Medical Cannabis - India

India

The Medical Cannabis market in India is expected to reach a projected revenue of US$225.90m by the year 2024.
It is further anticipated that the revenue will witness an annual growth rate (CAGR 2024-2029) of 3.66%, leading to a market volume of US$270.40m by 2029.
When compared globally, in the United States is projected to generate the highest revenue, amounting to US$14,530.00m in 2024.
In terms of per capita revenue, in India is estimated to generate US$2.10k per person in 2024.
India is experiencing a growing demand for medical cannabis as more patients seek alternative treatments for various ailments.

Key regions: Spain, Europe, Australia, Germany, United States

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Analyst Opinion

India has seen a gradual shift in attitudes towards medical cannabis, with an increasing number of states legalizing its use for medicinal purposes.

Customer preferences: Patients in India are showing a growing interest in alternative and natural remedies for various health conditions, contributing to the rising demand for medical cannabis products. Additionally, there is a cultural acceptance of traditional herbal medicine in the country, making medical cannabis a favorable choice for some consumers.

Trends in the market: The medical cannabis market in India is witnessing a trend towards the development of a diverse range of products, including oils, tinctures, capsules, and topical solutions. This trend is driven by the increasing awareness of the potential therapeutic benefits of different forms of medical cannabis and the preferences of patients with specific needs.

Local special circumstances: One of the unique aspects of the medical cannabis market in India is the rich history of Ayurveda, a traditional system of medicine that has long emphasized the use of plant-based remedies. This cultural heritage has influenced the acceptance of medical cannabis as a natural treatment option among certain segments of the population.

Underlying macroeconomic factors: The evolving regulatory landscape surrounding medical cannabis in India is a key macroeconomic factor shaping the market. As more states legalize the use of medical cannabis and regulations become clearer, it is expected that the market will continue to expand. Additionally, economic factors such as increasing disposable income and healthcare expenditure are also contributing to the growth of the medical cannabis market in India.

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.