As per MRFR analysis, the South Korea Legal Marijuana Market Size was estimated at 434 (USD Million) in 2023. The South Korea Legal Marijuana Market Industry is expected to grow from 500(USD Million) in 2024 to 1,250 (USD Million) by 2035. The South Korea Legal Marijuana Market CAGR (growth rate) is expected to be around 8.687% during the forecast period (2025 - 2035)
Key South Korea Legal Marijuana Market Trends Highlighted
The South Korea legal marijuana market is witnessing transformative shifts driven by evolving regulations and changing consumer perceptions. A key market driver has been the South Korean government's decision to relax some restrictions on medical cannabis use, allowing for its prescription in specific medical conditions. This regulatory change has catalyzed interest among healthcare professionals and patients, leading to a shift in attitudes towards cannabis as a legitimate treatment option.
Furthermore, the growing awareness of the therapeutic benefits of cannabis is fostering demand within the healthcare sector, pushing stakeholders to explore research and development possibilities in this area.Opportunities to be explored include potential collaborations between companies and research institutions focused on developing innovative cannabis-based therapies and products tailored to South Korea’s unique healthcare needs. The ongoing trend of increasing acceptance of cannabis among the populace is paving the way for future expansions and diversification in product offerings, such as edibles and cosmetics containing cannabis extracts, which align with global product trends.
In recent times, South Korea has seen a rise in the number of support groups and forums discussing cannabis use for medical purposes, which is crucial for normalizing its acceptance in society.Furthermore, an increasing number of local businesses are beginning to invest in cannabis-related ventures, demonstrating a shift in the local economic landscape. As the market matures, adaptability will be essential for stakeholders to capture emerging trends and ensure compliance with evolving laws and consumer preferences. The future of the South Korean legal marijuana market will largely hinge on continued dialogue and education aimed at both consumers and healthcare professionals, driving sustainable growth in this nascent industry.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
South Korea Legal Marijuana Market Drivers
Increased Medical Marijuana Acceptance
One of the main factors propelling the South Korea legal marijuana market is the country's increasing acceptance of medicinal marijuana. Prescriptions have steadily increased since the South Korean government authorized cannabis usage for medicinal purposes in 2018. Indeed, within the first year of legalization alone, more than 2,800 individuals got prescriptions for medicinal cannabis, according to the Ministry of Food and Drug Safety. Additionally, half of the oncologists polled by the Korean Society of Clinical Oncology recommended using cannabis to treat cancer-related symptoms.
The market's demand is predicted to rise as a result of this increased acceptability, driven by shifting attitudes toward medical marijuana among patients and healthcare professionals. The South Korean legal marijuana market industry is seeing favorable changes as a result of organizations like the Korean medicinal Association pushing for further medicinal cannabis research.
Expanding Global Cannabis Market Trends
South Korea is witnessing a surge in cannabis market trends globally, which is influencing its own legal marijuana market. Countries that have legalized cannabis, such as Canada and several U.S. states, have generated significant tax revenues and economic benefits from the cannabis sector. According to a report from the World Health Organization, the global legal marijuana market was projected to reach USD 73.6 billion by 2027.
As South Korea looks to develop its own market, policymakers are increasingly interested in the potential economic contributions of legal marijuana.This trend is having a ripple effect, driving domestic companies to explore opportunities in cannabis cultivation, distribution, and innovation, thereby stimulating growth in the South Korea Legal Marijuana Market Industry.
Regulatory Developments and Government Policies
The South Korean government's evolving regulatory approach towards cannabis is a critical driver for the South Korea Legal Marijuana Market Industry. Recent amendments to drug laws, which now allow for limited commercial cultivation of medical cannabis, signal a more favorable legal environment. According to the Ministry of Health and Welfare, over 30 firms have applied for licenses to cultivate medical cannabis in South Korea since regulations were relaxed.
This regulatory support not only promotes local investment but also encourages Research and Development initiatives and partnerships between industry and academia. As these regulations continue to evolve, they are expected to stimulate further growth and innovation within the South Korea Legal Marijuana Market Industry.
South Korea Legal Marijuana Market Segment Insights
Legal Marijuana Market Application Insights
The South Korea Legal Marijuana Market is characterized by diverse applications that cater to the growing demand for various uses of marijuana. As perceptions around cannabis usage shift within South Korean society, the recreational use of marijuana has gained traction among younger demographics, prompting government discussions around regulation and policy adjustments. Simultaneously, the medicinal use of marijuana continues to serve as a pivotal area in South Korea, reflecting increased acknowledgment of its therapeutic benefits. The legalization of medical cannabis has already positioned the country to explore its impact on chronic pain management and mental health conditions, thus attracting considerable interest from healthcare professionals and patients alike.
Furthermore, the legalization also extends to industrial use, which presents opportunities in the production of hemp-derived products, including textiles and biodegradable materials, aligning with global trends towards sustainability. In addition, cosmetics infused with cannabinoids are projected to find a significant foothold, as growing consumer interest in natural and organic ingredients fuels the sector. The food and beverages category is witnessing innovative developments, with a focus on incorporating hemp-derived ingredients, appealing to health-conscious consumers.
Collectively, these applications reflect a robust and dynamic South Korea Legal Marijuana Market segmentation that responds to changing consumer preferences and regulatory landscapes, showcasing significant growth prospects, driven by increasing awareness and acceptance of cannabis in the region. Overall, the variety in applications contributes to the South Korea Legal Marijuana Market revenue, with each segment representing unique opportunities and challenges that enhance the market's complexity and potential for sustainable growth.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Legal Marijuana Market Product Type Insights
The South Korea Legal Marijuana Market is witnessing notable segmentation in its Product Type offerings, reflecting the diverse preferences and consumption patterns of consumers. Dried Flowers hold a significant position, as they are traditionally favored for their natural form and ease of use in various applications. Concentrates have also gained traction due to their potency and versatility, appealing to both newcomers and seasoned users seeking stronger effects. Edibles represent a unique segment that caters to consumers who prefer a discreet method of consumption, contributing significantly to the market's growth.
Oils are emerging as a popular choice for wellness and therapeutic uses, tapping into the growing demand for natural remedies within the South Korean healthcare system. Tinctures, known for their rapid absorption and ease of dosing, are increasingly preferred for their convenience. The overall landscape of the South Korea Legal Marijuana Market reflects a blend of traditional and modern consumption methods, driven by changing perceptions and the potential for therapeutic use, thereby offering significant opportunities for growth in a rapidly evolving market.
Legal Marijuana Market Distribution Channel Insights
The South Korea Legal Marijuana Market is structured around various Distribution Channels, which play a crucial role in facilitating access to cannabis products. Online Retail has gained prominence due to its convenience and the growing trend of e-commerce, allowing consumers to easily purchase products from the comfort of their homes. Physical Stores remain significant, providing face-to-face interactions and personalized service, which enhances consumer trust and experience. Dispensaries specifically cater to medical marijuana users, offering specialized products and knowledgeable staff to assist in meeting patient needs.
Pharmacies, being trusted establishments for health-related products, are critical for integrating medical marijuana into mainstream healthcare, thereby driving acceptance among the public. Direct Sales allow for tailored marketing strategies, reaching consumers directly and building brand loyalty. Each of these channels contributes uniquely to the overall South Korea Legal Marijuana Market, shaping consumer behavior and preferences while adapting to regulatory changes and cultural attitudes towards marijuana use. As the landscape evolves, these Distribution Channels will continue to be pivotal in addressing the demographic's shopping preferences and the growing demand for legal marijuana.
Legal Marijuana Market End Use Insights
The South Korea Legal Marijuana Market showcases a diversified End Use landscape, reflecting the evolving perceptions and regulations surrounding cannabis. Personal Use stands out as an essential segment as attitudes toward recreational cannabis shift, hinting at growing acceptance and demand among consumers seeking alternative therapies and recreational options. Meanwhile, Commercial Use is gaining traction, driven by emerging business opportunities in the legal cannabis sector, encouraging investments and innovation across various product lines.Research and Development play a critical role as well, as increasing governmental focus on scientific studies and the potential health benefits of cannabis fuels advancements in medical applications.
This segment is crucial, facilitating the exploration of therapeutic uses ranging from pain management to mental health treatments, reinforcing the South Korea Legal Marijuana Market's commitment to progressive healthcare solutions. Overall, this market segmentation indicates robust potential for future growth, hinging on evolving regulatory landscapes, societal acceptance, and ongoing research initiatives.
South Korea Legal Marijuana Market Key Players and Competitive Insights
The competitive landscape of the South Korea Legal Marijuana Market has evolved significantly in recent years, driven by shifting regulations, increasing public acceptance, and burgeoning research into the therapeutic benefits of cannabis. As the market matures, various players are vying for a foothold, utilizing diverse strategies ranging from cultivation to product development and distribution. The competitive dynamics are influenced by both local enterprises and international companies looking to capitalize on this emerging market.
The increasing interest from investors and consumers alike showcases the potential for growth and innovation, prompting existing companies to enhance their offerings while new entrants continue to emerge. Regulations continue to shape the industry, setting the stage for a highly competitive environment where compliance, quality, and adaptability to changing laws are paramount for success.Hemp Biotech has carved a niche in the South Korea Legal Marijuana Market by focusing on hemp-derived products, which are gaining traction due to their versatility and health benefits.
The company has established a strong market presence by leveraging its expertise in biotechnology to develop innovative solutions tailored for both recreational and medical use. With a commitment to quality and sustainability, Hemp Biotech emphasizes the importance of responsible cultivation and production methods, thus garnering trust among consumers and stakeholders. Its strengths include advanced research capabilities and strategic partnerships that enable it to stay ahead of market trends while fulfilling consumer demand for high-quality, safe, and effective products. As the demand for hemp-based products continues to rise, Hemp Biotech is well-positioned to capitalize on these opportunities and expand its reach within the South Korean market.
Harmony Therapeutics operates within the South Korea Legal Marijuana Market by focusing on the development and commercialization of specialized cannabis-based therapeutics. The company’s key offerings include a range of medicinal products aimed at treating various health conditions, thereby addressing specific medical needs in the region. Harmony Therapeutics has established itself through a network of collaborations with local healthcare providers and research institutions, allowing it to bring scientifically-backed products to market efficiently. Its strengths lie in its robust research and development capabilities coupled with a clear understanding of the regulatory landscape, which is essential for navigating the complexities of the cannabis sector in South Korea.
Additionally, Harmony Therapeutics has pursued strategic mergers and acquisitions to enhance its product portfolio and expand its operational capacity, further strengthening its position in the competitive South Korean market. The company aims to lead the way in therapeutic innovations while adhering to strict compliance measures, ensuring the safety and efficacy of its products for consumers.
Key Companies in the South Korea Legal Marijuana Market Include
South Korea Legal Marijuana Market Industry Developments
The South Korea Legal Marijuana Market has seen significant developments recently, particularly regarding regulatory changes and market expansions. In mid 2023, South Korea’s Ministry of Food and Drug Safety announced new guidelines for the import and use of medical cannabis, aiming to foster industry growth and patient access to therapeutic products. Companies like Medical Cannabis Korea and Hemp Biotech have been actively investing in Research and Development to introduce innovative cannabis-based therapies, capitalizing on the increasing acceptance of medical marijuana in the country. Notably, the market valuation for companies involved in legal marijuana has shown promising growth, reflecting a burgeoning consumer base seeking alternative treatments.
In a noteworthy development, in August 2023, Harmony Therapeutics announced a strategic partnership with Korean Cannabis Co. to enhance product offerings in herbal medicine, indicating a trend towards collaborative efforts within the industry. Furthermore, regulatory easing measures have been discussed to facilitate foreign investments in the local cannabis sector. Over the past few years, from 2021 to 2023, the legal framework around hemp production has also evolved, with advancements promoting sustainable practices within the industry.
South Korea Legal Marijuana Market Segmentation Insights
Legal Marijuana Market Application Outlook
Legal Marijuana Market Product Type Outlook
Legal Marijuana Market Distribution Channel Outlook
Legal Marijuana Market End Use Outlook
| Report Attribute/Metric Source: | Details |
| MARKET SIZE 2023 | 434.0(USD Million) |
| MARKET SIZE 2024 | 500.0(USD Million) |
| MARKET SIZE 2035 | 1250.0(USD Million) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 8.687% (2025 - 2035) |
| REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| BASE YEAR | 2024 |
| MARKET FORECAST PERIOD | 2025 - 2035 |
| HISTORICAL DATA | 2019 - 2024 |
| MARKET FORECAST UNITS | USD Million |
| KEY COMPANIES PROFILED | Hemp Biotech, Harmony Therapeutics, Medical Cannabis Korea, Korean Cannabis Co, MediBic, Cannabis Korea, Hemp Korea, Wellbeings, GreenLab, Green Spider, Korean Green Biotechnology, Korea Medical Original Hemp |
| SEGMENTS COVERED | Application, Product Type, Distribution Channel, End Use |
| KEY MARKET OPPORTUNITIES | Medical cannabis expansion, Non-psychoactive product demand, Hemp-derived product innovation, E-commerce growth potential, Tourism-driven cannabis experiences |
| KEY MARKET DYNAMICS | regulatory environment, consumer awareness, market entry barriers, investment trends, product innovation |
| COUNTRIES COVERED | South Korea |
Frequently Asked Questions (FAQ) :
The South Korea Legal Marijuana Market is expected to be valued at 500.0 million USD in 2024.
By 2035, the South Korea Legal Marijuana Market is projected to reach a valuation of 1250.0 million USD.
The market is expected to grow at a CAGR of 8.687% from 2025 to 2035.
In 2024, the medicinal use segment has the highest market value at 200.0 million USD.
By 2035, the recreational use segment is expected to be valued at 375.0 million USD.
Key players in the market include Hemp Biotech, Harmony Therapeutics, and Medical Cannabis Korea.
The industrial use segment is expected to reach a market value of 187.5 million USD by 2035.
In 2024, the cosmetics segment is valued at 50.0 million USD.
The market could face challenges related to regulatory changes and public perception.
Growing acceptance of medicinal and recreational marijuana presents significant opportunities for market expansion.
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Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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