Australia Legal Cannabis (Medical, Industrial) Market Size, Share & Trends Analysis Report 2021-2028 – ResearchAndMarkets.com

CANNANNEW REPORT

DUBLIN–(BUSINESS WIRE)–The “Australia Legal Cannabis Market Size, Share & Trends Analysis Report By Product Type (Marijuana, Hemp), By Application (Medical Use, Industrial Use), And Segment Forecasts, 2021 – 2028” report has been added to ResearchAndMarkets.com’s offering. The Australia legal cannabis market size is expected to reach USD 375.7 million by 2028, and is expected to expand at a CAGR of 32.7% from 2021 to 2028. The increasing legalization of cannabis, rising patient population, increasing government support, and the availability of local and international players in the country are some of the major factors boosting the country’s growth. In addition, the surge in medical marijuana production owing to its increasing demand in the pharmaceutical sector is further propelling overall growth. The COVID-19 pandemic has negatively impacted the country’s growth rate due to supply chain restrictions imposed due to nationwide lockdown. As of 2020, the hemp product type segment held the largest revenue share. The market growth is attributed to the rising adoption of hemp-based products for various medical and industrial purposes. The increasing prevalence of epilepsy and other sleep disorders is aiding the product adoption thereby, positively contributing to the segment growth. On the other hand, the marijuana segment is anticipated to be the fastest-growing segment during the forecast period owing to the increasing legalization of these products for medical and adult use and increasing consumer shift towards purchasing the product through legal channels. The industrial application segment accounted for the majority share in 2020. Growing demand for hemp fibers and oil in the construction, food and beverage, personal care, automotive, and textile industries is aiding segment growth. On the other hand, the medical application segment is expected to be the fastest-growing segment during the forecast period owing to awareness regarding health benefits offered by cannabis products for various medical applications,…

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Source : Australia Legal Cannabis (Medical, Industrial) Market Size, Share & Trends Analysis Report 2021-2028 – ResearchAndMarkets.com

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