Pharmaceutical Cannabis - South Korea

South Korea

Revenue in the Pharmaceutical Cannabis is projected to reach US$41.75m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.95%, resulting in a market volume of US$50.68m 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$3.26k are generated in 2024.

Market

Region

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Currency

Analyst Opinion

The Pharmaceutical Cannabis market in South Korea has been experiencing significant growth in recent years.

Customer preferences: Customers in South Korea are increasingly turning to Pharmaceutical Cannabis products due to growing awareness of their potential health benefits and therapeutic properties. The shift towards natural and alternative medicine options has also influenced consumer preferences in the country.

Trends in the market: One of the key trends in the Pharmaceutical Cannabis market in South Korea is the increasing acceptance and legalization of medical cannabis for specific medical conditions. This trend has opened up new opportunities for pharmaceutical companies to develop and market Cannabis-based products in the country. Additionally, the government's efforts to streamline regulations and improve access to medical cannabis have further fueled market growth.

Local special circumstances: South Korea has a unique regulatory environment when it comes to Cannabis, with strict regulations in place for both medical and recreational use. However, the gradual relaxation of these regulations for medical purposes has created a niche market for Pharmaceutical Cannabis products. The cultural shift towards more holistic approaches to healthcare and the increasing acceptance of alternative medicine have also contributed to the growth of the market in South Korea.

Underlying macroeconomic factors: The growing demand for Pharmaceutical Cannabis products in South Korea is also influenced by broader macroeconomic factors such as increasing healthcare expenditures, rising chronic diseases, and an aging population. These factors have created a favorable market environment for pharmaceutical companies looking to capitalize on the growing popularity of Cannabis-based treatments in the country.

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.