Philippines Cannabis Market Report 2022 to 2030

Philippines Cannabis Market Analysis

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Philippines Cannabis Market is projected to grow from $xx Mn in 2022 to $xx Mn by 2030, registering a CAGR of xx% during the forecast period of 2022 - 2030. Drivers of the cannabis industry include the increasing trend of legalization, both for medical and recreational purposes, which expands the market and drives demand. The growing acceptance of cannabis for medical applications, as it provides relief for various conditions, contributes to market growth. In the global cannabis market, several prominent players have established their presence. Companies such as Canopy Growth Corporation, Curaleaf Holdings, Inc., Green Thumb Industries Inc. (GTI), etc., have gained significant market share.

ID: IN10PHPH254 CATEGORY: Pharmaceuticals GEOGRAPHY: Phillipines AUTHOR: Vidhi Upadhyay

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Philippines Cannabis Market Analysis Summary

Philippines Cannabis Market is valued at around $70.7 Mn in 2022 and is projected to reach $382 Mn by 2030, exhibiting a CAGR of 23.48% during the forecast period 2023-2030.

The prevalence of cannabis use in the past year increased from 2.2% in 2019 to 2.5% and 4.2% in 2020 and 2021 respectively. According to the World Drug Report, 2020, there are approximately 192 million individuals who use marijuana on a frequent basis. Drivers of the cannabis industry include the increasing trend of legalization, both for medical and recreational purposes, which expands the market and drives demand. The growing acceptance of cannabis for medical applications, as it provides relief for various conditions, contributes to market growth. Consumer demand is also a significant driver, as changing perceptions and product innovations attract a wider audience. Investment and industry growth, with increased funding and expansion of cultivation and distribution capabilities, propel the market forward. Additionally, the economic benefits associated with job creation, tax revenue generation, and economic growth further drive the cannabis industry's development. In the global cannabis market, several prominent players have established their presence. Companies such as Canopy Growth Corporation, Curaleaf Holdings, Inc., Green Thumb Industries Inc. (GTI), Cresco Labs Inc., Trulieve Cannabis Corp., Columbia Care Inc., Harvest Health & Recreation Inc., MedMen Enterprises Inc., Acreage, Holdings, Inc., Verano Holdings LLC, Parallel (Formerly Surterra Wellness). have gained significant market share.

Market Dynamics

Market Growth Drivers

Legalization: A big driver of the cannabis market is the growing trend of cannabis legalization in various nations and jurisdictions. As more regions legalize cannabis for medical or recreational purposes, new markets emerge and overall demand rises
Medical Applications: The growing recognition of cannabis for its medicinal benefits is propelling the market forward. Cannabis is being utilized to treat symptoms of a variety of medical diseases, including chronic pain, epilepsy, multiple sclerosis, and cancer
Consumer Demand: As cannabis's acceptance and opinions change, consumer demand for cannabis products has surged. This encompasses not just classic ways of use, such as smoking, but also a wide range of novel items, including edibles, oils, topicals, and concentrates
Investment and Business Growth: Significant investments have been made in the cannabis industry, increasing cultivation, production, and distribution capacity. This has aided market expansion and boosted product availability
Economic Benefits: Legal cannabis markets can generate jobs, tax money, and economic growth. Governments and policymakers are beginning to see the economic benefits of a regulated cannabis industry, which will lead to further market expansion

Market Restraints

Regulatory Obstacles: Despite growing legalization, cannabis is subject to complex and evolving rules in many places. These rules have the potential to obstruct market access, impede interstate or international trade, and impose additional compliance costs on enterprises
Cannabis continues to experience social stigma in some regions, which might have an impact on industry growth. Misconceptions, moral resistance, and long-held beliefs about cannabis as a gateway drug may impede adoption and acceptance among particular demographic groups
Lack of Study and Standardization: Due to previous legal restrictions, scientific research on cannabis is still in its early phases. Due to a lack of rigorous research and standards, consistent product quality, dose precision, and efficacy claims face hurdles, undermining consumer confidence
Constraints in the Supply Chain: The cannabis sector has obstacles in cultivation, production, and distribution. Access to banking services, a shortage of competent workers, trouble getting permits, and regulatory bottlenecks can all impair the supply chain's seamless operation
Competition from the Criminal Market: Where cannabis is not fully legalized, the illicit market thrives. The availability of unregulated, lower-cost goods can be a hurdle for legal cannabis businesses, affecting market growth and income potential

Competitive Landscape

Key Players

Curaleaf Holdings, Inc.
Green Thumb Industries Inc. (GTI)
Cresco Labs Inc.
Trulieve Cannabis Corp.
Columbia Care Inc.
Harvest Health & Recreation Inc.
MedMen Enterprises Inc.
Acreage Holdings, Inc.
Verano Holdings LLC
Parallel (Formerly Surterra Wellness)

1. Executive Summary
1.1 Disease Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Patient Journey
1.6 Health Insurance Coverage in Country
1.7 Active Pharmaceutical Ingredient (API)
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel & Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Philippines Cannabis Market Segmentations

By Product Type

Dried flower
Edibles
Concentrates
Topicals
Tinctures
Others

By Use

Medical
Recreational

By Distribution Channel

Dispensaries
Online platforms
Pharmacies
Retail channels

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.