Medical Cannabis - Southeast Asia

Southeast Asia

Revenue in the Medical Cannabis market market in Southeast Asia is forecasted to hit US$121.10m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.16%, leading to a market volume of US$141.50m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$14,530.00m in 2024).
In terms of per person revenues in 2024, US$20.17k are generated concerning the total population figures.
In Southeast Asia, the Medical Cannabis market is rapidly developing as countries like Thailand and Malaysia explore legalization for therapeutic purposes.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Medical Cannabis market in Southeast Asia is experiencing a significant growth trajectory driven by changing customer preferences, evolving trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Southeast Asia are increasingly seeking alternative and natural remedies for various health conditions, leading to a growing interest in medical cannabis products. The shift towards wellness and holistic healthcare solutions is driving the demand for medical cannabis in the region.

Trends in the market: In countries like Thailand and Malaysia, there is a rising trend towards legalizing medical cannabis for both medical and economic reasons. Thailand, for instance, has been at the forefront of legalizing medical cannabis to boost its economy and promote medical tourism. On the other hand, Malaysia is exploring the potential of medical cannabis to address certain health issues.

Local special circumstances: Countries in Southeast Asia have unique cultural and regulatory landscapes that influence the development of the medical cannabis market. For example, in conservative societies like Indonesia, the path to legalizing medical cannabis may face more challenges compared to more progressive countries in the region. Each country's approach to medical cannabis is shaped by its specific cultural norms and political environment.

Underlying macroeconomic factors: The economic potential of the medical cannabis market is a key driver of its growth in Southeast Asia. As countries in the region look for new sources of revenue and economic development, the medical cannabis industry presents a lucrative opportunity. Additionally, the increasing recognition of the medical benefits of cannabis globally is also influencing the market dynamics in Southeast Asia.

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.