Recreational Cannabis - Southern Asia

Southern Asia

Southern Asia is expected to witness a significant growth in the 0 market with a projected revenue of 0.00 by 2024.
The market is anticipated to exhibit an annual growth rate (CAGR 2024-0.00) of [globalrevenue_currentlayer_yeartoday_currentcountryvalue], leading to a market volume of 0.00 by [globalrevenue_currentlayer_yeartoday_currentcountryvalue].
When compared globally, the United States is set to dominate the market with a revenue of US$24.96bn in 2024.
On a per capita basis, individuals in Southern Asia are expected to generate revenues of 0.00 in 2024.
In the emerging Recreational Cannabis market in Southern Asia, India's potential legalization is driving investor interest and market growth.

Key regions: Spain, South Africa, Europe, Netherlands, Australia

Market

Region

Region comparison

Currency

Analyst Opinion

The Recreational Cannabis market in Southern Asia is experiencing a gradual but steady growth, driven by shifting customer preferences, changing regulations, and unique local circumstances.

Customer preferences: Customers in Southern Asia are increasingly seeking alternative forms of recreation and relaxation, leading to a growing interest in recreational cannabis products. The shift in preferences towards natural and holistic wellness solutions has also contributed to the rising demand for cannabis in the region.

Trends in the market: In countries like India and Sri Lanka, there is a rising trend of incorporating traditional medicinal herbs, including cannabis, into wellness and lifestyle products. This trend is not only driven by changing consumer preferences but also by a growing acceptance of the potential health benefits of cannabis-derived products.

Local special circumstances: Southern Asia has a rich history of traditional medicine and herbal remedies, which has laid the foundation for the integration of cannabis into various consumer products. Additionally, the cultural significance of certain herbs and plants in the region has influenced the perception of cannabis, leading to a more open attitude towards its recreational use.

Underlying macroeconomic factors: The economic landscape in Southern Asia is also playing a role in the development of the recreational cannabis market. As the region experiences rapid urbanization and a growing middle class, there is an increasing disposable income that can be spent on recreational activities, including cannabis products. Moreover, the potential economic benefits of legalizing and regulating the cannabis market are being recognized by policymakers, further driving the market growth.

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.