Thailand Legal Cannabis Industry Overview
The Thailand legal cannabis market size was estimated at USD 1.02 billion in 2023 and is expected to grow at a CAGR of 32.5% from 2024 to 2030.
Market growth can be attributed to the legalization of cannabis, growing awareness about the therapeutic benefits of cannabis-based products, and increasing use of cannabis for recreational & medical purposes. In addition, the product is useful for treating neurologic problems, such as epilepsy, depression, and anxiety. According to Bumrungrad International Hospital, in Thailand, approximately 700,000 people are suffering from epilepsy.
Gather more insights about the market drivers, restrains and growth of the Thailand Legal Cannabis Market
Furthermore, there is a high demand for various cannabidiol (CBD)-infused products, such as beauty products, cannabis oil, beverages, gummies, capsules, etc. in the market. CBD can be consumed through various means, such as vaping, smoking, ingesting, and transdermal routes. CBD is utilized to produce personal care products and medical drugs. Legalizing cannabis-based products has opened up significant opportunities for various end-use industries to expand their product offerings. For instance, in April 2023, SAPPE or Sappe PCL, a provider of functional drinks in Thailand, introduced CBD water under the brand name “SAPPE Keaf” in two flavors such as CBD Water Vitamin B Complex with peach flavor, which enhances work attention with essential ingredients such as vitamin B complex, including B5, B3, B6, & B12 and honey-yuzu flavored CBD Water Chamomile sour-sweet in taste, which helps in relaxation. Thus, a surge in the launch of new products is anticipated to propel market growth.
The demand for medical marijuana is expected to grow significantly over the forecast period due to various factors. One of the key drivers is the high prevalence of cancer. For instance, according to the Global Cancer Observatory, Thailand recorded 190,636 cancer cases in 2020. In addition, the growing burden of chronic pain and the increasing demand for pain management therapies are expected to contribute to the rise in demand for cannabis over the forecast period.
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Thailand Legal Cannabis Market Report Segmentation
Grand View Research, Inc. has segmented the Thailand legal cannabis market based on source, cultivation, derivatives, and end-use:
Thailand Legal Cannabis Source Outlook (Revenue, USD Million, 2018 - 2030)
- Hemp
- Hemp oil
- Industrial Hemp
- Marijuana
- Flower
- Oil and Tinctures
Thailand Legal Cannabis Cultivation Outlook (Revenue, USD Million, 2018 - 2030)
- Indoor Cultivation
- Greenhouse Cultivation
- Outdoor Cultivation
Thailand Legal Cannabis Derivatives Outlook (Revenue, USD Million, 2018 - 2030)
- CBD
- THC
- Others
Thailand Legal Cannabis End-use Type Outlook (Revenue, USD Million, 2018 - 2030)
- Industrial Use
- Medical Use
- Chronic Pain
- Depression and Anxiety
- Arthritis
- Post Traumatic Stress Disorder (PTSD)
- Cancer
- Migraines
- Epilepsy
- Alzheimer’s
- Multiple Sclerosis
- AIDS
- Amyotrophic Lateral Sclerosis
- Tourette’s
- Diabetes
- Parkinson's
- Glaucoma
- Others
- Recreational Use
Key Companies profiled:
- PharmaHemp
- Tilray Brands
- Canopy Growth Corporation
- Medipharm Labs
- Cresco Labs
- Extractas
- BOL Pharma
- Elixinol
- CBD Innovation Center
- SAPPE
- Osotspa Public Company Limited
Recent Developments
- In August 2023, CMU and Atlanta Medicare invested USD 28 million in constructing closed-system cannabis manufacturing facilities in Thailand. The facilities were planned to be ready for production by early 2024.
- In December 2022, Sunderstorm, a manufacturer of cannabis products, partnered with THCG Group Ltd., a Thailand-based cannabis company, to launch Kanha cannabis and hemp gummies.
- In January 2022, Osotspa Public Company Limited joined forces with Yanhee Vitamin Water Company Limited to tap into the cannabis and hemp-based beverage market. This strategy opened up a new business opportunity and paved the way for expansion into a market with strong growth potential.
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