Mexico Hemp CBD Market Size To Reach $74.3 Million By 2030

Mexico Hemp CBD Market Growth & Trends

The Mexico hemp CBD market size is projected to reach USD 74.3 million by 2030, expanding at a revenue-based CAGR of 26.1% from 2023 to 2030, 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 B2B channel is anticipated to dominate the market in terms of revenue share in 2022 and is expected to be the fastest-growing segment with a CAGR of 26.5% over the forecast period. 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.

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 2022. 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.

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Mexico Hemp CBD Market Report Highlights

• The B2B channel is anticipated to dominate the market in terms of revenue share in 2022 and is expected to be the fastest-growing segment with a CAGR of 26.5% over the forecast period

• The pharmaceutical segment is anticipated to dominate the market for hemp CBD with a revenue share of over 45% in 2022 and is expected to grow at the fastest CAGR of 27.1% over the forecast period

• Mexico is the second-largest market for personal care products in Latin America

Mexico Hemp CBD Market Segmentation

Grand View Research has segmented the Mexico hemp CBD market based on sale type and end use

Mexico Hemp Cannabidiol (CBD) Sale Type Outlook (Revenue in USD Million, 2018 - 2030)

• B2B

• B2C

Mexico Hemp Cannabidiol (CBD) End Use Outlook (Revenue in USD Million, 2018 - 2030)

• Medical

• Personal

• Pharmaceuticals

• Wellness

List of Key Players of Mexico Hemp CBD Market

• Canopy Growth Corporation

• AURORA CANNABIS INC.

• ENDOCA

• Elixinol

• CV Sciences, Inc.

• CBD Life

• HempMeds

• Joy Organics