The Asian medical cannabis market will be worth an estimated US$5.8 billion by 2024 Prohibition Partners has found in its latest report. Headquartered in London, Prohibition Partners is a market intelligence and strategic insight organisation focused on Europe's legal cannabis industry.
According to analysis, if legislation is introduced in a number of Asia's major markets, the cannabis market could as much as quadruple its value by 2027.
The report found that the continent could reap significant rewards through cannabis legalisation.
Key findings include:
- The Asian cannabis market is expected to be worth $US8.5 billion by 2024 if both medical and recreational cannabis are legalised across a number of key markets
- Almost 86 million people across Asia consume cannabis annually and medicinal cannabis consumption alone is expected to increase faster in Asia than in other early-adopter nations and regions
- China and Japan represent Asia’s two largest-value medicinal cannabis markets, worth almost US$4.4 billion to China and US$800 million to Japan by 2024; collectively they would account for an estimated 90% share of the market
- China 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
Daragh Anglim, Managing Director at Prohibition Partners explained: "A regulated legal cannabis market could be transformative to patients, farmers and economies across Asia. 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 international 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.
