Cannabis - Asia

Asia

The revenue in the Cannabis market in Asia is forecasted to reach US$2,488.00m in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 1.63%, leading to a market volume of US$2,697.00m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue (US$42.98bn in 2024).
In terms of per person revenues in 2024, US$0.06k are generated based on total population figures.
South Korea's strict regulations on Cannabis hinder market growth, but increasing public interest indicates potential future opportunities in the Asian market.

Key regions: United States, Canada, Netherlands, Germany, Thailand

Market

Region

Region comparison

Currency

Analyst Opinion

The Cannabis market in Asia has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Asia are showing an increasing interest in Cannabis products for both medicinal and recreational purposes. The shift in consumer preferences towards natural and alternative health remedies has contributed to the rising demand for Cannabis-based products in the region.

Trends in the market: In countries like Japan, South Korea, and Thailand, there is a growing trend towards the legalization of medical Cannabis. This trend is driven by the recognition of the potential health benefits of Cannabis and the need to regulate its use. As a result, more companies are entering the market to meet the rising demand for Cannabis products.

Local special circumstances: In countries with a long history of Cannabis use, such as India and Nepal, there is a unique cultural acceptance of the plant. Cannabis has been used for religious, medicinal, and recreational purposes in these countries for centuries. This cultural acceptance presents both opportunities and challenges for the Cannabis market in Asia.

Underlying macroeconomic factors: The economic potential of the Cannabis market in Asia is significant, given the large population and growing middle-class in many countries. As disposable incomes rise, more consumers are willing to spend on Cannabis products. Additionally, the potential tax revenues from the Cannabis industry are attractive to governments looking to boost their economies. These macroeconomic factors are driving the growth of the Cannabis market in Asia.

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.