Medical Cannabis - ASEAN

ASEAN

Revenue in the Medical Cannabis market market in ASEAN is forecasted to hit US$121.10m by the year 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.16%, culminating in a market volume of US$141.50m by 2029.
When compared globally, the United States is expected to generate the highest revenue, amounting to US$14,530.00m in 2024.
In terms of per person revenues, US$20.17k is generated in 2024 relative to the total population figures.
In the ASEAN region, the Medical Cannabis market is gaining traction with increasing regulatory acceptance and growing investor interest.

Key regions: Australia, Europe, South Africa, United States, Netherlands

Market

Region

Region comparison

Currency

Analyst Opinion

The Medical Cannabis market in ASEAN is experiencing significant growth and development, driven by changing customer preferences, evolving regulations, and unique local circumstances.

Customer preferences: Customers in the ASEAN region are increasingly turning to Medical Cannabis products due to growing awareness of its potential health benefits and therapeutic properties. There is a shift towards natural and alternative remedies, with many individuals seeking out Medical Cannabis as a holistic approach to wellness.

Trends in the market: In countries like Thailand and Malaysia, there is a growing trend towards legalizing Medical Cannabis for medicinal purposes. Thailand, for example, has established itself as a key player in the region's Medical Cannabis market, with a government-led initiative to promote the production and export of Medical Cannabis products. This trend is driving investment in research and development, as well as cultivation facilities, to meet the rising demand for Medical Cannabis in the region.

Local special circumstances: Each country in the ASEAN region has its own unique set of circumstances shaping the development of the Medical Cannabis market. For instance, in the Philippines, there is a growing interest in exploring the potential of Medical Cannabis to address certain health conditions, despite existing regulations that restrict its use. This has created a dynamic landscape where stakeholders are advocating for policy changes to unlock the full potential of Medical Cannabis in the country.

Underlying macroeconomic factors: The development of the Medical Cannabis market in ASEAN is also influenced by broader macroeconomic factors. Economic growth, trade agreements, and foreign investment play a significant role in shaping the regulatory environment and market dynamics for Medical Cannabis in the region. As countries in ASEAN look to capitalize on the economic opportunities presented by the Medical Cannabis industry, we can expect to see continued growth and evolution in the market landscape.

Methodology

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.