Cannabis - Thailand

Thailand

in Thailand, a country known for its rich history and cultural heritage, is also making significant strides in the Cannabis market.
According to projections, the revenue in this market is set to reach US$410.80m by the year 2024.
This is an impressive figure that showcases the potential growth and profitability of the industry.
Looking ahead, the Cannabis market is expected to maintain a steady annual growth rate (CAGR 2024-2029) of 2.96%.
This positive trend will result in a market volume of US$475.20m by 2029.
These numbers highlight the increasing demand and popularity of Cannabis market products in Thailand and beyond.
When comparing the revenue generated in different countries, it becomes evident that in the United States leads the global market.
In 2024, in the United States is projected to generate a staggering revenue of US$42.98bn.
This dominance in the market further emphasizes the vast potential and economic opportunities that the Cannabis market industry presents.
To put these numbers into perspective, it is important to consider the per person revenues.
In 2024, in Thailand is expected to generate approximately US$0.12k per person in the Cannabis market.
This metric allows us to understand the level of economic impact and individual spending within the country.
In conclusion, the Cannabis market in Thailand is experiencing significant growth and is poised to become a major player in the global industry.
With projected revenues reaching over a billion dollars by 2024 and a steady growth rate in the coming years, the future looks promising for this market in Thailand.
Thailand's progressive cannabis policies have led to a growing medical marijuana industry, attracting investors and boosting the economy.

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

Market

Region

Region comparison

Currency

Analyst Opinion

Amidst the global wave of cannabis legalization, Thailand has been making significant strides in developing its cannabis market.

Customer preferences: Consumers in Thailand are increasingly showing a preference for cannabis products due to changing attitudes towards its medicinal and recreational use. The demand for alternative healthcare options and the growing acceptance of cannabis for wellness purposes are driving the market forward.

Trends in the market: One notable trend in the Thai cannabis market is the increasing focus on medical cannabis products. The country has been actively promoting the use of cannabis for medical purposes, leading to a rise in demand for pharmaceutical-grade cannabis products. Additionally, there is a growing interest in CBD-infused products, reflecting a shift towards natural remedies and holistic wellness solutions.

Local special circumstances: Thailand's unique regulatory environment plays a significant role in shaping the cannabis market. The country has a long history of cannabis use, and recent legal reforms have paved the way for a more structured and regulated market. The government's efforts to promote cannabis cultivation for medical purposes and research have created opportunities for local businesses and international investors alike.

Underlying macroeconomic factors: The economic potential of the cannabis industry in Thailand is underscored by the country's strategic location in Southeast Asia. As a regional hub for trade and investment, Thailand stands to benefit from the growing demand for cannabis products in the Asia-Pacific region. Furthermore, the diversification of the economy through the cannabis market can contribute to job creation and revenue generation, supporting overall 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.