The Australia Legal Cannabis Market is expected to be worth US$ 67.39 million by 2022, growing at a moderate CAGR of 30.1% between 2022 and 2032. The legal cannabis market in Australia is expected to be worth approximately US$ 936.22 million by the end of 2032.
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According to the Australia legal cannabis market analysis, Australia has been a major proponent of cannabis legalisation when compared to other Asia Pacific nations. Adults over the age of 18, for example, were permitted to grow two marijuana plants and possess up to 50 grammes of dried marijuana after cannabis was legalised in Canberra. Many companies are listed on the Australian Stock Exchange (ASX), have applied for cultivation permits, and are being bought or financed by powerful people.
The COVID-19 pandemic severely hampered all trade, including product import and export. Although recreational use of legal cannabis in Australia increased sharply in a country that produces the drug, sales have since recovered as trade restrictions have been relaxed. The legal cannabis industry in Australia is expected to grow significantly if cannabis products are made available for OTC sales via a variety of distribution channels.
The marijuana segment of Australia’s legal cannabis market is expected to grow at the fastest rate during the forecast period. As a result of the legalisation of medical marijuana and its ban in the country, people are turning to legally obtaining marijuana products for medical purposes. As a result, the illicit market is expected to plummet significantly. Legalizing cannabis is expected to boost the legal cannabis industry in Australia as well as government revenue through taxes.
The laws governing the use of marijuana and hemp for medical purposes in Australia are strictly regulated and are constantly changing, impacting the outlook for the Australia legal cannabis market. Legalization was supported by 41.0% of the population in July 2020, according to the Australian Institute of Health and Welfare.
In September 2019, Canberra, the nation’s capital, became the first city to legalise recreational marijuana use and personal marijuana cultivation. However, recreational marijuana possession is still illegal on a federal level across the country. The government enacted new cannabis laws, allowing residents of the Australian Capital Territory (ACT) to purchase and cultivate marijuana for recreational purposes.
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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.
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.
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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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