Medical Cannabis - South Korea

South Korea

Revenue in the Medical Cannabis market market in South Korea is projected to reach €241.00m in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 4.97%, leading to a market volume of €307.20m by 2029.
When compared globally, the United States is expected to generate the highest revenue, reaching €13,470.00m in 2024.
In terms of per person revenues in South Korea, €2.82k are generated in 2024 in relation to the total population figures.
South Korea's medical cannabis market is emerging cautiously, with strict regulations shaping a promising yet challenging landscape for industry players.

Key regions: Australia, Europe, South Africa, United States, Netherlands

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Analyst Opinion

South Korea, known for its advanced technology and fast-paced lifestyle, has seen a growing interest in the Medical Cannabis market in recent years.

Customer preferences: Consumers in South Korea are increasingly looking for alternative and natural remedies to manage health conditions. The shift towards more holistic approaches to healthcare has led to a rising demand for medical cannabis products. Additionally, there is a growing awareness and acceptance of the potential therapeutic benefits of cannabis among the population.

Trends in the market: One of the key trends in the Medical Cannabis market in South Korea is the gradual relaxation of regulations surrounding cannabis. As the government recognizes the potential medical benefits of cannabis, there have been efforts to legalize and regulate its use for medical purposes. This changing regulatory landscape is opening up opportunities for companies to enter the market and offer a variety of medical cannabis products to consumers.

Local special circumstances: South Korea has a unique cultural perspective on cannabis, where it has been historically stigmatized and strictly regulated. However, with changing attitudes and increasing research on the medical benefits of cannabis, the perception of the plant is slowly shifting. The conservative nature of the society, combined with a strong emphasis on health and wellness, presents both challenges and opportunities for companies operating in the Medical Cannabis market in South Korea.

Underlying macroeconomic factors: The growing aging population in South Korea is driving the demand for healthcare services and products, including medical cannabis. As the healthcare industry continues to evolve and adapt to the changing needs of the population, medical cannabis is likely to play a significant role in addressing various health conditions. Additionally, the government's focus on innovation and technology in healthcare is creating a conducive environment for the development and growth of the Medical Cannabis market in South Korea.

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.