DUBLIN–(BUSINESS THREAD)–The report analyzes the size, share and trends of the Mexico medical cannabis market by product (flowers, oil and tinctures), by application (cancer, chronic pain, depression and anxiety, arthritis) and segment forecasts, 2022-2030 has been added to ResearchAndMarkets.com’s offers
Mexico’s medical cannabis market size is expected to reach $117.7 million by 2030 and is projected to grow at a CAGR of 49.0% between 2022 and 2030.
Favorable government policies are expected to increase the acceptance of cannabis-derived products in the coming years. This is the main factor driving the growth of the market.
Additionally, the industry is likely to benefit from increased user acceptance of Cannabidiol (CBD) due to its numerous health benefits. CBD is used to treat a growing number of chronic diseases. In light of the recent regulations being put in place on the use, production, as well as the sale of cannabis specifically for medicinal use, it will help control products entering the supply chain while allowing the government to benefit from se of the taxes collected through these products. .
Due to the high population density and large number of patients, medical cannabis is likely to become one of the most profitable industries in Mexico in the coming years. According to the WHO, 195,499 new cases of cancer were detected in Mexico in 2020. Several research studies have shown the potential benefits of CBD in suppressing nausea associated with cancer, leading to an increase in its use in cancer patients. Chronic pain due to various diseases and conditions, as well as old age, has been increasing in recent years; Medical cannabis has been extensively studied to reduce the perception of pain.
Extracts of the plant in oil form, such as CBD oil, have been on the market worldwide for quite some time and are increasingly seen as an alternative treatment for chronic pain. The Global Pain Index study, conducted by GSK in 2020, studied 1,000 individuals each, from 19 countries. The data collected revealed that the prevalence of pain among Mexican individuals is almost 98%. Due to legalization, it has become easier for both patients and doctors to prescribe it for chronic pain, thus leading to the growth of the medical cannabis market in Mexico.
An increase in the geriatric population is also linked to a likely increase in the use of medical grade cannabis. The older generation is more susceptible to chronic conditions such as arthritis, chronic pain, Alzheimer’s disease and Parkinson’s disease, and therefore can be identified as a potential patient population, which can use quality cannabis medical According to the WHO, the geriatric population in Mexico is likely to increase by more than 270% by 2050.
In a study published in The International Study for the Study of Pain, data was collected between 2001 and 2018, a Mexican study of health and aging, which represents the Mexican population aged 50 and over. The two categories of pain, stable decrease and moderate increase, were found to be 81.88% and 18.12%, respectively.
A study conducted by GSK in 2020, which studied populations in 19 countries, found that 67% of the population studied in Mexico reported that pain severely affected their quality of life. Segments such as epilepsy and Tourette syndrome are expected to grow at a substantial rate due to the increasing number of studies that showed positive results of its use in reducing the symptoms associated with these conditions. These factors are driving the growth of the medical cannabis market in Mexico.
In Mexico, licenses for cultivation, harvesting and manufacturing are only available for therapeutic and research purposes. Xebra Brands is currently one of the pioneer companies, authorized by the government to import, grow and process cannabis into CBD and CBG products. The company has exclusive rights to sell its products both domestically and internationally.
During COVID, the demand for cannabis increased and due to the abundance of local supply, the market experienced significant growth. The legalization of medicinal cannabis has made it more readily available and thus fueled the growth of the market.
Due to government initiatives, cannabis growers are also increasing in the region and can significantly help grow the entire economy, medical tourism and increased revenue through taxes are all major contributors poised to boost the growth of the medical cannabis market in Mexico.
Highlights of the Mexico Medical Cannabis Market Report
The market is expected to witness steady growth during the forecast period as medicinal cannabis is used to treat an increasing number of chronic diseases.
Flowers, in the product category, became the largest segment in 2021 due to its price and easy availability.
Chronic pain had the highest revenue share by application, due to the rapid use of CBD as an alternative to opioids and synthetic drugs for the treatment of chronic pain.
Competitive landscape
Dawn Cannabis
GW Pharmaceuticals, plc.
Canopy Growth Corp
HempMeds
CV Sciences, Inc.
ENDOCA
Isodiol International Inc.
CBD Life
PharmaCielo.com
CBD American Shaman
Elixinol
Jazz Pharmaceuticals, Inc
For more information on this report, visit https://www.researchandmarkets.com/r/swir0s
