Australia Legal Cannabis Market to Undertake Strapping Growth By 2030

 Australia Legal Cannabis Market Growth & Trends

The Australia legal cannabis market size is expected to reach USD 540.6 million by 2030 and is expected to expand at a CAGR of 30.1% over the forecast period, according to a new report by Grand View Research, Inc. Increasing cannabis legalization, growing patient population, increasing government support, and the presence of local and foreign players in the country are all contributing to the country's rise. Furthermore, the increase in medical marijuana output as a result of increasing demands in the pharmaceutical sector is boosting overall growth.

Based on the source type, the hemp segment dominated the market in Australia and accounted for the highest revenue share of 83.2% in 2021. The increased usage of hemp-based products for different medical and industrial reasons is credited with the market's growth. The rising frequency of epilepsy and other sleep disorders is assisting product uptake, resulting in favorable growth. The marijuana segment, on the other hand, is expected to grow at the fastest rate during the projection period, owing to increased legalization of these products for medicinal and adult use, as well as a rising consumer shift toward obtaining the product through legal channels.

CBD, among the derivatives, accounted for the largest revenue share in 2021. Post legalization in 2021, products containing CBD products have been readily available over the counter and their demand is growing exponentially. Many companies have started introducing new products in the market for several indications. Other category recorded the fastest growth for the forecast period and is also a result of the high influx of products in the market, containing trace amounts of flavonoids, terpenes, and minor cannabinoids which have been used for multiple indications. These factors had a combined positive effect on the market growth.

Based on the end-use type, the industrial application accounted for the highest revenue share of 81% in 2021. The food and beverage, automotive, personal care, construction, and textile industries are all seeing increased demand for hemp fiber and oil, which is helping the market grow. The medical application segment, on the other hand, is predicted to develop at the quickest rate during the forecast period, owing to increased awareness of the health advantages of cannabis products for a variety of medicinal applications, such as anxiety, and chronic pain, sleep disorders, and inflammation.

COVID-19 pandemic caused major shut-downs across all trade imports or export of goods. However, Australia being a local producer of cannabis saw a major spike in its usage for recreational purposes, legal cannabis showed a huge dip in revenues, but has picked up since the restrictions have eased and trade has resumed. Post legalization of cannabis products for OTC sale across various distribution channels, the market is expected to grow manifold.

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Australia Legal Cannabis Market Report Highlights

• The legal cannabis market in Australia is anticipated to grow exponentially by 2030, owing to the cannabis legalization, a growing patient population, more government assistance, and the presence of local and foreign players are all factors to consider
• The increased usage of hemp-based products for different medical and industrial reasons contributed to the growth of the segment in 2021
• CBD products are in high demand due to their multifarious benefits in indications including epileptic seizure, nausea, and arthritic pain
• Industrial applications of hemp fibers and oil are in high demand for a variety of applications, including construction, automotive, personal care, food and beverage, and textiles contributing to the dominance of this segment in 2021

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

Australia Legal Cannabis Market Segmentation

Grand View Research has segmented the Australia legal cannabis market based on source type, derivatives, and end-use type:

Australia Legal Cannabis Source Type Outlook (Revenue, USD Million, 2016 - 2030)

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

Australia Legal Cannabis Derivatives Outlook (Revenue, USD Million, 2016 - 2030)

• CBD
• THC
• Others

Australia Legal Cannabis End-use Outlook (Revenue, USD Million, 2016 - 2030)

• Medical Use
  • Chronic Pain
  • Anxiety and Depression
  • Cancer
  • Arthritis
  • Diabetes
  • Glaucoma
  • Migraines
  • Epilepsy
  • Multiple Sclerosis
  • AIDS
  • Amyotrophic Lateral Sclerosis
  • Alzheimer’s
  • Post-Traumatic Stress Disorder (PTSD)
  • Parkinson’s
  • Tourette’s
  • Others
• Recreational Use
• Industrial Use

List of Key Players of the Australia Legal Cannabis Market

• Cann Group Limited
• Zelira Therapeutics
• AusCann Group Holdings Ltd.
• Bod Australia
• Althea Group
• ECOFIBRE
• MCG Pharma
• EPSILON
• Little Green Pharma
• Emyria
• Epsilon Healthcare Limited

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.