Pharmaceutical Cannabis - ASEAN

ASEAN

Revenue in the Pharmaceutical Cannabis sector in ASEAN is forecasted to reach US$11.69m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.05%, leading to a market volume of US$14.26m by 2029.
When compared globally, the majority of revenue will be produced the United States (US$913.10m in 2024).
With respect to total population figures, per person revenues of US$12.97k are generated in 2024.
In ASEAN, the Pharmaceutical Cannabis market is gaining traction as more countries explore its potential for medical purposes and research.

Key regions: United States, Spain, Europe, Thailand, Canada

Market

Region

Region comparison

Currency

Analyst Opinion

The Pharmaceutical Cannabis market in ASEAN is experiencing significant growth and development, driven by various factors shaping the industry in the region.

Customer preferences: Customers in the ASEAN region are increasingly turning to Pharmaceutical Cannabis products due to growing awareness about their potential health benefits and therapeutic properties. The shift towards natural remedies and alternative medicine options is also influencing consumer preferences in the market.

Trends in the market: In Malaysia, the Pharmaceutical Cannabis market is seeing a rise in demand for CBD products, particularly for pain management and skincare purposes. The government's efforts to explore the potential legalization of medical cannabis are also driving interest in the market. In Thailand, the market is witnessing a surge in Pharmaceutical Cannabis cultivation and production following the legalization of medical cannabis in 2018. The country's favorable climate for cannabis cultivation is attracting investments in the industry, leading to a growing supply of Pharmaceutical Cannabis products.

Local special circumstances: Indonesia, with its large population and cultural acceptance of traditional herbal medicine, presents a unique opportunity for the Pharmaceutical Cannabis market. The country's rich biodiversity and history of using medicinal plants could pave the way for the integration of Pharmaceutical Cannabis products into the healthcare system.

Underlying macroeconomic factors: The economic growth and increasing disposable income levels in ASEAN countries are contributing to the expansion of the Pharmaceutical Cannabis market. As consumers have more purchasing power, they are willing to invest in premium Pharmaceutical Cannabis products for health and wellness purposes. Additionally, the growing trend of medical tourism in the region is driving demand for Pharmaceutical Cannabis products among both domestic and international visitors.

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.