The legal cannabis industry in Australia had an estimated market value of USD 67.4 million in 2022; it is predicted that this market would increase to USD 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 growing public awareness of the health benefits of cannabis is driving the industry’s expansion. In Australia, the market is expected to flourish as marijuana use becomes increasingly legalized, primarily for medical purposes. Key factors contributing to this growth include the broader legalization landscape, an expanding patient base, increased government support, and the presence of both domestic and international companies within the sector.
Among the various segments of Australia’s legal cannabis industry, the recreational application category is projected to experience the fastest growth during the forecast period. This surge is primarily fueled by heightened public understanding of cannabis and the ongoing legalization of its recreational use and cultivation. Government support and the rising demand for cannabis for its therapeutic benefits are also playing crucial roles in the growth of this sector.
Key Takeaways from the Market Study
- According to estimates, the legal cannabis business in Australia would generate USD 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.” remarks an FMI analyst.
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.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the Australia legal cannabis market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the Australia legal cannabis market, the market is segmented based on source (marijuana and hemp), derivates (CBD, THC and others), and end-use (medical use, recreational use, and industrial use).
Buy now for detailed information on every segment.
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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