Pharmaceutical Cannabis - Thailand

Thailand

Thailand is expected to witness a remarkable growth in revenue within the Pharmaceutical Cannabis market, with projections indicating a rise to US$11.69m by 2024.
This growth is further anticipated to continue at an annual rate of 4.05% (CAGR 2024-2029), culminating in a market volume of US$14.26m by 2029.
When compared globally, the United States is poised to lead in revenue generation, reaching US$913.10m in 2024.
Assessing revenue in proportion to the total population, per person revenues are estimated at US$12.97k in 2024.
Thailand's pharmaceutical cannabis market is burgeoning with research and development, positioning the country as a key player in the industry.

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

Market

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Currency

Analyst Opinion

Thailand has seen a significant growth in the Pharmaceutical Cannabis market in recent years, with various factors contributing to this development.

Customer preferences: Customers in Thailand are increasingly showing interest in Pharmaceutical Cannabis products due to the growing awareness of its potential health benefits. The shift towards natural and alternative medicine has led to a rise in demand for cannabis-based pharmaceuticals among the population.

Trends in the market: One of the key trends in the Pharmaceutical Cannabis market in Thailand is the government's progressive stance towards cannabis legalization for medical purposes. The legalization of medical cannabis has opened up opportunities for pharmaceutical companies to enter the market and develop innovative products to meet the growing demand.

Local special circumstances: Thailand has a long history of cannabis use for medicinal and recreational purposes, with traditional knowledge and practices deeply rooted in the culture. This unique cultural background has influenced the acceptance of Pharmaceutical Cannabis products in the country and has paved the way for its legalization for medical use.

Underlying macroeconomic factors: The Pharmaceutical Cannabis market in Thailand is also influenced by macroeconomic factors such as the government's push to boost the healthcare sector and attract foreign investment. The growing support from regulatory authorities and the implementation of favorable policies have created a conducive environment for the growth of the Pharmaceutical Cannabis market in the country.

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.