Cannabis - Thailand

Thailand

Revenue in the Cannabis market is projected to reach US$410.80m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.96%, resulting in a market volume of US$475.20m by 2029.
In global comparison, most revenue will be generated in the United States (US$42.98bn in 2024).
In relation to total population figures, per person revenues of US$0.12k are generated in 2024.

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

Market

Region

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Currency

Analyst Opinion

Amidst the global wave of cannabis legalization, Thailand has been making significant strides in developing its cannabis market.

Customer preferences: Consumers in Thailand are increasingly showing a preference for cannabis products due to changing attitudes towards its medicinal and recreational use. The demand for alternative healthcare options and the growing acceptance of cannabis for wellness purposes are driving the market forward.

Trends in the market: One notable trend in the Thai cannabis market is the increasing focus on medical cannabis products. The country has been actively promoting the use of cannabis for medical purposes, leading to a rise in demand for pharmaceutical-grade cannabis products. Additionally, there is a growing interest in CBD-infused products, reflecting a shift towards natural remedies and holistic wellness solutions.

Local special circumstances: Thailand's unique regulatory environment plays a significant role in shaping the cannabis market. The country has a long history of cannabis use, and recent legal reforms have paved the way for a more structured and regulated market. The government's efforts to promote cannabis cultivation for medical purposes and research have created opportunities for local businesses and international investors alike.

Underlying macroeconomic factors: The economic potential of the cannabis industry in Thailand is underscored by the country's strategic location in Southeast Asia. As a regional hub for trade and investment, Thailand stands to benefit from the growing demand for cannabis products in the Asia-Pacific region. Furthermore, the diversification of the economy through the cannabis market can contribute to job creation and revenue generation, supporting overall economic 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.