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The government wants hemp and herbs to be new economic crops to help drive the domestic economy and increase farmers’ revenue. Development of hemp and cannabis products is seen as having business potential due to strong demand in the global market.
Thailand has the opportunity to become a major player in this emerging new industry and to grow with a rapidly expanding global market that is forecast to have a value of around USD 15.8 billion within the next 5 years
Hemp extracts can be divided into 4 categories, the prices of which vary according to their purity and the method of processing.
The Department of Agriculture and the Food and Drug Administration (FDA) have provided guidelines or the promotion of the hemp industry that covers all parts of the supply chain, from upstream cultivation through to downstream production. It is hoped that this will help to support the long-term sustainable development of the industry and to maintain a balance between supply and demand.
The Thai Industrial Hemp Trade association expects the hemp market in Thailand to grow by 25% a year, and in the next three years the market value is expected to increase to 3 trillion baht, up from 800 billion baht at present.
A number of huge Thai corporation has established its commitment to produce hemp products to meet the healthy lifestyle of customers. SME’s are also able to create OEM products directly from the source. These companies plan to expand innovative products with cannabidiol (CBD) extract which is expected to enliven the healthy food and drink market.
Hemp and Cannabis massage or spa treatments will be widely available for locals as well as tourists, and a number of cbd products will emerge together with these services.
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