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Key regions: United States, Canada, Netherlands, Germany, Thailand
The ASEAN region has seen a growing interest in the Cannabis market in recent years, with several countries exploring opportunities within the industry.
Customer preferences: Customers in ASEAN countries are increasingly looking for alternative medical treatments and wellness products, driving the demand for Cannabis-based products. The shift towards natural and holistic remedies has influenced consumer preferences towards Cannabis for its potential health benefits.
Trends in the market: In Thailand, the legalization of medical Cannabis in 2018 has paved the way for a budding industry. The country has been focusing on research and development of Cannabis-based pharmaceuticals, attracting both local and foreign investors. Similarly, Malaysia has been exploring the potential of Cannabis for medical purposes, with discussions ongoing about potential legalization.
Local special circumstances: Indonesia, on the other hand, has stricter regulations against Cannabis, largely due to cultural and religious factors. The country's conservative stance on Cannabis has limited market growth compared to its neighbors. In contrast, the Philippines has shown interest in Cannabis for medical use, but regulatory frameworks are still being developed.
Underlying macroeconomic factors: The varying pace of Cannabis market development in ASEAN countries can be attributed to different regulatory environments, cultural attitudes, and government policies. Economic factors such as foreign investment, job creation, and tax revenues are also influencing the growth of the Cannabis market in the region. Additionally, the potential for Cannabis to become a major export commodity is driving some countries to further explore its economic benefits.
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)