According to a recent report by Cannabis Research Firm Prohibition Partners, the Thai cannabis market is expected to be worth ฿21bn over the next couple of years. This is thanks to the country’s rapidly growing medical tourism industry and the increasing legalization of cannabis around the world. With more and more people interested in using cannabis for medicinal purposes, it is no surprise that Thailand is seeing a boom in this industry. Thanks to its tropical climate and ideal growing conditions outdoors there is a plentiful supply of high-quality cannabis, Thailand is quickly becoming a leading destination for medical tourists seeking treatment with this natural remedy. In addition to therapeutic treatments, many visitors are also interested in trying out new strains of cannabis and enjoying the country’s renowned hospitality. With its favourable legal climate and booming tourism industry, there is no doubt that the Thai cannabis market will continue to grow in the years to come.
How about the Cannabis Market in Asia on the whole?
The legal cannabis industry is growing rapidly all over the world, and Asia is no exception. According to “The Asian Cannabis Report,” the region could see a legal cannabis industry as large as $5.8 billion by 2024. This growth is being driven by a number of factors, including the increasing acceptance of recreational and medicinal cannabis use in many Asian countries. In addition, the region’s large population provides a huge potential customer base for the industry. With more and more countries legalizing cannabis, it’s clear that the Asian market is poised for significant growth in the coming years.
“A regulated legal cannabis market could be transformative for patients, farmers and economies across Asia,” said Daragh Anglim, managing director at Prohibition Partners. “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.” (Bangkok Post)
Are people using Cannabis in Asia?
The report found that almost 86 million people across Asia consume cannabis annually. Of those, medicinal cannabis users are expected to grow at a faster rate than in other early-adopter nations and regions. China and Japan represent Asia’s two largest-value medicinal cannabis markets, each worth billions of dollars by 2024. Together, they would collectively account for an estimated 90% share of the market.
China has long been a major player in the global hemp market, and its dominance is only growing. The country currently produces nearly half of the world’s hemp, an estimated $1.2 billion worth. And while much of this hemp is used for traditional purposes such as rope-making and paper-making, an increasing amount is being used for CBD oil and other medical applications. This shift is largely due to changing attitudes in China towards cannabis. In the past, the plant was largely seen as a low-quality crop, suitable only for industrial uses. But as more and more research is conducted into the medical benefits of CBD, that perception is beginning to change. As a result, China is poised to play an even bigger role in the global hemp market in the years to come.
India has a long history of cannabis use, with the first recorded use dating back to 2000 BCE. Unlike other parts of Asia, where cannabis is largely seen as a recreational drug, in India it has been used for centuries for medicinal and spiritual purposes. Today, an estimated 38 million people in India use cannabis, making it the largest market for the drug in Asia. While the majority of users consume cannabis for personal reasons, there is a growing number of businesses that are beginning to tap into the potential of the Indian market. For example, some companies are selling products that combine CBD and Ayurvedic herbs, while others are developing innovative new delivery methods, such as dissolvable strips and breath-freshener-style sprays. As the legal landscape around cannabis continues to evolve, it is likely that the Indian market will continue to grow.
How Cannabis Marketing will play its role
With such a large and growing market for medicinal cannabis in Asia, it is clear that the region will continue to grow and you will want to consider Cannabis Marketing services or Medical Marijuana Marketing if you want to compete in what is sure to be a competitive space. Medical Marijuana Marketing can be as difficult, as the legal landscape is still unclear in many countries. However, there are a few things that you can do to get started. First, it is important to identify your target market. Are you marketing to patients, doctors, or dispensaries?
Once you have a good understanding of your target market, you can begin to develop a marketing strategy that is tailored to their needs.
Some tips for Medical Marijuana Marketing in Asia:
1. Understand the legal landscape in each country.
2. Develop targeted marketing strategies for each country.
3. Focus on developing relationships with key opinion leaders due to Paid Marketing restrictions
Will this impact medical tourism in Thailand?
Thailand has long been a popular destination for medical tourists, due to its high-quality healthcare and relatively low cost of treatment. However, the recent outbreak of COVID-19 in the country has caused many would-be patients to reconsider their travel plans. But with Post Pandemic Day approaching July 1st 2022, this trend is expected to change and the relaxing of rules on alternative medical treatments like Cannabis are likely to help bolster medical tourism into Q3&4 2022.
Overall It is evident that the cannabis market in Asia is growing, and will likely continue to do so in the years to come. If you want to compete in this space, it is important to understand the legal landscape in each country and develop targeted marketing strategies for each market. With a projection of ฿21bn by 2024, there is no doubt the larger players already present in other industries or markets may look to expand into this lucrative space. So it could be argued that now is the time to get ahead and establish yourselves in what is sure to be a large market in the coming years.
