The Australia Legal Cannabis Market size is expected to reach USD 375.7 million by 2028, according to a new report by Grand View Research, Inc. The market 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 COVD-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.
Related Press Release@ Australia Legal Cannabis Market Report
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
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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