The Thailand legal cannabis market size is expected to reach USD 9.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 58.4% from 2022 to 2030. The growth is attributed to the rising usage of cannabis for recreational and medical purposes. Cannabis legalization has opened new revenue-generating opportunities for various industries in the country. The adoption of CBD oil and tinctures for treating various ailments like nausea, anxiety, and cancer along with the rising prevalence of cancer are some of the significant factors boosting the industry’s growth.
The growing burden of chronic pain has also augmented the rise in the usage of CBD for treatments related to pain management and thus, positively impacting the market growth. Various studies have shown positive outcomes of marijuana and its derivatives to treat symptoms of several chronic conditions. For instance, it has been effectively used to treat patients dealing with chronic pain, nausea induced by chemotherapy, and neurological diseases such as Alzheimer’s and Parkinson’s. Hence, FDA and other government organizations are permitting marijuana derivatives for the prescription of several diseases. This is one of the key factors for the quick turnaround.
In 2018, Thailand legalized the adoption of cannabis for medical purposes. Furthermore, in June 2022, the government decriminalized the distribution, cultivation, consumption, and marketing of all the parts of the cannabis plant. The Thai Food and Drug Administration has also removed the cannabis plant from the Category 5 narcotics list. Although, smoking cannabis in public areas is still illegal.
Furthermore, the rising disposable income of the country, increasing healthcare expenditure, a surge in social acceptance of CBD for its therapeutic applications, and an increasing number of product launches, along with improvements in intellectual property rights of Thailand are some of the key reasons that are expected to fuel the business growth.
Moreover, with this legalization, more domestic players are planning to explore the CBD market and key players are also planning strategic initiatives to expand their product portfolio and regional domination through mergers & acquisitions, collaborations, partnerships, funding & investments. For instance, in December 2020, Tilray Brand s Inc. merged with Aphria and will operate under the name Tilray. Such factors also fuel the industry’s growth.
The growing trend of cannabis-infused food and beverages and the rising adoption of CBD oil by cosmetics and wellness industries also boost the industry’s growth within the country.
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The hemp segment dominated the Thailand legal cannabis industry in 2021 and accounted for the largest revenue share of 88.4%. Growing usage of hemp for industrial purposes is one of the key factors fueling the segment’s growth
The CBD segment held the largest revenue share of about 68.4% in 2021. The growth of the segment is attributed to the rising acceptance of CBD by consumers. However, the THC segment is expected to grow at the fastest CAGR of 61.4%
In 2021, the industrial segment held the largest revenue share at 81.9%. Growing adoption of CBD by various industries such as wellness and cosmetics, food and beverages, and others are projected to boost the segment’s growth
Grand View Research has segmented the Thailand legal cannabis market based on derivatives, sources, and end-use:
Thailand Legal Cannabis Source Outlook (Revenue, USD Million, 2018 - 2030)
Oil And Tinctures
Thailand Legal Cannabis Derivative Outlook (Revenue, USD Million, 2018 - 2030)
Thailand Legal Cannabis End-use Outlook (Revenue, USD Million, 2018 - 2030)
Depression and Anxiety
Amyotrophic Lateral Sclerosis
Post-traumatic Stress Disorder (PTSD)
List of Key Players in the Thailand Legal Cannabis Market
MediPharm Labs, Inc.
Elixinol Thailand Limited
Canopy Growth Corporation
THC Thailand Group Ltd.
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