Cannabis - Eastern Asia

Eastern Asia

Revenue in the Cannabis market is projected to reach US$826.30m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.82%, resulting in a market volume of US$860.60m 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$34.75 are generated in 2024.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Cannabis market in Eastern Asia is experiencing a significant shift in consumer preferences and market trends.

Customer preferences: Consumers in Eastern Asia are increasingly showing a preference for cannabis products for both medicinal and recreational purposes. The growing awareness of the potential health benefits of cannabis is driving demand among health-conscious individuals. Additionally, the changing social attitudes towards cannabis are leading to a wider acceptance and adoption of cannabis products in the region.

Trends in the market: In countries like Japan and South Korea, there is a rising trend towards the legalization of medical cannabis, which is opening up new opportunities for businesses in the market. This shift in regulations is expected to fuel the growth of the cannabis market in these countries. On the other hand, in countries like China, where cannabis is still largely illegal, there is a growing black market for cannabis products, indicating a high demand that is not being met through legal channels.

Local special circumstances: One of the key factors influencing the cannabis market in Eastern Asia is the cultural and social norms surrounding the use of cannabis. In countries like Japan and South Korea, where there is a strong emphasis on traditional values and strict drug laws, the acceptance of cannabis is relatively low. This poses a challenge for businesses looking to enter these markets and requires a tailored approach to marketing and distribution. On the other hand, in countries like Thailand and Malaysia, where there is a more relaxed attitude towards cannabis, there is a growing market for both medicinal and recreational cannabis products.

Underlying macroeconomic factors: The economic development and growth in Eastern Asia are also playing a significant role in shaping the cannabis market. As disposable incomes rise in the region, consumers have more spending power to invest in cannabis products. This, coupled with the increasing trend of health and wellness consciousness, is driving the demand for cannabis-based products. Additionally, the regulatory environment and government policies in each country are key determinants of the growth and development of the cannabis market in Eastern 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.