Asia Pacific cannabis market is expected to reach US$ 22,870.6 million by 2027 from US$ 2,318.6 million in 2019. The market is anticipated to grow with a CAGR of 28.6% from 2020 to 2027.
The growth of the Asia Pacific cannabis market is attributed to increasing research on medical cannabis and rising cannabis industry in Southeast Asia. However, restriction on the use of cannabis in the region is likely to hinder the market growth during the forecast period.
In recent years, the liberation for the use of cannabis in the medical industry has created various growth opportunities in Southeast Asian countries.Growing legal jurisdictions have enabled the progress of research activities in countries, such as South Korea, Australia, and New Zealand.
Also, various international companies have shown interest in effective market strategies.The companies have strategically enhanced their operational activities by partnering with local players.
For instance, a Canadian market player, Canopy Growth, has expanded its production in South Korea and Thailand.Similarly, MYM Nutraceuticals has expanded its business through its subsidiary MYM Australia.
Such expansions by the companies are expected to drive the cannabis market in the region.
Thailand is among the largest producers of cannabis.In late 2018, it became a cannabis production hub for legalized medical cannabis.
In addition, in December 2018, the military of Thailand voted to legalize medical cannabis use and in February 2019, Thailand legalized medical use of cannabis.Similarly, in January 2019, the Philippine House of Representatives approved the legalization of cannabis in the Philippines.
It has also created a Medical Cannabis Compassionate Center to initiate the creation of a legal cannabis industry.In March 2019, South Korea legalized medical use of cannabis.
Moreover, in March 2019, Japan approved the cannabis compound Epidiolex for clinical trials. Thus, such approvals for cannabis-based products are likely to drive market for cannabis in the Asia Pacific region. On the other hand, the COVID-19 outbreak is growing in an unexpected way.For instance, according to an article published in May 2020, saying, "The study mentions how they have identified a minimum of 13 cannabis plants that are high in CBD that can affect the ACE2 pathways that the coronavirus uses to get inside one’s body".
Therefore, it is expected to increase the use of medical cannabis to treat symptoms of COVID-19.
Based on product type, the Asia Pacific cannabis market is segmented into flower, concentrates, and others.In 2019, the flower segment held the largest market share of the cannabis market.
However, the concentrates segment is expected to witness the highest CAGR in the next few years. In terms of application, the Asia Pacific cannabis market is segmented into medical and recreational.In 2019, the medical segment held larger share of the market.
However, the recreational segment is anticipated to witness fastest growth during the forecast period.
Based on compound, the Asia Pacific cannabis market is segmented into tetrahydrocannabinol (THC)-dominant, cannabidiol (CBD)-dominant, and balanced THC and CBD.In 2019, the tetrahydrocannabinol (THC)-dominant segment held the largest share of the market.
However, the cannabidiol (CBD)-dominant segment is anticipated to witness fastest growth during the forecast period.
Council of Scientific Research’s Indian Institute of Integrative Medicine, Centre for Narcotics Training, and International Cannabis and Ministry of Food and Drug Safety are among the major primary and secondary sources for the Asia Pacific cannabis market.
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