Mexico Legal Cannabis Market Size & Outlook, 2023-2030
Mexico legal cannabis market, 2018-2030 (US$M)
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Mexico legal cannabis market highlights
- The Mexico legal cannabis market generated a revenue of USD 53.5 million in 2023 and is expected to reach USD 377.8 million by 2030.
- The Mexico market is expected to grow at a CAGR of 32.2% 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.
Legal cannabis market data book summary
| Market revenue in 2023 | USD 53.5 million |
| Market revenue in 2030 | USD 377.8 million |
| Growth rate | 32.2% (CAGR from 2023 to 2030) |
| Largest segment | Hemp |
| Fastest growing segment | Marijuana |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 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, Mexico accounted for 0.2% of the global legal cannabis market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Latin America, Mexico legal cannabis market is projected to lead the regional market in terms of revenue in 2030.
- Mexico is the fastest growing regional market in Latin America and is projected to reach USD 377.8 million by 2030.
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Legal Cannabis Market Scope
Legal Cannabis Market Companies
| Name | Profile | # Employees | HQ | Website |
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Mexico 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 73.27% in 2023. Horizon Databook has segmented the Mexico legal cannabis market based on marijuana, hemp covering the revenue growth of each sub-segment from 2018 to 2030.
Medical use of marijuana has been permitted on select basis since 2015. However, it was legalized in Mexico on 19th June 2017. The medical marijuana program is in its nascent stage and the Ministry of Health has been assigned by the Mexican government to create regulations and criteria for the program.
In addition, the incidence of diseases such as cancer, autism, and Alzheimer’s disease has increased in the past few years. Therefore, legalization of medical marijuana in Mexico is expected to drive the market over the forecast period.
Furthermore, one of the criteria laid out is that all medications to be consumed should contain only 1% or lower THC content. Moreover, people in Mexico are conservative compared to that in the U.S. and use of marijuana for recreational purpose is highly stigmatized.
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Our clientele includes a mix of legal cannabis market companies, investment firms, advisory firms & academic institutions.
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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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Horizon Databook provides a detailed overview of country-level data and insights on the Mexico legal cannabis market , including forecasts for subscribers. This country databook contains high-level insights into Mexico legal cannabis market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Mexico legal cannabis market size, by source, 2018-2030 (US$M)
Mexico Legal Cannabis Market Outlook Share, 2023 & 2030 (US$M)
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