The Australia legal cannabis market is expected to reach a market valuation of US$ 67.39 Million by the year 2022, accelerating with a moderate CAGR of 30.1% by 2022-2032. Australia Legal Cannabis market size is anticipated to be valued at about US$ 936.22 Million by 2032 end.
The Australia legal cannabis market analysis indicates that Australia has been a major proponent of cannabis legalisation when compared to other nations in the Asia Pacific area. For instance, after cannabis was legalised in Canberra, adults over the age of 18 were permitted to grow two marijuana plants and possess up to 50 grammes of dried marijuana. Numerous businesses are listed on the Australian Stock Exchange (ASX), have requested cultivation permits, and are being bought or financed by influential parties.
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The COVID-19 pandemic severely disrupted all trade, including the import and export of products. Although sales of Australia legal cannabis, in a country that produces the drug, saw a sharp increase in recreational use, those sales have since recovered as trade restrictions have been relaxed. The Australia legal cannabis industry is anticipated to expand significantly if cannabis products are made available for OTC sales through a variety of distribution channels.
During the projected period, the marijuana segment of Australia legal cannabis market is anticipated to increase at the fastest rate. People are turning to legally getting marijuana products for medical use as a result of the legalisation of medical marijuana and its ban in the nation. The illicit market is anticipated to experience a considerable drop as a result. Legalizing cannabis is anticipated to increase the Australia legal cannabis industry growth as well as government revenue via taxes.
The laws governing the use of marijuana and hemp for medical purposes are strictly regulated in Australia and are continuously changing, thereby impacting the Australia legal cannabis market outlook. According to the Australian Institute of Health and Welfare, legalization was supported by 41.0% of the population as of July 2020.
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The nation’s capital Canberra became the first city to legalize recreational marijuana use and personal marijuana cultivation in September 2019. Possession of recreational marijuana is still prohibited nationwide on a federal basis, though. The government passed new cannabis laws, enabling the Australian Capital Territory (ACT) to buy and grow marijuana for recreational purposes.
Key Takeaways from Market Study
- With an 81 percent revenue share in 2021, the industrial application segment dominated the Australia legal cannabis market.
- With an 83.2 percent revenue share in 2021, the hemp sector led the Australia legal cannabis market. This is a result of both rising rates of illnesses like epilepsy and other sleep disorders and expanding use of hemp-based products like hemp CBD and supplements due to their numerous health benefits.
- CBD has the greatest revenue share (66.5%) of the l Australia legal cannabis market in 2021.
- The demand for hemp and marijuana for medicinal purposes is anticipated to rise in response to increased opioid toxicity, necessitating increased cultivation to supply this demand.
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Competitive Landscape
The Australia legal cannabis market is heavily dominated by numerous local and foreign businesses. Local companies are focusing their efforts on expanding their clientele, domestic exports, and geographic reach. On the other hand, international players are funding regional companies to strengthen their position themselves in the Australia legal cannabis market share.
Recent Developments in Australia Legal Cannabis Market
Cann Group Limited recently revealed that the sale of Harvest One Cannabis Inc.’s Satipharm division had been completed as of March 10, 2021.
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