Thailand Legal Cannabis Market Size & Outlook, 2023-2030
Thailand legal cannabis market, 2018-2030 (US$M)
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Thailand legal cannabis market highlights
- The Thailand legal cannabis market generated a revenue of USD 386.7 million in 2023 and is expected to reach USD 9,624.1 million by 2030.
- The Thailand market is expected to grow at a CAGR of 58.3% from 2024 to 2030.
- In terms of segment, hemp was the largest revenue generating source in 2023.
- Marijuana is the most lucrative source segment registering the fastest growth during the forecast period.
Legal cannabis market data book summary
| Market revenue in 2023 | USD 386.7 million |
| Market revenue in 2030 | USD 9,624.1 million |
| Growth rate | 58.3% (CAGR from 2023 to 2030) |
| Largest segment | Hemp |
| Fastest growing segment | Marijuana |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Marijuana, Hemp |
| Key market players worldwide | Canopy Growth Corp, Aurora Cannabis Inc, Aphria Inc, The Cronos Group, Tilray Brands Inc, Sundial Growers, Insys Therapeutics, The Scotts Miracle Gro Co Class A, MediPharm Labs Corp, Cara Therapeutics Inc, GW Pharmaceuticals |
Other key industry trends
- In terms of revenue, Thailand accounted for 1.4% of the global legal cannabis market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, Thailand legal cannabis market is projected to lead the regional market in terms of revenue in 2030.
- Thailand is the fastest growing regional market in Asia Pacific and is projected to reach USD 9,624.1 million by 2030.
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Legal Cannabis Market Scope
Legal Cannabis Market Companies
| Name | Profile | # Employees | HQ | Website |
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Thailand legal cannabis 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 legal cannabis market will help companies and investors design strategic landscapes.
Hemp was the largest segment with a revenue share of 76.86% in 2023. Horizon Databook has segmented the Thailand legal cannabis market based on marijuana, hemp covering the revenue growth of each sub-segment from 2018 to 2030.
Thailand is the first country in Southeast Asia to legalize cannabis for medical use; however, possession of cannabis still remains illegal, and a hefty penalty is levied on the person when caught. The first facility for cultivating cannabis was opened in Bangkok in 2018.
However, foreign companies are hoping that the Thai government may soon allow commercial cultivation of medical cannabis and hence are taking interest in the Thai cannabis market.
Therefore, many local players are applying for research permits and patents to gain a strong foothold in this new and potentially lucrative market. This is anticipated to drive the market growth in the country over the forecast period.
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Our clientele includes a mix of legal cannabis market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the Thailand legal cannabis market , including forecasts for subscribers. This country databook contains high-level insights into Thailand legal cannabis market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Thailand legal cannabis market size, by source, 2018-2030 (US$M)
Thailand Legal Cannabis Market Outlook Share, 2023 & 2030 (US$M)
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