oil is anticipated to witness robust growth.
Tinctures are expected to emerge as the second fastest growing segment in the Mexico medical cannabis market by product type. Marijuana tinctures are made by dissolving the drug in alcohol and are intended to be consumed sublingually. They exhibit a more rapid onset of action compared to oils. The onset of action of oils and other forms of cannabis medications is around 45 minutes, while tinctures show effect in around 15 min. In the case of patients suffering from severe pain, waiting for 15 minutes is a viable option compared to 45 minutes. Due to this advantage of tinctures, their demand is expected to increase over the forecast period.
Chronic pain is anticipated to emerge as the largest segment by revenue in the Mexico market. Pain that persists for 6 months or longer is termed as chronic pain, which is a major concern for a large number of patients in Mexico. Common diseases that include chronic pain as a symptom include neurogenic, arthritic, cancer, lower back associated disorders, neck and face pain, as well as headache.
The elderly population group, in particular, is more susceptible to chronic as well as acute pain, raising the demand for pain management medication. For instance, according to the National Institute of Statistics and Geography (INEGI) in 2017, the Mexican population consisted of 13 million geriatric individuals, which indicates a massive potential customer pool. Moreover, research studies indicate that relieves chronic pain in elderly patients. Therefore, increasing awareness regarding the medical benefits of cannabis and growing geriatric population are expected to drive the market for chronic pain management. However, there are dosages and route of administration concerns related to pain management in case of marijuana.
Marijuana is majorly used for treatment of mental disorders that do not respond to other alternative treatment options. Mental disorders such as post-traumatic stress disorder (PTSD), anxiety disorders, depression, bipolar disorder, multiple sclerosis, attention deficit hyperactivity disorder (ADHD), Alzheimer’s, and Parkinson’s disease are all presumed to be effectively treated by medical marijuana, owing to higher therapeutic effects. Due to the legalization of cannabis for medical use in Mexico, demand for the same has increased.
Aurora Cannabis; Canopy Growth Corporation; GW Pharmaceuticals, plc; CB Science, Inc.; HempMeds; CBD Life; and Isodiol International, Inc.
Medical Application Outlook
The Mexico Medical Cannabis market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Mexico Medical Cannabis market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Mexico Medical Cannabis market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Mexico Medical Cannabis market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Mexico Medical Cannabis market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Mexico Medical Cannabis capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Mexico Medical Cannabis by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Mexico Medical Cannabis market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Mexico Medical Cannabis market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Mexico Medical Cannabis market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Mexico Medical Cannabis industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Mexico Medical Cannabis market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Mexico Medical Cannabis market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Mexico Medical Cannabis market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Mexico Medical Cannabis market. These factors have benefited the growth of the global market for Mexico Medical Cannabis. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Mexico Medical Cannabis. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Mexico Medical Cannabis are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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