23 July 2020
Visiongain has launched a new report Mexico Hemp CBD Market Report 2020-2030: Forecasts by Distribution Channel (B2B, and B2C (Pharmacies, Online Store, and Retail Stores), by End-user (Personal Use, Persona Care & Cosmetics (Skin Care & Others), Food & Beverages, Nutraceuticals, and Others), Plus Profiles of Leading Companies.
Mexico drew international attention when its government took steps towards legalizing medicinal cannabis. In 2017, the Mexican president signed a bill into law that officially legalized the cultivation, production, and use of medical cannabis products with less than 1% tetrahydrocannabinol (THC) in Mexico. THC is one of at least 113 chemical compounds known as cannabinoids that are found in marijuana and hemp (both belonging to genus cannabis) and may stimulate the body's endocannabinoid system in various ways. Unlike THC, cannabidiol (CBD) derived from hemp is likely to be non-intoxicating and have fairly surprising applications and potential for averting and treating numerous health conditions. Mexico's distinctive new law gives producers the liberty to start putting CBD in everyday health products which would also give consumers unprecedented access to hemp CBD.
The usage of CBD is growing at a substantial rate in the country. Consumer products such as oils, beverages, beauty & skincare products, food products, and pet foods are preferred among people due to their health benefits. Also, CBD is used extensively in the manufacturing of medical drugs due to lack of psychoactive effects and also in the treatment of like diseases such as epilepsy, parkinson’s, and cancer.
The Visiongain report analyst commented “that the fundamental factors attributing to market growth are favourable and encouraging government policies that contributed to increasing adoption of hemp-derived products and growing acceptance of cannabidiol (CBD). Moreover, growing awareness about cannabidiol due to its non-psychoactive properties is anticipated to drive the market for hemp CBD over the forecast period.”
Products with natural and organic ingredients are reporting high demand because of the strong need among consumers for using natural products. This, in turn, is creating a demand for CBD. The legalization of these products has created opportunities for end-user industries to expand their market reach in Mexico.
The extraction of CBD from hemp is an expensive process, as currently, there are a limited number of processors available. Also the prices are highly reliant on farming practices, quality, extraction process cost, laboratory testing cost, and various other factors. Thus fluctuating cost of CBD products is obstructing market growth. Moreover, converting farms from illicit to legal grows represents a significant challenge for the Mexican government due to the activity and influence of drug cartels which is further limiting the market growth.
The report covers a detailed competitive outlook that includes market share and company profiles of key players operating in the global market. Key players profiled in the report include Aurora Cannabis, ENDOCA, Elixinol, CV Sciences, Inc., CBD Life, HempMeds, JOY Organics and Canopy Growth Corporation.
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