Key regions: United States, Canada, Netherlands, Germany, Thailand
The Cannabis market in APAC is experiencing significant growth and development, driven by shifting customer preferences, evolving trends, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Customers in the APAC region are increasingly seeking out cannabis products for medicinal and recreational purposes. There is a growing acceptance of the potential health benefits of cannabis, leading to a rise in demand for CBD-infused products. Additionally, there is a trend towards more sophisticated consumption methods, such as vaporizers and edibles, reflecting a desire for convenience and discretion.
Trends in the market: In countries like Japan, South Korea, and Thailand, where cannabis regulations have historically been strict, there is a gradual shift towards legalization for medical use. This trend is driven by changing societal attitudes, as well as a recognition of the economic potential of the cannabis industry. As a result, there is a growing number of companies entering the market and developing innovative cannabis-based products to meet the evolving needs of consumers.
Local special circumstances: In countries like India and Malaysia, where cannabis has a long history of traditional and cultural use, there is a unique opportunity to leverage local knowledge and practices in the development of cannabis products. This presents a competitive advantage for companies looking to cater to the preferences of these markets and differentiate themselves from international competitors. Additionally, the diverse regulatory landscape across the APAC region means that companies must navigate varying legal frameworks and cultural norms to successfully operate in different countries.
Underlying macroeconomic factors: The rapid urbanization and increasing disposable income levels in many APAC countries are contributing to the growth of the cannabis market. As more people move to cities and experience lifestyle changes, there is a greater demand for alternative healthcare and wellness products, including cannabis. Furthermore, the COVID-19 pandemic has accelerated the acceptance of e-commerce and digital platforms for purchasing cannabis products, providing new opportunities for market expansion and reaching a wider customer base.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on companies' revenues, funding values and global consumer survey data. Revenues include retail, sales and taxes.Modeling approach / Market size:
Market sizes are determined by a Top-Down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use financial reports, third-party data. Next, we use relevant key market indicators and data from country-specific associations such as tobacco spending per capita, medical product spending per capita, consumer spending and consumer spending for recreation purposes, population. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, S-Curve function, ARIMA time series model and exponential curve function.Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. GCS data is reweighted for representativeness.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
