Medical Cannabis - Sri Lanka

Sri Lanka

In Sri Lanka, revenue in the Medical Cannabis market market is forecasted to reach US$33.53m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 0.84%, leading to a market volume of US$34.97m 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$9.76k are generated in relation to the total population figures.
Sri Lanka's emerging medical cannabis market is gaining traction, attracting investor interest and paving the way for potential industry growth.

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

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Analyst Opinion

The Medical Cannabis market in Sri Lanka is experiencing a significant growth trajectory, driven by evolving customer preferences, changing regulations, and unique local circumstances.

Customer preferences: Customers in Sri Lanka are increasingly turning to medical cannabis products due to growing awareness of their potential health benefits. The shift towards natural and alternative medicine is influencing consumer choices, with many seeking out cannabis-based treatments for various health conditions. This trend mirrors a global movement towards holistic healthcare and the acceptance of cannabis as a legitimate medical option.

Trends in the market: One notable trend in the Sri Lankan Medical Cannabis market is the increasing availability of a diverse range of products to cater to different consumer needs. From oils and tinctures to capsules and topical solutions, manufacturers are expanding their product lines to meet the rising demand. Moreover, there is a growing emphasis on research and development within the industry, leading to innovative formulations and delivery methods.

Local special circumstances: Sri Lanka's unique geographical location and climate provide ideal conditions for cultivating high-quality cannabis. The country has a long history of traditional medicine that includes the use of various herbs and plants, positioning it well to leverage the growing interest in medical cannabis. Additionally, the government's efforts to regulate and legalize the industry are creating opportunities for local farmers and businesses to enter the market.

Underlying macroeconomic factors: The economic landscape in Sri Lanka is also contributing to the development of the Medical Cannabis market. With a growing middle class and increasing disposable income, more people are able to afford medical cannabis products. Furthermore, the government's push to boost the healthcare sector and attract foreign investment is creating a favorable environment for the expansion of the medical cannabis industry.

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.