Cannabis

In Pakistan, revenue in the Cannabis market is projected to reach US$149.10m in 2024.
The revenue is expected to show an annual growth rate (CAGR 2024-2029) of -1.79%, resulting in a market volume of US$136.30m by 2029.
When looking at global comparison, most revenue will be generated the United States (US$42.98bn in 2024).
In relation to total population figures, per person revenues of US$109.90 are generated in 2024.
Pakistan's cannabis market is experiencing a surge in demand for medical cannabis products amid evolving regulatory frameworks.

Definition:
The Cannabis market covers products derived from the cannabis plant used for medical or recreational purposes. These products may include dried flowers, oils, edibles, tinctures, and topicals. Depending on the regulations in each country or state, these products are provided by dispensaries, pharmacies, and/or online platforms. They may be consumed in the form of smoking, vaporizing, eating, or applying topically.

Structure:
The market includes Medical, Pharmaceutical, and Recreational Cannabis as well as CBD Products. The Medical and Pharmaceutical Cannabis markets include products used to treat conditions such as chronic pain, mental disorders, and other medical conditions. The Recreational Cannabis and the the CBD Products markets include products used for personal enjoyment or leisure purposes. All cannabis markets include various forms of cannabis such as flowers, concentrates, edibles, 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 consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Canopy Growth Corporation, Aurora Cannabis, Curaleaf Holdings, Tilray, Green Thumb Industries, Trulieve Cannabis, Verano Holdings.

Recreational Cannabis
Medical Cannabis
Pharmaceutical Cannabis
CBD Products

Illegal cannabis
Cannabis cultivated for private use

The Cannabis market in Pakistan has been experiencing notable growth and development in recent years.

Customer preferences: Customers in Pakistan are increasingly showing interest in Cannabis products for medicinal and recreational purposes. The growing awareness about the potential health benefits of Cannabis is driving consumer preferences towards these products. Additionally, the cultural acceptance of Cannabis in certain regions of Pakistan is also influencing customer choices.

Trends in the market: One of the key trends in the Cannabis market in Pakistan is the shift towards legalizing and regulating the production and sale of Cannabis products. This trend is in line with global movements towards decriminalization and legalization of Cannabis. As more countries around the world embrace Cannabis legalization, Pakistan is also exploring opportunities in this market.

Local special circumstances: In Pakistan, the cultural and religious norms play a significant role in shaping the Cannabis market. While Cannabis remains illegal for recreational use in the country, there is a long history of Cannabis consumption for medicinal and traditional purposes. This unique cultural background creates a complex environment for the Cannabis market to operate in Pakistan.

Underlying macroeconomic factors: The economic landscape in Pakistan is also impacting the Cannabis market in the country. With a large population and increasing urbanization, there is a growing market potential for Cannabis products. Moreover, the government's focus on economic development and job creation could lead to considerations for the legalization of Cannabis to boost the economy.

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.