Latin America Legal Cannabis Market Size & Outlook
Latin America legal cannabis market, 2018-2030 (US$M)
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Latin America legal cannabis market highlights
- The Latin America legal cannabis market generated a revenue of USD 357.4 million in 2023.
- The market is expected to grow at a CAGR of 28.9% from 2024 to 2030.
- In terms of segment, hemp was the largest revenue generating source in 2023.
- Marijuana is the most lucrative source segment registering the fastest growth during the forecast period.
- Country-wise, Mexico is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 357.4 million |
| Market revenue in 2030 | USD 2,110.7 million |
| Growth rate | 28.9% (CAGR from 2023 to 2030) |
| Largest segment | Hemp |
| Fastest growing segment | Marijuana |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Marijuana, Hemp |
| Key market players worldwide | Canopy Growth Corp, Aurora Cannabis Inc, Aphria Inc, The Cronos Group, Tilray Brands Inc, Sundial Growers, Insys Therapeutics, The Scotts Miracle Gro Co Class A, MediPharm Labs Corp, Cara Therapeutics Inc, GW Pharmaceuticals |
Other key industry trends
- In terms of revenue, Latin America region accounted for 1.3% of the global legal cannabis market in 2023.
- Globally, North America is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 37,735.3 million by 2030.
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Legal Cannabis Market Scope
Legal Cannabis Market Companies
| Name | Profile | # Employees | HQ | Website |
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Latin America legal cannabis market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to legal cannabis market will help companies and investors design strategic landscapes.
Hemp was the largest segment with a revenue share of 73.22% in 2023. Horizon Databook has segmented the Latin America legal cannabis market based on marijuana, hemp covering the revenue growth of each sub-segment from 2018 to 2030.
Latin America holds strict regulations when it comes to cannabis and its derivatives, primarily due to the drug trafficking history of the region. However, there are initiatives undertaken by many countries for the legalization of CBD products, due to non-psychoactive nature of the compound.
For instance, Chile, Argentina, Colombia, Peru, Mexico, and Brazil have legalized the use of CBD for medical purposes. Furthermore, there are other countries in the region providing access to cultivation of cannabis at home and for personal consumption, with certain restrictions.
Uruguay, Mexico, Brazil, Colombia, and Chile have allowed home-growing for either medical or recreational purposes, within certain limits. Furthermore, due to legalization in some countries, many companies are keen on entering the region’s budding cannabis and CBD markets.
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Target buyers of Latin America legal cannabis market databook
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Our clientele includes a mix of legal cannabis market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America legal cannabis market , including forecasts for subscribers. This continent databook contains high-level insights into Latin America legal cannabis market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Latin America legal cannabis market size, by country, 2018-2030 (US$M)
Latin America Legal Cannabis Market Outlook Share, 2023 & 2030 (US$M)
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