Medical Cannabis - Sri Lanka | Statista Market Forecast

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$14.53bn 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.

Definition:
The Medical Cannabis market encompasses products derived from the cannabis plant specifically used for medical purposes. These products may include dried flowers, oils, tinctures, capsules, and topicals. Depending on the regulations in each country or state, these products are available through medical dispensaries, pharmacies, and/or online platforms. They may be consumed in various ways such as smoking, vaporizing, ingesting, or applying topically.

Structure:
The Medical Cannabis market involves cannabinoid-based medicine without marketing authorisation. These unlicensed medicines are supplied through health systems, prescribed by doctors, or used as Active Pharmaceutical Ingredients (API). The API is manipulated and/or compounded by a magistral pharmacy to prepare a cannabinoid-based medicine without marketing authorisation. The Medical Cannabis market includes various forms of cannabis such as flowers, oils, capsules, 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 patients (B2C), healthcare facilities (B2B), and governments (B2G).

Cannabinoid-based medicine not holding marketing authorisation containing THC
Cannabinoid-based medicine not holding marketing authorisation containing CBD

Cannabinoid-based medicine holding marketing authorisation containing THC
Cannabinoid-based medicine holding marketing authorisation containing CBD

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.

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.