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Australia Legal Cannabis Market 2021: By Product Type (Marijuana, Flower, Oil, Hemp Oil), By Application (Adult Use, Medical, Chronic Pain, Anxiety, Inflammation, Sleep Disorder, Others, B2B Channels, Particular, Scope)Australia Legal Cannabis Market is the title of an upcoming report offered by Trusted Business Insights. The report contains information and data, and inputs from both primary and secondary data sources, that have been verified and validated by experts in the target market. The report presents a thorough study of revenues, historical data, and information, key developments, and strategies by major players that offer vital insights and perspectives in various scenarios market. Besides critical data and related information, the report includes key trends (both present and future), factors that are driving market growth, factors that are or could be potential restraints to market growth, as well as opportunities that can be leveraged for potential revenue generation in untapped areas. It also covers threats or challenges for existing as well as new entrants in the market. The Australian legal cannabis market has been segmented on the basis of product type, as well as application. The Global Australia Legal Cannabis market size was valued at USD $210.39 Million in 2020, USD $275.62 Million in 2021, forecasted to reach USD $361.06 Million in 2022, and is projected to reach USD $3131.34 Million by 2030, and is anticipated to expand at a CAGR of 31% over the forecast period from 2020 to 2030.
Overview:Medical marijuana or medical cannabis, is cannabis and cannabinoids that are prescribed by physicians for their patients to treat ailments. Australia first legalized medical marijuana at a federal level in 2016. In 2019, Canberra became the continents first city to legalize the cultivation and possession of marijuana for adult consumption.
Dynamics:The use of marijuana in Australia, at a federal level, is illegal. However, according to the new cannabis laws that have been passed by the Australian government allowed for the cultivation and possession of marijuana in the Australian Capital Territory (ACT). What this implies is that, residents of the city of Canberra are now able to cultivate two cannabis plants and possess up to 50 grams or 1.76 oz. of marijuana. It appears that many of the other states will be following suite in legalizing the use of marijuana for recreational purposes. This is a primary factor that is expected to significantly impact the revenue growth of Australias legal cannabis market in the years to come. The process of presently accessing medical hemp oil in Australia is a tedious and expensive feat, as no cannabidiol (CBD) /hemp products have been approved by the Therapeutic Goods Administration (TGA). Patients that wish to purchase these products, must first apply and qualify for them through the Australian governments special access scheme. This factor could potentially restrain future revenue growth of Australias legal cannabis market. Additionally, the rising illicit cannabis trade is another factor that is impacting the revenue growth of this global market.
Segmentation of the Australia legal cannabis market is as follows:In terms of product type, the marijuana flower segment accounted for the majority revenue share of the Australia legal cannabis market in 2019, owing to the large population of cannabis smokers and its widespread availability. Although, the oil segment is expected to index the fastest rate of revenue growth of this global market in the foreseeable future. On the basis of application, the market is classified into adult use, medical, and B2B sales. The medical application segment held the highest number of shares of the Australian market, owing to the increasing awareness of medical cannabis products.
Below are the leading companies profiled in this Australia Legal Cannabis Market Report:
Chapter 1 Methodology and Scope