Medical Segment to Lead Market Growth during Forecast Period

According to a new market research study of “Asia Pacific Cannabis Market Forecast to 2027 – COVID-19 Impact and Analysis – by Product Type, Application, and Compound,” Asia Pacific cannabis market is projected to reach US$ 22,870.6 million by 2027 from US$ 2,318.6 million in 2019. The market is estimated to grow at CAGR of 28.6% from 2020 to 2027. The report highlights trends prevailing in the Asia Pacific cannabis market and the factors driving market along with those that act as hindrances.

Based on application, the Asia Pacific cannabis market is further segmented into medical and recreational. The medical segment held a larger share of the market in 2019. The medical segment is further segmented into pain management, neurological health management, mental health management, and others. In 2019, the pain management sub-segment held the largest market share of the medical segment and is expected to dominate the segment during the forecast period. The growth of medical segment by application is expected to grow due to rising regulatory approvals for treating several medical conditions. Also, rising investments for medical cannabis products and increasing strategic development in the Asian countries are expected to boost the market growth.                                                                     

The Asia Pacific cannabis market is expected to grow owing to increasing research on medical cannabis and rising cannabis industry in Southeast Asia. However, the restriction on cannabis use in the region is likely to restraint the market growth during the forecast period.

Cannabis Science, Inc.; Tikun Olam; Terra Tech Corp.; Tilray, and The Cronos Group are among the leading companies operating in the Asia Pacific cannabis market.  

Asia Pacific Cannabis Market, by Country, 2019 (%)

The report segments Asia Pacific cannabis market as follows:

By Product Type

• Flowers
• Concentrates
• Others

By Application

• Medical
  • Pain Management
  • Neurological Health Management
  • Mental Health Management
  • Others
• Recreational

By Compound

• Tetrahydrocannabinol (THC)-Dominant
• Cannabidiol (CBD)-Dominant
• Balanced THC and CBD

By Country

• Australia
• China
• Japan
• India
• South Korea

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