Australia Legal Cannabis Market is Estimated To Attain USD 375.7 Million by 2028

 Australia Legal Cannabis Market Growth & Trends 

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.

Request a free sample copy or view report summary: 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

Access Press Release@ https://www.grandviewresearch.com/press-release/australia-legal-cannabis-market-analysis

Australia Legal Cannabis Market Segmentation

Grand View Research, Inc. has segmented the Australia legal cannabis market on the basis of product type and application:

Australia Legal Cannabis Product Type Outlook (Revenue, USD Million, 2016 - 2028)

• Marijuana
  • Flowers
  • Oil and Tinctures
• Hemp
  • Hemp CBD
  • Supplements
  • Industrial Hemp

Australia Legal Cannabis Application Outlook (Revenue, USD Million, 2016 - 2028)

• Medical Use
  • Chronic Pain
  • Anxiety
  • Inflammation
  • Sleep Disorder
  • Others
• Industrial Use

List of Key Players of Australia Legal Cannabis Market

• Cann Group Ltd.
• Zelira Therapeutics
• AusCann Group Holdings Pty Ltd.
• Bod Australia
• THC Global Group Limited
• Althea Group Holdings Limited
• Ecofibre Limited
• MGC Pharmaceuticals Ltd.

About Grand View Research

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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.