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Asia's medicinal cannabis market could cross $5.8 billion by 2024: Report

India is home to the highest number of cannabis consumers in Asia, estimated at 38 million

Topics
Cannabis  |  Asia  |  China

Press Trust of India  |  London 

Marijuana, cannabis
Almost 86 million people across Asia consume cannabis annually

The Asian medical market will be worth an estimated $5.8 billion by 2024, the world's leading market intelligence and strategic consultancy firm Prohibition Partners has found in its latest report. According to analysis, if legislation is introduced in a number of the continent's major markets, this estimate could quadruple by 2027.

The Asian Report, the first detailed report on a fully legalised industry in Asia, finds that the continent could reap significant rewards through cannabis legalisation. The report includes detailed market value forecasts, regulatory timeline analysis, consumption data and healthcare analyses for seven key markets, including China, India, Thailand and South Korea.

Key findings include:

The Asian cannabis market is expected to be worth $8.5 billion by 2024 if both medical and recreational cannabis are legalised across a number of key markets.

Almost 86 million people across consume cannabis annually and medicinal cannabis consumption alone is expected to increase faster in than in other early-adopter nations and regions.

and represent Asia's two largest-value medicinal cannabis markets, worth almost $4.4 billion to and $800 million to by 2024; collectively they would account for an estimated 90% share of the market.

has already established global dominance in hemp, accounting for nearly half of the world's supply, worth an estimated $1.2 billion.

India is home to the highest number of cannabis consumers in Asia, estimated at 38 million.

Ahead of the launch, Daragh Anglim, Managing Director at Prohibition Partners explained:


"A regulated legal cannabis market could be transformative to patients, farmers and economies across From a financial standpoint, as the world's most populous region, the legalisation of cannabis could encourage robust economic growth across the region, buoyed by both local and demand.

"As demand for CBD rises internationally, China has a huge opportunity to capitalise on this emerging market and help to shift opinions in favour of the therapeutic effects of different cannabinoids, which could stimulate economic growth, jobs and taxes throughout the region."

The Asian Cannabis Report is the latest in a series of industry-leading reports from Prohibition Partners uncovering the commercial opportunities of a legal cannabis market.

The report was published on 09/05/2019, and can also be downloaded on Prohibition Partner's website https://prohibitionpartners.com/reports/.

About Prohibition Partners

Within two years, we have become the world's leading provider of market insights and strategic consultancy for this emerging frontier.

We firmly believe that data, insights and education will unlock the societal and commercial potential of cannabis.

Our research and content teams routinely share the latest legislative developments and key trends in the industry - information that is regularly cited by political leaders, investment banks and Fortune 500 companies.

Our consultancy team works with investors, operators and regulators to identify and execute opportunities across multiple jurisdictions. We advise our private clients on licensing, regulatory and business opportunities.

 

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First Published: Thu, May 09 2019. 11:11 IST
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