The Thailand legal cannabis market size is expected to reach $9.6 billion by 2030, according to a new report from Dublin-based market data and statistics company, Research and Markets.
In June of 2022, the Thai government decriminalized the distribution, cultivation, consumption and marketing of all the parts of the cannabis plant, opening new revenue-generating opportunities for industries in the country. Key players who have stepped to the forefront include THC Thailand Group, Medipharm Labs, Cresco Labs, Elixinol Thailand, Tilray, Extractas, Bol Pharma and Canopy Growth.
After the Thai FDA removed the cannabis plant from the Category 5 narcotics list, more domestic players are exploring the CBD market, including the largest, Charoen Pokphand Group, which will produce CBD-infused food and drinks through its food and beverage arm, Charoen Pokphand Foods. More product and company launches are expected to fuel cannabis industry growth in Thailand, along with the nation of 70 million growing social acceptance of cannabis and its rising disposable income.
Research and Market’s predicts cannabis sales in the Kingdom to expand at a CAGR of 58.4% from 2022 to 2030.
Moreover, key outside players in cannabis are also eyeing Thailand — the first to adopt of legalization in Asia — as the springboard to expand their portfolio and regional domination through mergers and acquisitions, collaborations, partnerships, funding & investments. For instance, in December 2020, Tilray Brands Inc. merged with Aphria and will operate under the name Tilray. Such factors also fuel the Thai industry’s growth. Such factors should also fuel the Thai weed industry’s growth.
Thailand Legal Cannabis Market Report Highlights:
- 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.
- 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.
For for information about the complete report, visit here.