Mexico Medical Cannabis Market Size, Share, and COVID-19 Impact Analysis, By Product (Oil & Tinctures and Flowers), By Application (Depression & Anxiety, Chronic Pain, Arthritis, Cancer, and Others), and Mexico Medical Cannabis Market Insights, Industry Trend, Forecasts to 2033.

Mexico Medical Cannabis Market Insights Forecasts to 2033

• The Mexico Medical Cannabis Market Size Was Estimated at USD 5.30 Million in 2023.
• The Market Size is Growing at a CAGR of 20.84% from 2023 to 2033
• The Mexico Medical Cannabis Market Size is Expected to Reach USD 35.18 Million by 2033

The Mexico Medical Cannabis Market Size is expected to reach USD 35.18 million by 2033, growing at a CAGR of 20.84% from 2023 to 2033.

Market Overview

The medical cannabis market in Mexico refers to products made from the cannabis plant and used only for medical purposes. These goods may consist of topicals, tinctures, oils, dried flowers, and capsules. Depending on the laws in each state or nation, they can be purchased online, through pharmacies, and medical dispensaries. The products can be applied topically, ingested, vaporized, or smoked, among other methods of consumption. The expanding market for alternative medical treatments in Mexico is indicated by the country's inclination for natural, plant-based medicines and the health benefits of medical cannabis. In addition, the economy will benefit from millions of dollars in additional jobs and revenue if it is legalized for adult usage. Legalization will help several industries, including tourism, food, and transportation. Furthermore, the implementation of the legislation is anticipated to boost medical tourism, which will enhance the market's expansion and provide additional revenue for the government.

Report Coverage

This research report categorizes the market for the Mexico medical cannabis market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the France insurance market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Mexico super apps market.

Driving Factors

The market for medical cannabis in Mexico is expanding as a result of rigid government regulations, which are drawing in more businesses to satisfy the rising demand. The market is anticipated to develop and become more widely accepted. In addition, the Mexican economy has an impact on the medical cannabis sector by generating jobs, tax income, and economic expansion, which draws investors and policymakers seeking growth.

Restraining Factors

Mexico's medical cannabis market faces significant constraints because importing any cannabis product, including THC-containing CBD oil, into Mexico is prohibited. This restriction may make some products less accessible on the market.

Market Segmentation

The Mexico medical cannabis market share is classified into the product and the application.

• The oil & tinctures segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the product, the Mexico medical cannabis market is divided into oil & tinctures and flowers. Among these, the oil & tinctures segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period. This segment is increased because tinctures, which are created by dissolving marijuana in alcohol, take only 15 minutes to start up, they are a viable option for those who experience intense discomfort, and demand for them is predicted to increase.

• The chronic pain segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the application, the Mexico medical cannabis market is divided into depression & anxiety, chronic pain, arthritis, cancer, and others. Among these, the chronic pain segment accounted for the largest share in 2023 and is expected to grow at a significant CAGR during the forecast period. Growth is expected as a result of increased usage of cannabis for pain management due to chronic pain, including neurogenic, cancerous, and other medical conditions.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Mexico medical cannabis market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Aurora Cannabis
• CANOPY GROWTH CORPORATION
• GW Pharmaceuticals, plc
• PharmaCielo.com
• Elixinol
• ENDOCA
• Jazz Pharmaceuticals, Inc.
• CBD Life
• HempMeds
• Isodiol International Inc.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at France, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Mexico medical cannabis market based on the below-mentioned segments:

Mexico Medical Cannabis Market, By Product

• Oil & Tinctures
• Flowers

Mexico Medical Cannabis Market, By Application

• Depression & Anxiety
• Chronic Pain
• Arthritis
• Cancer
• Others