Key regions: Australia, Europe, South Africa, United States, Netherlands
The Medical Cannabis market in Southern Asia is experiencing significant growth and development, driven by changing customer preferences, evolving regulations, and unique local circumstances.
Customer preferences: Customers in Southern Asia are increasingly turning to medical cannabis products due to growing awareness about the potential health benefits of cannabis-based treatments. The shift towards natural and holistic remedies is influencing consumer choices, leading to a rising demand for medical cannabis products in the region.
Trends in the market: In countries like India and Sri Lanka, traditional medicinal practices have long incorporated cannabis for its therapeutic properties. As regulations around medical cannabis are gradually being relaxed in some Southern Asian countries, there is a noticeable trend towards legalizing and legitimizing the use of medical cannabis for various health conditions. This trend is further supported by the increasing research and studies highlighting the efficacy of cannabis in managing certain medical ailments.
Local special circumstances: Southern Asia presents a unique set of circumstances that are shaping the medical cannabis market in the region. For instance, countries like Thailand and Malaysia are exploring the economic potential of cultivating cannabis for medicinal purposes, aiming to become key players in the global medical cannabis market. Additionally, the cultural acceptance of certain traditional practices involving cannabis in countries like Nepal and Bhutan is contributing to a more positive perception of medical cannabis among the local population.
Underlying macroeconomic factors: The evolving regulatory landscape surrounding medical cannabis in Southern Asia is closely tied to broader macroeconomic factors. As governments in the region seek to capitalize on the economic opportunities presented by the medical cannabis industry, there is a growing emphasis on establishing frameworks that support cultivation, production, and distribution of medical cannabis products. This push towards legalization and regulation is not only driven by potential revenue generation but also by the desire to provide alternative healthcare options for the population.
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.
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