A new market study report by The Insight Partners on the Asia Pacific Cannabis Market has been released with reliable information and accurate forecasts for a better understanding of the current and future market scenarios. The report offers an in-depth analysis of the Asia Pacific market, including qualitative and quantitative insights, historical data, and estimated projections about the market size and share in the forecast period. The forecasts mentioned in the report have been acquired by using proven research assumptions and methodologies. Hence, this research study serves as an important depository of the information for every market landscape. The report is segmented on the basis of types, end-users, applications, and regional markets.
The 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 estimated to grow at a CAGR of 28.6% from 2020 to 2027.
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What is Asia Pacific Cannabis?
The growth of the market in the region is driven by the factors, such as increasing research on medical cannabis and rising cannabis industry in Southeast Asia. Similarly, ongoing COVID-19 pandemic is likely to drive the demand for medical cannabis products to treat several conditions including headache, muscular pain, and others which is expected to serve wider growth opportunities for the market. However, the restriction on cannabis use in the region is likely to restraint the market growth during the forecast period.
Asia Pacific has grown in terms of the healthcare industry. Various countries, such as Australia, South Korea, India, Japan, and China, have extensively grown research for cannabis to study its medical applications. According to the Queensland Government, Australia has strengthened its research for cannabis. The country would use products that are being approved by the Therapeutic Goods Administration (TGA) and the relevant Human Research Ethics Committee (HREC). In addition, the government has approved funding through two schemes: Clinical Trial Exemption scheme (CTX) and Clinical Trial Notification scheme (CTN), which are regulated by the Commonwealth Therapeutic Goods Administration.
Key vendors engaged in the Asia Pacific Cannabis Market and covered in this report:
- Cannabis Science, Inc.
- Tikun Olam
- The Cronos Group
- Terra Tech Corp
An Overview of the Impact of COVID-19 on this Market:
Due to the pandemic, we have included a special section on the Impact of COVID 19 on the Asia Pacific Cannabis Market which would mention How the Covid-19 is Affecting the Asia Pacific Cannabis Industry, Market Trends and Potential Opportunities in the COVID-19 Landscape, Covid-19 Impact on Key Regions and Proposal for Asia Pacific Cannabis Players to fight Covid-19 Impact.
The research provides answers to the following key questions:
- What is the estimated growth rate of the market for the forecast period 2020–2027? What will be the market size during the estimated period?
- What are the key driving forces responsible for shaping the fate of the Asia Pacific Cannabis market during the forecast period?
- Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Asia Pacific Cannabis market?
- What are the prominent market trends influencing the development of the Asia Pacific Cannabis market across different regions?
- What are the major threats and challenges likely to act as a barrier in the growth of the Asia Pacific Cannabis market?
- What are the major opportunities the market leaders can rely on to gain success and profitability?
The study conducts SWOT analysis to evaluate strengths and weaknesses of the key players in the Asia Pacific Cannabis market. Further, the report conducts an intricate examination of drivers and restraints operating in the market. The report also evaluates the trends observed in the parent market, along with the macro-economic indicators, prevailing factors, and market appeal with regard to different segments. The report predicts the influence of different industry aspects on the Asia Pacific Cannabis market segments and regions.
Asia Pacific Cannabis Market – Market Segmentation
Asia Pacific Cannabis Market – by Product Type
Asia Pacific Cannabis Market – by Application
- Pain Management
- Neurological Health Management
- Mental Health Management
Asia Pacific Cannabis Market – by Compound
- Tetrahydrocannabinol (THC)-Dominant
- Cannabidiol (CBD)-Dominant
- Balanced THC and CBD
This report strategically examines the micro-markets and sheds light on the impact of technology upgrades on the performance of the Asia Pacific Cannabis market.
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