Medical Cannabis - Thailand

Thailand

Revenue in the Medical Cannabis market is projected to reach US$121.10m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.16%, resulting in a market volume of US$141.50m by 2029.
In global comparison, most revenue will be generated in the United States (US$14,530.00m in 2024).
In relation to total population figures, per person revenues of US$20.17k are generated in 2024.

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

Market

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Analyst Opinion

Amidst a global shift towards the acceptance and legalization of medical cannabis, Thailand has emerged as a key player in the market.

Customer preferences: Consumers in Thailand are increasingly turning to medical cannabis products due to growing awareness of its potential health benefits and therapeutic properties. The shift towards natural and alternative medicines has driven demand for medical cannabis as individuals seek out holistic approaches to healthcare.

Trends in the market: Thailand's medical cannabis market is experiencing significant growth as the government has made progressive steps towards legalizing and regulating the industry. With a favorable climate for cultivation, the country has the potential to become a leading producer of medical cannabis in the region. Additionally, the increasing number of partnerships and collaborations between local and international companies is driving innovation and expanding the product offerings in the market.

Local special circumstances: One of the key factors driving the development of the medical cannabis market in Thailand is the country's long history of cannabis cultivation for both medicinal and recreational purposes. The cultural acceptance of cannabis in traditional medicine practices has laid a strong foundation for the growth of the medical cannabis industry. Furthermore, Thailand's strategic location in Southeast Asia positions it as a hub for cannabis trade and distribution in the region.

Underlying macroeconomic factors: The Thai government's proactive efforts to capitalize on the economic potential of medical cannabis have played a crucial role in shaping the market landscape. Regulatory reforms and supportive policies have created a conducive environment for businesses to thrive in the industry. Moreover, the increasing investments in research and development are driving innovation and product diversification, further fueling the growth of the medical cannabis market in Thailand.

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.