The Australia legal cannabis market size is expected to reach USD 1.9 billion by 2026, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 42.1% during the forecast period. Increasing government support for marijuana legalization, rising patient population, and the entry of international companies in the country are the key factors driving the market growth. An increase in the production of medical marijuana owing to its high demand in the pharmaceutical sector is anticipated to further drive the growth.
In 2019, the marijuana segment dominated the market for legal cannabis, with a revenue share of 71.3%. The segment is further classified into flower and oil. The flower segment dominated the market in 2019, owing to its high availability and adoption among consumers. On the other hand, the oil segment is projected to be the fastest-growing, due to rising consumer awareness about the negative effects of marijuana smoking. Moreover, the preference for marijuana oil is increasing among patients, as it is easy to ingest and more travel friendly.
Medical application dominated the market in 2019. A steep rise in the number of medical approvals for patients, on-going research on cannabis, and increased production are the key factors driving the market growth. Furthermore, its sub-application-chronic pain-dominated the market with market size of USD 55.2 million in 2019. Increasing demand for effective pain management therapeutics is the key factor driving the segment growth.
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Marijuana product type dominated the market in 2019, with a revenue share of 71.3%, owing to its high adoption and availability
Chronic pain, under medical applications, dominated the market in 2019 with a value of USD 55.2 million, as the demand for cannabis is increasing in pain management
The market is dominated by many local and international players. Local players are focused on geographical expansion and creating awareness about the medical benefits of marijuana among patients and healthcare professionals for increasing their consumer base
For the purpose of this report, Grand View Research has segmented the Australia legal cannabis market based on product type and application:
Australia Legal CannabisProduct Type Outlook (Revenue, USD Million, 2016 - 2026)
Australia Legal CannabisApplication Outlook (Revenue, USD Million, 2016 - 2026)
List of Key Players in Australia Legal Cannabis Market
AusCann Group Holdings Pty Ltd
Cann Group Ltd
Althea Group Holdings Limited
THC Global Group Limited
MGC Pharmaceuticals Ltd
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