Thailand Medical Cannabis Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
The Thailand medical cannabis market size reached US$ 122.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,408.0 Million by 2028, exhibiting a growth rate (CAGR) of 53.2% during 2023-2028.
Cannabis, also known as marijuana, comes from the hemp plants such as cannabis sativa and cannabis indica. THC (tetrahydrocannabinol) is the main psychoactive part of cannabis and is used for medicinal purposes in several countries across the globe. Similar to several other countries, cannabis was extensively used as a traditional medicine in Thailand. It was also used for several medical purposes like muscle relaxer, to ease women’s labor pains and as a condiment in cooking. However, the sale and possession of marijuana was banned and criminalized in 1935 by the Cannabis Act and was further criminalized by the Narcotics Act of 1979. Despite this, the marijuana culture in Thailand has softened over last few decades, though not completely. Recently, Thailand government has legalized cannabis for medical purposes. There are several factors that will drive the demand for cannabis in Thailand. Thailand possesses geographical advantage over the production of cannabis because of its annual tropical climate resulting in lower production costs as less artificial light needed and temperature control are required for the cultivation of cannabis. Moreover, Thailand has historically had a strong tradition of using cannabis for medical purposes which is also expected to create a positive impact on its demand. Some of the other major factors that will drive the market include foreign investments, ageing population, increasing number of clinical trials and R&D investments, etc.
IMARC’s latest study “Thailand Medical Cannabis Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” presents the reader with a thorough understanding of the Thailand medical cannabis market. The study covers all the requisite aspects of the medical cannabis market in Thailand. This ranges from macro overview of the market to micro details of the industry performance, processing and manufacturing requirements, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who are planning to foray into the Thailand medical cannabis industry in any manner.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the Thailand medical cannabis market report, along with forecasts for the period 2023-2028. Our report has categorized the market based on cultivated species, derivatives, application areas, end-use and route of administration.
Breakup by Cultivated Species:
Indica
Sativa
Hybrid
Breakup by Derivatives:
Cannabidiol (CBD)
Tetrahydrocannabinol (THC)
Others
Breakup by Application Areas:
Cancer
Arthritis
Migraine
Epilepsy
Others
Breakup by End-Use:
Pharmaceuticals
Research and Development Centres
Others
Breakup by Route of Administration:
Oral Solutions and Capsules
Vaporizers
Topicals
Others
Key Questions Answered in This Report
1. What is the size of the Thailand medical cannabis market in 2022?
2. What is the expected growth rate of the Thailand medical cannabis market during 2023-2028?
3. What are the key factors driving the Thailand medical cannabis market?
4. What has been the impact of COVID-19 on the Thailand medical cannabis market?
5. What is the breakup of the Thailand medical cannabis market based on the cultivated species?
6. What is the breakup of the Thailand medical cannabis market based on the derivatives?
7. What is the breakup of the Thailand medical cannabis market based on the application areas?
8. What is the breakup of the Thailand medical cannabis market based on the end use?
9. What is the breakup of the Thailand medical cannabis market based on the route of administration?
- 1 Preface
- 2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
- 3 Executive Summary
- 4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
- 5 Thailand Medical Cannabis Industry
- 5.1 Market Overview
- 5.2 Market Potential
- 5.3 Impact of COVID-19
- 5.4 Market by Cultivated Species
- 5.4.1 Indica
- 5.4.2 Sativa
- 5.4.3 Hybrid
- 5.5 Market by Derivatives
- 5.5.1 Cannabidiol (CBD)
- 5.5.2 Tetrahydrocannabinol (THC)
- 5.5.3 Others
- 5.6 Market by Application Areas
- 5.6.1 Cancer
- 5.6.2 Arthritis
- 5.6.3 Migraine
- 5.6.4 Epilepsy
- 5.6.5 Others
- 5.7 Market by End-Use
- 5.7.1 Pharmaceuticals
- 5.7.2 Research and Development Centres
- 5.7.3 Others
- 5.8 Market by Route of Administration
- 5.8.1 Oral Solutions and Capsules
- 5.8.2 Vaporizers
- 5.8.3 Topicals
- 5.8.4 Others
- 5.9 Market Forecast
- 6 Thailand Medical Cannabis Market: SWOT Analysis
- 6.1 Overview
- 6.2 Strengths
- 6.3 Weaknesses
- 6.4 Opportunities
- 6.5 Threats
- 7 Thailand Medical Cannabis Market: Value Chain Analysis
- 8 Thailand Medical Cannabis Market: PESTEL Analysis
- 8.1 Political Factors
- 8.2 Economic Factors
- 8.3 Social Factors
- 8.4 Technological Factors
- 8.5 Environmental Factors
- 8.6 Legal Factors
- 9 Thailand Medical Cannabis Market: Margin Analysis
- 9.1 Farmers Margins
- 9.2 Collectors Margins
- 9.3 Cannabis Manufacturer Margins
- 9.4 Distributor Margins
- 9.5 Exporters Margins
- 10 Thailand Medical Cannabis Market: Porter’s Five Forces Analysis
- 10.1 Overview
- 10.2 Bargaining Power of Suppliers
- 10.3 Bargaining Power of Buyers
- 10.4 Degree of Rivalry
- 10.5 Threat of New Entrants
- 10.6 Threat of Substitutes
- 11 Key Success and Risk Factors
- 12 Overview of Clinical Research Suggesting the Benefits of Medical Cannabis Across Various Indications
- 12.1 Alzheimer’s Disease
- 12.2 Autism
- 12.3 Cancer
- 12.4 Chronic Pain
- 12.5 Epilepsy
- 12.6 Migraine
- 12.7 Digestive Disorders
- 12.8 Multiple Sclerosis
- 12.9 Schizophrenia
- 12.10 Others
- 13 Thailand – As a Cannabis Production and Exporting Hub
- 13.1 Historically Strong Tradition of Using Cannabis for Medical Purposes
- 13.2 Geographical Advantage Resulting in Lower Production Cost
- 13.3 Low Processing Cost due to Lower Labour Cost
- 13.4 Recent Government Legislations Beneficial for the Cannabis Industry
- 13.5 Large Inflow of Foreign Investments is expected in the Coming Years
- 14 Cultivation and Harvesting of Cannabis
- 14.1 Land Requirements
- 14.2 Construction Requirements
- 14.3 Machinery Requirements
- 14.4 Labour Requirements
- 14.5 Climate Requirements
- 14.6 Soil Requirements and Treatment
- 14.7 Yield per Hectare
- 14.8 Period of Maturation
- 14.9 Seed Selection and Treatment
- 14.10 Land Preparation and Planting
- 14.11 Irrigation Requirements
- 14.12 Crop Protection
- 14.13 Storage and Packaging
- 14.14 Transportation
- 14.15 Total Costs Involved
- 14.15.1 Fixed Costs
- 14.15.2 Variable Costs
- 15 Processing of Cannabis
- 15.1 Detailed Process Flow
- 15.2 Various Unit Operations Involved
- 15.3 Land Requirements
- 15.4 Construction Requirements
- 15.5 Machinery Requirements
- 15.6 Raw Material Requirements
- 15.7 Packaging Requirements
- 15.8 Transportation
- 15.9 Utility Requirements
- 15.10 Total Costs Involved
- 15.10.1 Fixed Costs
- 15.10.2 Variable Costs
- 16 Key Market Challenges
- 17 Competitive Landscape
- 18 Profiles of Key Players
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