Pharmaceutical Cannabis - India

India

Revenue in the Pharmaceutical Cannabis is projected to reach US$88.51m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.93%, resulting in a market volume of US$112.60m by 2029.
In global comparison, most revenue will be generated in the United States (US$913.10m in 2024).
In relation to total population figures, per person revenues of US$5.47k are generated in 2024.

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Analyst Opinion

The Pharmaceutical Cannabis market in India is experiencing significant growth and development.

Customer preferences: Customers in India are increasingly turning to Pharmaceutical Cannabis products due to growing awareness about the potential health benefits of cannabis-based medicines. The shift towards natural and alternative remedies is also driving the demand for Pharmaceutical Cannabis in the country.

Trends in the market: One of the key trends in the Pharmaceutical Cannabis market in India is the increasing acceptance and legalization of medical cannabis. As more research highlights the therapeutic properties of cannabis, there is a growing acceptance among healthcare professionals and patients regarding its use in medical treatments. This trend is shaping the market landscape and opening up new opportunities for pharmaceutical companies to develop innovative cannabis-based products.

Local special circumstances: India has a long history of using cannabis for medicinal and recreational purposes. The traditional knowledge and cultural acceptance of cannabis in certain regions of the country are influencing the current market dynamics. Additionally, the diverse regulatory environment across different states in India is impacting the growth of the Pharmaceutical Cannabis market. Companies operating in this sector need to navigate these local nuances to effectively tap into the market potential.

Underlying macroeconomic factors: The macroeconomic factors driving the growth of the Pharmaceutical Cannabis market in India include the increasing disposable income levels, changing lifestyle patterns, and a growing focus on wellness and preventive healthcare. These factors are creating a favorable environment for the expansion of the Pharmaceutical Cannabis market in the country. Additionally, the evolving regulatory landscape and government initiatives to promote research and development in the pharmaceutical sector are further propelling the growth of the market.

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.