DUBLIN–(BUSINESS WIRE)–The “Australia Legal Cannabis Market Size, Share & Trends Analysis Report By Product Type (Marijuana, Hemp), By Application (Medical Use, Industrial Use), And Segment Forecasts, 2021 – 2028” report has been added to ResearchAndMarkets.com’s offering.
The Australia legal cannabis market size is expected to reach USD 375.7 million by 2028, and is expected to expand at a CAGR of 32.7% from 2021 to 2028.
The increasing legalization of cannabis, rising patient population, increasing government support, and the availability of local and international players in the country are some of the major factors boosting the country’s growth.
In addition, the surge in medical marijuana production owing to its increasing demand in the pharmaceutical sector is further propelling overall growth. The COVID-19 pandemic has negatively impacted the country’s growth rate due to supply chain restrictions imposed due to nationwide lockdown.
As of 2020, the hemp product type segment held the largest revenue share. The market growth is attributed to the rising adoption of hemp-based products for various medical and industrial purposes. The increasing prevalence of epilepsy and other sleep disorders is aiding the product adoption thereby, positively contributing to the segment growth.
On the other hand, the marijuana segment is anticipated to be the fastest-growing segment during the forecast period owing to the increasing legalization of these products for medical and adult use and increasing consumer shift towards purchasing the product through legal channels.
The industrial application segment accounted for the majority share in 2020. Growing demand for hemp fibers and oil in the construction, food and beverage, personal care, automotive, and textile industries is aiding segment growth.
On the other hand, the medical application segment is expected to be the fastest-growing segment during the forecast period owing to awareness regarding health benefits offered by cannabis products for various medical applications, including anxiety, chronic pain, sleep disorder, and inflammation.
Australia Legal Cannabis Market Report Highlights
- The market is expected to grow well by 2028 owing to the increasing legalization of cannabis in the country
- The hemp product type segment dominated the market in 2020 due to the increasing adoption of hemp-based products
- The industrial application segment dominated the market in 2020 owing to increasing demand for hemp-based products for various industrial purposes
Australia Legal Cannabis Market Dynamics
Market Driver Analysis
- Rising Patient Population
- Growing Legalization Of Cannabis-Based CBD Products
- Entry Of International Players
Market Restraint Analysis
- Stringent Regulations
- Illicit Cannabis Trade
- Lower market access to cannabis due to absence of legalization programs, leading to smuggling
- Incomplete evidence regarding the effectiveness of medical marijuana
- Regulatory Bodies Involved
- Import/Export Scenario
Raw Material Trends
- Market Price Evolution Of Biomass Commodity Cost (To Processor)
- Manufacturing Trends
Australia Legal Cannabis User Pool
- Estimated Number Of Cannabis Users In Australia From 2016 To 2028
- Auscann Group Holdings Ltd.
- Cann Group Limited
- Bod Australia
- Zelira Therapeutics
- Althea Company Pty Limited
- Thc Global Group Ltd. (Epsilon Healthcare)
- Mgc Pharmaceuticals Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/9fg08h
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