The Mexico hemp cannabidiol market size was valued at USD 47 million in 2019 and is anticipated to expand at a significant CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the increasing adoption and awareness of cannabidiol or CBD for numerous health conditions. The Mexican government has legalized the production, cultivation, and usage of medical CBD which has less than one percent tetrahydrocannabinol or THC which has non-psychoactive properties.
Cannabidiol is a variant of Phyto cannabinoid which is one of the different cannabinoids present in cannabis plants. This plant has up to 40% of tetrahydrocannabinol present in its extract. Clinical research and studies shows that CBD can be effective against chronic diseases such as anxiety, movement disorders, body & internal pain and cognition. CBD can be consumed in different ways, such as inhaling cannabis vapor & smoke, aerosol spray , or by mouth. It can be supplied in liquid state such as CBD oil, which contains only the pure CBD acting as an active catalyst ingredient. Other means include CBD-dominant hemp extract oil, dried cannabis, prescription liquid solution and capsules. The CBDs do not have relative psychoactivity as the tetrahydrocannabinol or the THC and can alter the effects of these terpenes present on the body under the scenario where both CBD and THC are present. According to the WHO report survey in Mexico, one in every four Mexican uses CBD, whereas more than 50% of Mexicans believe that CBD is legal throughout the country. More than 75% of the Mexicans use CBD for pain and inflammation relief purposes.
The COVID-19 pandemic has hindered the growth of the Mexico hemp cannabidiol market mainly because of the disruption caused in the hemp CBD supply chain management. The strict protocols enforced by the government authorities made distribution of cannabis more difficult than normal. The medical purposes also saw a decline as they can conduct viruses at a faster pace, especially unhealthy individuals. After the COVID pandemic, however, the hemp cannabidiol market is expecting to boom back to even a two digit CAGR expansion.
The report on the Mexico hemp cannabidiol market size includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Hemp Cannabidiol Market Size – Mexico Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018–2019 |
Forecast Period |
2021–2028 |
Segmentation |
Distribution Channels (B2B and B2C [Pharmacies, Online Stores, and Retail Stores]) and End-Uses (Personal Use, Personal Care & Cosmetics [Skin Care and Others], Food & Beverages, Nutraceuticals, and Others) |
Regional Scope |
Mexico |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Trends, and Revenue Forecast |
Key Players Covered in the Report |
HempMeds (Medical Marijuana Inc); Aurora Cannabis; ENDOCA; CBD Life; Elixinol; and Joy Organics |
Based on distribution channels, the Mexico hemp cannabidiol market is bifurcated into B2B and B2C. The B2C segment is further divided into pharmacies, online stores, and retail stores. The B2C segment is expected to constitute the major share of the market in 2019 with a revenue over USD 25 million. This can be attributed to the channels available for this customer base such as pharmacies, retail stores, and online stores. The retail stores present multiple CBD products including personal care items, energy drinks, and food drinks without the requirement of any prescriptions offered at attractive prices. The wider access of the internet in this region allows the online stores to be more effective in Mexico.
On the basis of end-uses, the Mexico hemp cannabidiol market is segmented into personal use, personal care & cosmetics, food & beverages, nutraceuticals, and others. The personal care & cosmetics segment is further bifurcated into skin care and others. The personal use segment is expected to constitute a major share of 53% of the market in 2019. This is attributed to the increasing use of CBD oil in numerous personal cares to obtain their health benefits along with the easy accessibility of these products from both online stores and retail stores.
The Mexico hemp cannabidiol market size has been segmented in terms of
Distribution Channels
End-Uses
Region
Mexico
Key Players
Major players competing in the Mexico hemp cannabidiol market are HempMeds (Medical Marijuana Inc); Aurora Cannabis; ENDOCA; CBD Life; Elixinol; and Joy Organics. These market players are involved in several business strategies such as mergers, acquisitions partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
For Instance, ENDOCA signed a partnership with Tough Mudder Inc in 2019. Tough Mudder is a lifestyle, media and events company serving sports events for obstacle courses providing in countries including Canada, Germany, United Kingdom, and the United States of America. Through this deal, Tough Mudder becomes ENDOCA’s CBD sponsor and partner for CBD products.
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