The Australia legal cannabis market size is expected to reach USD 540.6 million by 2030, registering a CAGR of 27.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. Factors such as a growing patient population, cannabis legalization, government initiatives, and the presence of local and foreign players in the country contribute to market growth. For instance, according to the data published by the Penington Institute in 2022, approximately 250,000 medicinal cannabis prescriptions were approved up to June 2022.
Australia Legal Cannabis Market Report Highlights
- By source, the hemp segment dominated the legal cannabis market in 2023, owing to its application in several medical products, textile and non-textile industries
- Based on derivative, the CBD segment led the market in 2023, owing to the legalization of low-dose CBD products by the Therapeutic Goods Administration (TGA)
- By end-use, the industrial application segment dominated the market in 2023, owing to the application of cannabis products in construction, personal care, food and beverage, automotive, and textile industries
For More Details or Sample Copy please visit link @: Australia Legal Cannabis Market Report
The marijuana industry is booming due to the increasing adoption of marijuana for medical and adult use. Marijuana has only been legalized for medical use in Australia and is anticipated to be legalized for recreational use as well. Through these legalizations, the government can try to curb the illicit marijuana market and focus on gaining substantial revenue from taxes levied on cannabis products. Moreover, the legalization and adoption of cannabis and the launch of new cannabis products are anticipated to increase market growth. For instance, in September 2023, MediPharm Labs Corp., a pharmaceutical company, launched new GMP cannabis products, such as Beacon inhalation cartridges and medical cannabis oil, in the Australian healthcare market.
The number of patients seeking medical marijuana for therapeutic benefits has increased. Moreover, the number of companies operating in the medical marijuana market is growing. Many companies have also been listed on the Australian Stock Exchange (ASX). As the market evolves, small local players and entrepreneurs increase in the Australian legal cannabis market. These players apply for cultivation licenses and are being funded or acquired by major players. For instance, in October 2023, Vitura Health Limited, a provider of medicinal cannabis products and digital health solutions, acquired Doctors On Demand, a telehealth service company, to enter new service and product verticals.
Moreover, growing awareness among people regarding the therapeutic applications of cannabis and the launch of new cannabis-based products drive market growth. For instance, according to data published by the Penington Institute in 2022, TGA has given 70,000 medicinal cannabis approvals for chronic pain in 2021. Moreover, medicinal cannabis is approved for sleep issues, anxiety, and cancer pain.
List of Key Players in the Australia Legal Cannabis Market
- Cann Group Limited
- Zelira Therapeutics
- AusCann Group Holdings Ltd.
- Bod Australia
- Althea Group
- ECOFIBRE
- Botanix Pharmaceuticals
- EPSILON
- Little Green Pharma
- Incannex
We have segmented the Australia legal cannabis market based on source, derivative, and end-use.
Australia Legal Cannabis Source Outlook (Revenue, USD Million, 2018 - 2030)
- Marijuana
- Hemp
Australia Legal Cannabis Derivative Outlook (Revenue, USD Million, 2018 - 2030)
- CBD
- THC
- Others
Australia Legal Cannabis End-use Outlook (Revenue, USD Million, 2018 - 2030)
- Medical
- Recreational
- Industrial
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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