Emerging Legal Cannabis and Hemp Market: Asia 2024

The recreational and medicinal cannabis industries are growing at an exponential rate and expected to witness tremendous growth by 2024. The growing acceptance of Cannabis is driving the industry in regulatory guidance, medicine and drug development.

The global Cannabis market is presumed to attain US$ 153,689.9 Mn in 2027 from US$ 10,838.1 in 2018. Source

Cannabis Industry in Canada

On October 17, 2018, the Federal Government introduced the Cannabis Act that gave the boost to the Cannabis industry as manufacturers and producers. Across the value chain, companies welcome opportunities in both medicinal and recreational markets.

As Cannabis businesses eye expansion in South American and European markets, Asia has emerged as a new frontier for major Cannabis players.

Let’s have a quick look at emerging legal Cannabis and Hemp market trends 2021 & beyond.

Cannabis Market is Blossoming in Asia

Interestingly, growing acceptance of Cannabis across the global market, specifically in Europe & North America, may have become a critical factor in influencing the legislative change in Asia.

According to the Asian Cannabis Report, the continent could realize substantial rewards through cannabis legalization. Here are some of the key findings:

• The Cannabis Market in Asia is anticipated to worth $US8.5 billion by 2024 if both recreational and medical Cannabis is legalized across several key markets.
• Annually, 86 million people across Asia consume Cannabis. Also, medicinal cannabis consumption alone is projected to upsurge in Asia as compared to other early-adopter regions.
• Currently, India has 38 million consumers of Cannabis that account for the highest number of Cannabis consumers in Asia.
• Japan and China embody as Asia’s two largest-value medicinal cannabis markets collectively. They would account for an appraised 90 per cent market share worth US$800 million to Japan and US$4.4 billion to China by 2024.

With a population of over 4.6 billion and deficits prior Cannabis & hemp program, both domestic and international businesses are contemplating the value of this potential cannabis market in Asia. Malaysia, South Korea and Thailand have already introduced legal medicinal Cannabis under government-licensed research programs.

Final Thoughts

Though Asian countries are implausible to be as embracing of recreational Cannabis, they perhaps are more apt to accept medicinal Cannabis — provided there is enough evidence-based research that could help in regulating the rise in healthcare costs. China, Singapore and Thailand are already become early adopters in Cannabis & Hemp industry and started investing substantially into Cannabis applications, according to the latest market research reports.

Moreover, Asia is one of the most important export markets. With rising standards in education and sizeable population comes appreciated market opportunities.

Impact of Covid19 on Cannabis industry

There is no denying the Covid19 pandemic pushed many industries & businesses in uncharted waters. However, the Cannabis industry witnessed shifting & dynamic retail landscape, according to Headset Research Report.

CenturionPro is with you in these difficult times and committed to continuous servicing to our customers. We are putting all our efforts following government compliance to improve the world of Cannabis producers so they can meet growing demand.