Recreational Cannabis - ASEAN | Statista Market Forecast

Revenue in the Recreational Cannabis market market in ASEAN is forecasted to reach US$229.80m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.53%, leading to a market volume of US$273.40m by 2029.
When compared globally, the United States is expected to generate the highest revenue (US$24.96bn in 2024).
In terms of per person revenues in 2024, US$137.90 are generated relative to the total population figures.
The recreational cannabis market in ASEAN is emerging, with potential growth opportunities in countries like Thailand and Malaysia.

Definition:
The Recreational Cannabis market encompasses products derived from the cannabis plant that are used for leisure or personal enjoyment. These products can include dried flowers, oils, edibles, tinctures, and topicals. The availability of these products is subject to the regulations in each country or state, and they can be obtained from dispensaries, retail stores, or online platforms. Consumption methods vary, and can include smoking, vaporizing, eating, or applying topically.

Structure:
The Recreational Cannabis market is a subset of the broader cannabis market, which also includes medical and pharmaceutical cannabis as well as CBD products. The Recreational Cannabis market specifically pertains to products used for personal enjoyment, as opposed to the medical and pharmaceutical markets which focus on products used for treating medical conditions. The market includes various forms of cannabis such as flowers, concentrates, edibles, and topicals.

Additional information:
The 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).

Cannabis containing THC used for recreational purposes
Extracts
Dried cannabis
Edibles
Beverages

Medical cannabis
Pharmaceutical cannabis
CBD Products

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.

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.