Cannabis - Japan

Japan

In Japan, the revenue in the Cannabis market is forecasted to reach €0.34bn in 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -2.47%, leading to a market volume of €0.30bn by 2029.
When compared globally, the United States is expected to generate the highest revenue (€39,440.00m in 2024).
In terms of per person revenues in 2024, €19.47 is generated relative to the total population figures.
In Japan, the Cannabis market is gradually emerging as regulations around CBD products are being relaxed, paving the way for potential growth in the industry.

Key regions: United States, Canada, Netherlands, Germany, Thailand

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The Cannabis market in Japan is seeing a gradual but steady development, influenced by changing customer preferences, evolving trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Japan are increasingly showing interest in Cannabis products for various purposes such as medicinal use, relaxation, and wellness. The shift towards more natural and holistic remedies is driving the demand for Cannabis-derived products in the market. Additionally, the growing awareness about the potential benefits of Cannabis is attracting a wider customer base.

Trends in the market: One of the notable trends in the Cannabis market in Japan is the rising popularity of CBD products. CBD, known for its non-psychoactive properties, is being incorporated into various products including skincare, supplements, and beverages. This trend aligns with the global movement towards wellness and self-care, driving the demand for CBD-infused products in Japan. Moreover, the increasing acceptance and normalization of Cannabis in society are contributing to the growth of the market.

Local special circumstances: Japan has strict regulations surrounding Cannabis, with laws prohibiting the recreational use of marijuana. However, there is a growing acceptance of Cannabis for medical and research purposes, leading to the legalization of medical Cannabis under certain conditions. This unique regulatory environment presents both challenges and opportunities for businesses operating in the Cannabis market in Japan. Companies must navigate the complex legal landscape while capitalizing on the growing acceptance of Cannabis for specific applications.

Underlying macroeconomic factors: The economic landscape in Japan, characterized by a mature consumer market and a strong emphasis on innovation, is influencing the development of the Cannabis market. As the country grapples with an aging population and changing healthcare needs, there is a growing demand for alternative healthcare solutions, including Cannabis-based products. Furthermore, the presence of established industries such as technology and healthcare is driving innovation in the Cannabis sector, leading to the development of new products and delivery methods to cater to evolving consumer preferences.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on companies' revenues, funding values and global consumer survey data. Revenues include retail, sales and taxes.

Modeling approach / Market size:

Market sizes are determined by a Top-Down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use financial reports, third-party data. Next, we use relevant key market indicators and data from country-specific associations such as tobacco spending per capita, medical product spending per capita, consumer spending and consumer spending for recreation purposes, population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, S-Curve function, ARIMA time series model and exponential curve function.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. GCS data is reweighted for representativeness.