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.
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.
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