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Key regions: Spain, South Africa, Europe, Netherlands, Australia
The Recreational Cannabis market in ASEAN is experiencing a significant growth trajectory, driven by changing attitudes towards cannabis consumption and evolving regulatory landscapes across the region.
Customer preferences: Customers in ASEAN countries are increasingly seeking alternative recreational options, leading to a growing interest in cannabis products. The shift towards natural and holistic remedies is also influencing consumer preferences towards cannabis for recreational use.
Trends in the market: In Thailand, there is a rising trend towards cannabis tourism, with the government's push to legalize cannabis for recreational purposes. This has led to an increase in the number of cannabis-themed cafes and tours, catering to both locals and tourists looking to explore the recreational cannabis scene in the country.
Local special circumstances: In Malaysia, the recreational cannabis market is gaining traction due to the growing acceptance of cannabis for medicinal purposes. This has created a ripple effect, prompting discussions around the legalization of cannabis for recreational use as well. The unique cultural and religious considerations in Malaysia are also shaping the development of the recreational cannabis market in the country.
Underlying macroeconomic factors: The economic potential of the recreational cannabis market is driving regulatory changes in ASEAN countries. Governments are recognizing the revenue-generating opportunities presented by the cannabis industry, leading to more liberal policies and regulations surrounding recreational cannabis. Additionally, the COVID-19 pandemic has accelerated the need for alternative revenue streams, further incentivizing countries in the region to explore the recreational cannabis market.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)