Cannabis - Southeast Asia

Southeast Asia

In Southeast Asia, the revenue in the Cannabis market is forecasted to reach US$410.80m by 2024.
This market is expected to experience an annual growth rate of 2.96% from 2024 to 2029, leading to a market volume of US$475.20m by 2029.
When compared globally, in the United States is projected to generate the highest revenue in the Cannabis market, reaching US$42.98bn in 2024.
In terms of per capita revenue, in Southeast Asia is expected to generate US$0.12k per person in 2024.
Thailand's recent legalization of medical cannabis has opened up opportunities for domestic cultivation and foreign investment in the Southeast Asian market.

Key regions: United States, Canada, Netherlands, Germany, Thailand

Market

Region

Region comparison

Currency

Analyst Opinion

The Cannabis market in Southeast Asia has been showing promising signs of growth and development in recent years.

Customer preferences: Customers in Southeast Asia are increasingly showing interest in alternative medicine and wellness products, which has led to a growing demand for Cannabis-based products in the region.

Trends in the market: In Thailand, the legalization of medical Cannabis in 2018 has opened up opportunities for both domestic production and international partnerships. The country has been actively promoting Cannabis as a cash crop, leading to a rise in cultivation and production activities.

Local special circumstances: In Malaysia, there is a long history of Cannabis being used for traditional and cultural purposes. The government has been considering legalizing medical Cannabis to tap into this cultural acceptance and potentially boost the economy through regulated cultivation and sales.

Underlying macroeconomic factors: The economic potential of the Cannabis market in Southeast Asia is significant, with countries like Indonesia and the Philippines looking into the possibility of legalizing medical Cannabis to address healthcare needs and create new revenue streams. Additionally, the region's strategic location and growing consumer base make it an attractive market for Cannabis companies looking to expand globally.

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.