Indian Cannabis Market Analysis

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  • Type: Common Disease Area
  • Published : April 2021
  • Region: Asia
  • Country: India
  • Report ID : 1359

  • Format: PPT, PDF

Indian Cannabis Market: Segmented by Drug Class (Adult Use, Medical (Chronic Pain, Anxiety, Inflammation, Sleep Disorder, & Others), B2B Channels) – Growth, Trends, and Forecasts (2019 – 2028)

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Report Overview

Indian Cannabis Market size stood at USD XX billion in 2019 and is projected to reach USD XX billion by 2028, exhibiting a CAGR of XX% during the forecast period.

Cannabis has been in used in India for over 2,000 years. There are 27 million cannabis (bhang) users are in India. With an additional 16 million Indians use illegal cannabis products. And the average cost per gram of cannabis in India is about Rs.8. Malana in Himachal Pradesh produces over 500 kg of hashish every year. India has a huge “at risk” population vulnerable to cannabis use. The epidemic of substance use in young generation has also assumed alarming dimensions. The prevalence of current cannabis use among total population (10-75 years), all males, all females, children’s (10-17 years), adults (>18 years) is 2.8%, 5.0%, 0.6%, 0.9% and 3.3% respectively. Overall, 0.25% Indians use cannabis in a dependent pattern. In India, Cannabis is used as Bhang which is legal in many states and as Charasand Ganja which are illegal as per the International drug conventions as well as the Indian law (NDPS Act, 1985). Among states Sikkim (7.3%) has highest usage rate and lowest is seen in Puducherry (0.0%).

Market Drivers

Key factors supporting the growth are the increasing legalization of marijuana for adult use and the high consumption rate in India. The growth in the demand for cannabis has further propelled the need to come up with better product delivery systems as well as sustainable product strains. This need has, in turn, led to many companies coming up with R&D, which extensively investigates several genetic improvement strategies for cannabis. For instance, Hydro apothecary partnered with Segra in March 2018 to incorporate plant tissue propagation into the cannabis plant production process, to help increase the yield of healthy and better variant plants to serve the growing industry for medical and recreational cannabis. While looking into this genetic improvement, companies have been extensively venturing into the development of wide yielding varieties, better harvest ability and market quality, a reliable low THC content, and improved herbicide tolerance of the cannabis crop. The high yield potential of cannabis arises from several factors that are both genetic and agronomic in nature.

1. Indian Cannabis Market Overview…………………………………………..
A. Market Size
2. Market Growth Drivers………………………………………………………………….
A. Rise in Prevalence of Cannabis Intake
B. Growing R&D Investments and Reimbursement Policies
3. Major Cannabis Product Types………………………………………………………
A. Flowers
B. Concentrates
C. Others (Capsules, Topicals, Edibles and Beverages)
4. Cannabis Market Segmentation………………………………………………
A. Drug Class
I. Adult Use
II. Medical
I. Chronic Pain
II. Anxiety
III. Inflammation
IV. Sleep Disorder
V. Others
III. B2B Channels
5. Cannabis Major Drugs Market Share……………………………………..
A. Market Analysis, Insights and Forecast – By Revenue
6. Competitive Landscape…………………………………………………………………
A. Major Players
B. Products in Pipeline
7. Key Company Profiles…………………………………………………………………..
A. BOHECO Company overview, Product & Services, Strategies & Financials
B. Aurora Cannabis Inc. Company overview, Product & Services, Strategies & Financials
C. MedMen Company, Product & Services, Strategies & Financials
8. Healthcare Policies and Regulatory Landscape…………………………………
A. Policy changes and Reimbursement scenario
9. Factors Driving Future Growth………………………………………………………
A. New Trends and Development of Cannabis market
B. Future Opportunities
10. Conclusion

Market Segmentation

By Application:

Based on the application, the market has been segmented into adult use, medical, and B2B sales. The medical application segment dominated with a revenue share of over 78.0% in 2019, owing to the growing awareness about medical cannabis products. Furthermore, the constant support from the Indian government regarding medical cannabis usage is further accelerating the growth.

Major Players

India’s rooted history in the drug is evidence of the high-quality cannabis that Indian soil has the capability to produce, according to industry experts. The major players for Cannabis in Indian Market are BOHECO, (BOHECO, which was founded in 2013, has 15,000 unique customers), Canopy Growth Corporation, Aurora Cannabis Inc., MedMen , Terra Tech Corp., Aphria Inc, VIVO Cannabis Inc , The Cronos Group, Medical Marijuana Inc. A number of promising Indian cannabis start-ups have arisen in recent years, some of whom are collaborating in order to grow in the domestic market. These start-ups are generally focusing on medicines, cosmetics, textiles, accessories and foods. One of the most promising is Boheco (the Bombay Hemp Company), which is backed by high-profile investors including Google India’s Managing Director Rajan Anandan, and Ratan Tata of Tata Sons.

Research Methodology

Insights10 will provide you reports within 10 key parameters which are:

  1. Market overview
  2. Market growth drivers & restraints
  3. Epidemiology or disease type
  4. Market segmentation
  5. Market share
  6. Competitive landscape
  7. Key company profiles
  8. Healthcare policies & regulatory framework
  9. Reimbursement scenario
  10. Factors driving future growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision making for business stakeholders. Our focused approach to develop reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

Our analysis methodology involves three critical stages:

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers and researchers across countries through which we engage with local experts to gather key data points and assumptions around each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain the high level of accuracy and consistency. The market data is analysed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, market share as well as segment-level analysis of the specific market. Our report includes precise, to the point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

  • Statistical Databases
  • Company Websites/Annual Reports
  • Trade Publications
  • Online Databases
  • Published Research Reports
  • Whitepapers
  • Press Releases of Key Market Players

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameter and micro indicators. The macro parameters includes changes in government policies, demand and supply of the market, government intervention programs and major market share. The micro indicators GDP growth, market size, market volume etc. We also understand nuances specific to each country like US, Canada, India, Germany, etc. and have worked across 60+ countries and hence no only understand global trends, but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. start with large overall market and segment different areas and bottom-up approach i.e. start with population and epidemiology and roll up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach mainly used for new product forecasting and bottom-up approach is used for demand estimation of any product for different countries summed up to form total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific, and Africa for the period of 2020 to 2028. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape and policy and regulatory scenario and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases and the company level averages etc.

We make sure to finalize the numbers in alignment to the market research. Firstly, our internal experts ensure thorough validation and checking to ensure the accurate and precise analysis and then validation is also done using multiple data analysis model.  Two level validation is done and entails finalization of report scope and to way of representation pattern.

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analysed and synthesized. A second series of interviews are done if necessary to check and validate. The future opportunities are analysed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results are then, interpreted by considering following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue / volume
  • Analyzing current needs and determining penetration to estimate market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and its impact to the different segments within the market.
Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumptions.
The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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