Cannabis

The revenue in the Cannabis market in Asia is forecasted to reach US$2.49bn in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 1.62%, leading to a market volume of US$2.70bn by 2029.
When compared globally, the United States is anticipated to generate the highest revenue (US$42.98bn in 2024).
In terms of per person revenues in 2024, US$55.37 are generated based on total population figures.
South Korea's strict regulations on Cannabis hinder market growth, but increasing public interest indicates potential future opportunities in the Asian market.

Definition:
The Cannabis market covers products derived from the cannabis plant used for medical or recreational purposes. These products may include dried flowers, oils, edibles, tinctures, and topicals. Depending on the regulations in each country or state, these products are provided by dispensaries, pharmacies, and/or online platforms. They may be consumed in the form of smoking, vaporizing, eating, or applying topically.

Structure:
The market includes Medical, Pharmaceutical, and Recreational Cannabis as well as CBD Products. The Medical and Pharmaceutical Cannabis markets include products used to treat conditions such as chronic pain, mental disorders, and other medical conditions. The Recreational Cannabis and the the CBD Products markets include products used for personal enjoyment or leisure purposes. All cannabis markets include various forms of cannabis such as flowers, concentrates, edibles, and topicals.

Additional information:
Market values represent the revenues generated by retail prices paid to vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Canopy Growth Corporation, Aurora Cannabis, Curaleaf Holdings, Tilray, Green Thumb Industries, Trulieve Cannabis, Verano Holdings.

Recreational Cannabis
Medical Cannabis
Pharmaceutical Cannabis
CBD Products

Illegal cannabis
Cannabis cultivated for private use

The Cannabis market in Asia has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Asia are showing an increasing interest in Cannabis products for both medicinal and recreational purposes. The shift in consumer preferences towards natural and alternative health remedies has contributed to the rising demand for Cannabis-based products in the region.

Trends in the market: In countries like Japan, South Korea, and Thailand, there is a growing trend towards the legalization of medical Cannabis. This trend is driven by the recognition of the potential health benefits of Cannabis and the need to regulate its use. As a result, more companies are entering the market to meet the rising demand for Cannabis products.

Local special circumstances: In countries with a long history of Cannabis use, such as India and Nepal, there is a unique cultural acceptance of the plant. Cannabis has been used for religious, medicinal, and recreational purposes in these countries for centuries. This cultural acceptance presents both opportunities and challenges for the Cannabis market in Asia.

Underlying macroeconomic factors: The economic potential of the Cannabis market in Asia is significant, given the large population and growing middle-class in many countries. As disposable incomes rise, more consumers are willing to spend on Cannabis products. Additionally, the potential tax revenues from the Cannabis industry are attractive to governments looking to boost their economies. These macroeconomic factors are driving the growth of the Cannabis market in Asia.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Cannabis or marijuana, the psychoactive drug from the cannabis plant is growing in popularity around the globe, both for recreational and medicinal uses. While there are many countries that have legalized cannabis in some capacity for medical purposes, only a handful have done so for recreational use. Even though cannabis is not federally legal in the United States, the combined legal states represent the largest market in the world. After the U.S., Canada, which legalized cannabis nation-wide in 2018 represents the next largest market. In 2021, a new coalition government was formed in Germany that indicated that the legalization of cannabis was on their agenda. Germany would be the largest legal adult-use market in Europe and would act as a test case for other countries on the continent considering the merits of legalization.