The Mexico hemp CBD market size is projected to reach USD 275.8 million by 2025, expanding at a revenue-based CAGR of 34.3%, according to a new report by Grand View Research, Inc. The recent approval by the Mexico government for the usage of medical cannabis and cannabidiol-derived products containing less than 1% Tetrahydrocannabinol (THC) is driving the market. In addition, introduction of innovative hemp-derived cannabidiol (CBD) products and increasing adoption of these products due to their health benefits is anticipated to fuel the market growth over the forecast period.
The B2C distribution channel will dominate the market in 2019, with a revenue share of 53.1%. The rise in the number of retail and online stores providing hemp-derived products is expected to drive the market over the forecast period. Moreover, the B2B distribution channel is anticipated to witness the fastest growth over the forecast period. An increase in the number of Mexico based companies importing cannabidiol oil for producing finished products such as supplements, personal care and cosmetics, food, and beverages is one of the key factors driving the growth of this segment.
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Based on end use, the market is segmented into personal use, personal care and cosmetics, food and beverages, nutraceuticals, and others. The personal use segment is anticipated to dominate the market in 2019. Growing demand for CBD oil for relaxation and personal care remedies is a major factor contributing to the growth of this segment. On the other hand, the food and beverage segment is expected to witness the fastest growth over the forecast period. Improving lifestyle and increasing awareness regarding the health benefits of cannabidiol serves as the major factor propelling the growth of this segment over the forecast period.
Further key findings from the report suggest:
• The hemp CBD market is anticipated to be reach USD 275.8 million by 2025, due to the recent approvals granted by the Mexico government for cannabidiol-based products
• The B2C distribution channel is projected to dominate the market with a revenue share of 53.1% in 2019, as there has been a continuous rise in the number of retail and online stores
• The food and beverage segment is expected to grow at a fastest rate over the forecast period due to increasing awareness of cannabidiol for wellness purposes
• Some of the major players operating in the market are CBD Life, Canopy Growth Corporation, Aurora Cannabis, Elixinol, and HempMeds (Medical Marijuana Inc.).
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Grand View Research has segmented the Mexico hemp CBD market based on distribution channel and end use:
Mexico Hemp CBD Distribution Channel Outlook (Volume, Kilos; Revenue, USD Million, 2014 - 2025)
• B2B
• B2C
o Pharmacies
o Online Store
o Retail Stores
Mexico Hemp CBD End-use Outlook (Volume, Kilos; Revenue, USD Million, 2014 - 2025)
• Personal Use
• Personal Care & Cosmetics
o Skin Care
o Others
• Food & Beverages
• Nutraceuticals
• Others
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.