The legal cannabis industry in Australia had an estimated market value of US$ 67.4 million in 2022; it is predicted that this market would increase to US$ 828.2 million by 2033, with a strong CAGR of 30.1% from 2023 to 2033. The therapeutic application segment of the Australian legal cannabis market is predicted to expand at the fastest rate during the forecast period. The Australian government encourages the use of cannabis products for medicinal purposes, and more individuals are becoming aware of the good impact that they may have on their health.
The public’s increased awareness of the benefits of cannabis use for health is causing the industry to rise. The market in Australia is expected to grow as marijuana usage becomes progressively legal, mostly for medical purposes. Other significant factors contributing to the rise include the spread of legality, the expanding patient population, greater government support, and the existence of both domestic and foreign companies in the sector.
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The recreational application category of Australia’s legal cannabis industry is predicted to grow at the fastest pace throughout the forecasted timeframe. The growing public understanding of cannabis and the expanding legality of its recreational consumption and cultivation are the primary forces behind the rise of this business sector. The category is growing as a result of both the Australian government’s encouragement and the rising usage of cannabis for its therapeutic properties.
Key Takeaways from the Market Study
- According to estimates, the legal cannabis business in Australia would generate US$52.5 million in revenue in 2018.
- Sales in the legal cannabis market in Australia increased significantly between 2018 and 2022, with a CAGR of 20.9%.
- The industrial application sector led the Australia legal cannabis market in 2022 by capturing a 81.2% revenue share.
- CBD has the largest legal cannabis market share in Australia, accounting for 66.4% of the local market in 2022.
“The therapeutic application segment of the Australian legal cannabis market is predicted to expand at the fastest rate during the forecast period as the Australian government encourages its use for medicinal purposes and more individuals are becoming aware of the benefits cannabis products may have on their health.”–Nandini Roy Choudhury, Client Partner at Future Market Insights
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Competitive Landscape
Numerous domestic and international companies substantially dominate the legal cannabis industry in Australia. Local businesses are concentrating their efforts on extending their geographic reach, domestic exports, and customers. Regional businesses are receiving money from international players to improve their positions in Australia’s legal cannabis industry. The following are some significant advancements in Australia’s legal cannabis industry:
- Cann Group, an active participant in the Australian medicinal cannabis business, has revealed its unaudited sales statistics for fiscal year 2023, demonstrating exceptional growth. Unaudited operational revenue of about $13.5 million is what the firm anticipates, which is a significant rise of 111% over the prior fiscal year. Strong market demand, notably for items made of dried flowers, which grew by an incredible 500% from the previous year, is what’s driving this large increase in income. The domestic market has been the main driver of the remarkable rise in revenue, with Cann Group effectively capturing new clients and negotiating supply agreements with a number of old clients.
- In July 2022, Bod Australia (BDA) introduced a new medical cannabis product for the Australian market under its already-established MediCabilis brand. The item is marketed as Bod Bio-Absorb 100 and has a specially created CBD compound in soft gel form. The introduction of Bio-Absorb 100 broadened Bod’s selection of medical cannabis, enhance its current offerings, and establish a new delivery method.
Strategic Investment in Incannex Healthcare:
Exploring Australia’s top cannabis companies, Incannex Healthcare stands out, presenting a diverse portfolio and innovative products like CanQuit. Investors looking for strategic plays in the evolving cannabis landscape may find Incannex Healthcare an intriguing prospect.
Key Segments Profiled in the Australia Legal Cannabis Market
By Source:
- Marijuana
- Flower
- Oil & Tinctures
- Hemp
- Hemp CBD
- Supplements
- Industrial Hemp
By Derivates:
- CBD
- THC
- Others
By End-Use:
- 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
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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