Recreational Cannabis - Thailand

Thailand

Thailand is projected to reach a revenue of €213.10m in the Recreational Cannabis market market by 2024.
The market is expected to exhibit an annual growth rate (CAGR 2024-2029) of 3.75%, leading to a market volume of €256.20m by 2029.
When compared globally, the United States is anticipated to generate the most revenue, with €23.15bn in 2024.
In terms of per person revenues in 2024, €127.80 are generated in relation to the total population.
Thailand's recreational cannabis market is budding with potential, attracting investors seeking to capitalize on the country's changing regulatory landscape.

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

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Analyst Opinion

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

Customer preferences: Customers in Thailand are showing an increasing interest in recreational cannabis products, driven by changing attitudes towards cannabis consumption and a growing acceptance of its recreational use. The demand for a wider variety of cannabis products, including edibles, beverages, and concentrates, is on the rise as consumers seek new and innovative ways to enjoy cannabis.

Trends in the market: One of the key trends in the recreational cannabis market in Thailand is the emergence of local brands and products tailored to the preferences of Thai consumers. These brands are focusing on creating unique formulations that cater to the local taste preferences and cultural norms, setting them apart in a competitive market. Additionally, the market is witnessing a surge in cannabis tourism, with an increasing number of tourists seeking out cannabis-related experiences and products during their visits to Thailand.

Local special circumstances: Thailand's unique regulatory environment, which recently legalized the recreational use of cannabis, is a major driver of the market's growth. The government's efforts to promote the cannabis industry as a key economic driver have created a supportive environment for businesses to thrive. Additionally, the rich history of cannabis in traditional Thai medicine has contributed to a positive perception of cannabis among the local population, further fueling the market's expansion.

Underlying macroeconomic factors: The growing middle-class population in Thailand, coupled with rising disposable incomes, is playing a significant role in driving the demand for recreational cannabis products. As more consumers have the financial means to explore new products and experiences, the market is poised for continued growth. Furthermore, the increasing trend towards wellness and self-care among Thai consumers is leading to a greater acceptance and adoption of cannabis products for recreational purposes.

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.