Asia-Pacific Cannabis Market, By Product Type (Flowers, Concentrates, Other Product Types), Compound (Tetrahydrocannabinol (THC)-dominant, Cannabidiol (CBD)-dominant, Balanced THC and CBD), Crop Variety (Cannabis Indica, Cannabis Sativa, Others), Application (Medical, Recreational), Distribution Channel (Physical, Digital, Others), Country (Japan, China, South Korea, India, Australia, Singapore, Thailand, Indonesia, Malaysia, Philippines, New Zealand, Vietnam, and Rest of Asia-Pacific)- Industry Trends and Forecast to 2028
The cannabis market is expected to witness market growth at a rate of 29.1% in the forecast period of 2021 to 2028. Data Bridge Market Research report on cannabis market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The expansion of functional food sector is escalating the growth of cannabis market.
Cannabis is referred to as a tall plant with a stiff upright stem that is widely used as a drug and is being legalized for its medical usage. Medical cannabis refers to as the plant-derived psychotropic drugs that is utilized for treating various medical ailments. The product is sourced from sativa and hybrid cannabis plants, cannabis indica, and the active ingredients include tetrahydrocannabinol (THC) and cannabidiol (CBD). The products are manufactured in the form of oils and capsules, among others.
The rise in the health consciousness across the region acts as one of the major factors driving the growth of cannabis market. The increase in demand for cannabis oil among countries with legalized medical marijuana and rise in number of people suffering from chronic illnesses, such as Parkinson's, Alzheimer's, and cancer, among other neurological disorders accelerate the market growth. The surge in in the medical applications of cannabis and active research genetic development and modification of the plant further influence the market. Additionally, surge in disposable income, growth in awareness regarding the benefits of the product, rise in social acceptance of marijuana, change in lifestyle, rapid urbanization, and increase in legalization of cannabis positively affect the cannabis market. Furthermore, product development through research and novel product delivery solutions extend profitable opportunities to the market players in the forecast period of 2021 to 2028.
On the other hand, myths associated with cannabis and complex regulatory structure for the usage of cannabis are expected to obstruct the market growth. The issues with the maintenance of product consistency for the cultivation of cannabis and intensive energy consumption are projected to challenge the cannabis market in the forecast period of 2021 to 2028.
This cannabis market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on cannabis market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Asia-Pacific Cannabis Market Scope and Market Size
The cannabis market is segmented on the basis of product type, compound, crop variety, application and distribution channel. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of product type, the cannabis market is segmented into flowers, concentrates and other product types. Other product types are further segmented into capsules, topicals, edibles, and beverages.
- On the basis of compound, the cannabis market is segmented into Tetrahydrocannabinol (THC)-dominant, Cannabidiol (CBD)-dominant and Balanced THC and CBD.
- On the basis of crop variety, the cannabis market is segmented into cannabis indica, cannabis sativa, and others.
- On the basis of application, the cannabis market is segmented into medical and recreational.
- On the basis of distribution channel, the cannabis market is segmented into physical, digital and others.
Asia-Pacific Cannabis Market Country Level Analysis
The cannabis market is analyzed and market size insights and trends are provided by country, type, compound, crop variety, application and distribution channel as referenced above.
The countries covered in the Asia-Pacific cannabis market report are Japan, China, South Korea, India, Australia, Singapore, Thailand, Indonesia, Malaysia, Philippines, New Zealand, Vietnam, and the Rest of Asia-Pacific.
China dominates the Asia-Pacific cannabis market owning to the vast plantation of cannabis and high investments in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Asia-Pacific Cannabis Market Share Analysis
The cannabis market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to cannabis market.
The major players covered in the cannabis market report are Tilray, Marley Natural, Aurora Cannabis, Cara Therapeutics, ARUMA LABS HOLDINGS PTY LIMITED, Medcan Australia, Sundial Growers Inc., Canopy Growth Corporation, GW Pharmaceuticals plc, The Scotts Company LLC, Aphria Inc., VIVO Cannabis Inc., Cannatrek, O.penVAPE Shop., and The Cronos Group, among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.