South Korea Cannabidiol Market Size & Outlook, 2023-2030
South Korea cannabidiol market, 2018-2030 (US$M)
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South Korea cannabidiol market highlights
- The South Korea cannabidiol market generated a revenue of USD 26.6 million in 2023 and is expected to reach USD 37.0 million by 2030.
- The South Korea market is expected to grow at a CAGR of 4.8% from 2024 to 2030.
- In terms of segment, hemp was the largest revenue generating product in 2023.
- Hemp is the most lucrative product segment registering the fastest growth during the forecast period.
Cannabidiol market data book summary
| Market revenue in 2023 | USD 26.6 million |
| Market revenue in 2030 | USD 37.0 million |
| Growth rate | 4.8% (CAGR from 2023 to 2030) |
| Largest segment | Hemp |
| Fastest growing segment | Hemp |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Hemp |
| Key market players worldwide | Medical Marijuana Inc, Canopy Growth Corp, Elixinol Wellness Ltd Ordinary Shares, The Cronos Group, Isodiol International Inc, Endoca, Folium Biosciences, NuLeaf Naturals, PharmaHemp |
Other key industry trends
- In terms of revenue, South Korea accounted for 0.3% of the global cannabidiol market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, Japan cannabidiol market is projected to lead the regional market in terms of revenue in 2030.
- Australia is the fastest growing regional market in Asia Pacific and is projected to reach USD 247.6 million by 2030.
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Cannabidiol Market Scope
Cannabidiol Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea cannabidiol market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to cannabidiol market will help companies and investors design strategic landscapes.
Hemp was the largest segment with a revenue share of 100% in 2023. Horizon Databook has segmented the South Korea cannabidiol market based on hemp covering the revenue growth of each sub-segment from 2018 to 2030.
South Korea is the first country in East Asia to legalize medical cannabis. It legalized medical cannabis in November 2018 to grant access to cannabis products to the patient population in the country. However, the law came into effect on March 2019, when the government allowed the import of a few cannabis drugs - Epidiolex, Marinol, Sativex, & Cesamet for patients suffering from conditions such as MS, cancer, epilepsy, and HIV/AIDS.
The country is planning to increase the number of listed medical conditions for the use of medical cannabis. The government has yet not taken any substantial decision about cannabis production and cultivation and is planning to import medicine from foreign countries to suffice the increasing patient demand.
However, expensive pharmaceutical CBD products and low/no reimbursement of these expensive medical cannabis products are expected to hinder market adoption to some extent. This is expected to reduce with more companies venturing into the South Korean market along with the legalization of hemp/marijuana cultivation, which may reduce dependency on expensive imports.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea cannabidiol market , including forecasts for subscribers. This country databook contains high-level insights into South Korea cannabidiol market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea cannabidiol market size, by product, 2018-2030 (US$M)
South Korea Cannabidiol Market Outlook Share, 2023 & 2030 (US$M)
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