Recreational Cannabis - Asia

Asia

The country in Asia is projected to reach a revenue of US$229.80m in the Recreational Cannabis market market by 2024.
The market is expected to show an annual growth rate (CAGR 2024-2029) of 3.54%, leading to a market volume of US$273.40m by 2029.
When compared globally, the United States is anticipated to generate the most revenue (US$24.96bn in 2024).
In terms of per person revenues in 2024, US$137.90 are generated in relation to the total population figures.
The recreational cannabis market in Asia, particularly in Japan, is showing a gradual shift towards more liberal attitudes and potential future legalization.

Key regions: Netherlands, Spain, Canada, South Africa, Australia

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Analyst Opinion

The Recreational Cannabis market in Asia has been witnessing significant growth and development in recent years.

Customer preferences: Customers in Asia are increasingly showing interest in recreational cannabis products due to changing attitudes towards cannabis consumption, influenced by global trends and growing acceptance of cannabis use for recreational purposes.

Trends in the market: In countries like Japan, South Korea, and Thailand, there is a rising trend towards the legalization and decriminalization of recreational cannabis, driven by the potential economic benefits and the shifting perceptions of cannabis as a taboo substance. Additionally, the increasing popularity of CBD products in countries like China and India is paving the way for potential legalization of recreational cannabis in the future.

Local special circumstances: In countries such as Thailand and South Korea, where traditional views on cannabis remain strong, there is a growing interest in exploring the medical and recreational benefits of cannabis. This shift in perception is opening up opportunities for market growth and investment in the recreational cannabis industry.

Underlying macroeconomic factors: The economic potential of the recreational cannabis market in Asia is significant, with the region being home to a large population and a growing middle class with disposable income. As more countries in Asia consider the legalization of recreational cannabis, there is a growing opportunity for businesses to capitalize on this emerging market and drive economic growth.

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.