Cannabis - India

India

Revenue in the Cannabis market in India is forecasted to reach €631.40m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 2.57%, leading to a market volume of €716.90m by 2029.
When compared globally, the United States is expected to generate the highest revenue (€39,850.00m in 2024).
In terms of per person revenues in 2024, €0.05k is generated concerning the total population figures.
India's cannabis market is burgeoning, with increasing interest in medicinal and recreational products, signaling a shift towards more progressive attitudes.

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

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Analyst Opinion

The Cannabis market in India has been experiencing significant growth and development in recent years.

Customer preferences: Customers in India are increasingly turning to Cannabis products for medicinal and recreational purposes, driving the demand for a variety of products such as oils, edibles, and topicals.

Trends in the market: One of the key trends in the Indian Cannabis market is the rising acceptance and legalization of Cannabis for medicinal use in certain states. This trend is shaping the market landscape and opening up new opportunities for both domestic and international players.

Local special circumstances: India has a long history of Cannabis cultivation for traditional and cultural practices. This deep-rooted connection with the plant has contributed to a growing acceptance of Cannabis products in the country. Additionally, the diverse cultural and religious beliefs in India influence the demand for specific types of Cannabis products.

Underlying macroeconomic factors: The increasing awareness about the potential health benefits of Cannabis, coupled with changing regulatory environment, is fueling the growth of the Cannabis market in India. Moreover, the expanding middle-class population with higher disposable incomes is driving the demand for premium Cannabis products.

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.