Thailand Legal Cannabis Market Anticipated To Expand At A CAGR 32.5% From 2024 To 2030Posted by Neha Bora on June 28th, 2024 San Francisco, 28 June 2024: The Report Thailand Legal Cannabis Market Size, Share & Trends Analysis Report By Source (Hemp, Marijuana), By Derivatives (CBD, THC), By Cultivation (Indoor Cultivation, Greenhouse Cultivation), By End-use (Industrial Use, Medical Use), And Segment Forecasts, 2024 - 2030 The Thailand legal cannabis market size is expected to reach USD 7.10 billion by 2030, registering a CAGR of 32.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. Factors such as cannabis legalization and its growing usage for medical purposes are driving the market growth. Furthermore, growing CBD-related R&D activities by government organizations, NGOs, private companies, and universities and rising government initiatives to boost the incorporation of cannabis into various industries further fuel market growth. Cannabis extracts are generally used for the treatment of various conditions, such as mental disorders, cancer, pain management, & nausea, and for recreational purposes, such as vaping. Moreover, the demand for cannabis oils and tinctures for medical uses is increasing owing to social stigma related to the smoking of cannabis buds. For instance, in January 2020, in a suburb of Bangkok, approximately 400 patients, including cancer patients, were provided cannabis oil at a flagship clinic for free at the Public Health Ministry. Furthermore, a surge in social acceptance of CBD for its therapeutic applications, an increasing number of product launches, rising disposable income of the country, and increasing healthcare expenditure are key factors fueling the business growth. For instance, in June 2022, Lifestar Company Limited, a Thai firm and subsidiary of RS Group, launched a CBD Krill Oil supplement for knee pain, which includes essential vitamins and minerals. Thailand is experiencing a rising demand for cannabis tourism, leading to an increase in the availability of cannabis-themed tours and activities. These tours allow tourists to understand about the history, cultivation, and processing of cannabis in the country. From visiting cannabis farms and exploring traditional Thai herbal medicine to attending cannabis cooking classes, there are plenty of opportunities for tourists, which drives the market growth. For instance, in Thailand, the Asia International Hemp Expo and Forum is an annual international event that caters to individuals, businesses, and industrialists interested in learning about hemp. Access Research Report of Thailand Legal Cannabis Market @ https://www.grandviewresearch.com/industry-analysis/thailand-legal-cannabis-market-report Thailand Legal Cannabis Market Report Highlights
Thailand Legal Cannabis Market Report Scope
List of Key Companies in Thailand Legal Cannabis Market
Access Press Release of Thailand Legal Cannabis Market @ https://www.grandviewresearch.com/press-release/thailand-legal-cannabis-market-analysis About Grand View Research Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. For More Information: https://www.grandviewresearch.com/horizon Like it? Share it!More by this author |