At 19.6% CAGR, the Asia Pacific Medical Marijuana Market is projected to be worth US$ 6,203.80 million by 2028, says Business Market Insights

According to Business Market Insights research, the Asia Pacific medical marijuana market was valued at US$ 2,115.23 million in 2022 and is expected to reach US$ 6,203.80 million by 2028, registering a CAGR of 19.6% from 2022 to 2028. Increasing approvals of medical marijuana is the critical factor attributed to the Asia Pacific medical marijuana market expansion.        

The burgeoning consumer product market with the medical marijuana industry in Asia offers a diverse array of opportunities. This market encompasses a wide range of cannabis-infused products tailored to meet the therapeutic and wellness needs of consumers. CBD-based products, renowned for their potential health benefits without the psychoactive effects of THC, are gaining prominence. Nutraceuticals, supplements, and wellness products infused with CBD provide holistic approaches to health, aligning with Asia’s wellness culture. Skincare and cosmetics incorporating CBD are valued for their anti-inflammatory properties. The market also includes cannabis-infused beverages, edibles, and traditional culinary offerings, providing convenient and discreet consumption options. Vaporizers, inhalable products, and even CBD-infused pet products contribute to this growing sector. For entrepreneurs and businesses in Asia, this market presents an opportunity to cater to health-conscious consumers.

On the contrary, cultural and social stigma hampers the Asia Pacific medical marijuana market.  

Based on product type, the Asia Pacific medical marijuana market is segmented into dried form and extract form. The extract form segment held 62.2% share of Asia Pacific Medical Marijuana Market in 2022, amassing US$ 1,315.75 million. It is projected to garner US$ 3,874.89 million by 2028 to expand at 19.7% CAGR during 2022–2028.

Based on application, the Asia Pacific medical marijuana market is segmented into pain management, tourette’s, alzheimer’s disease, migraines, depression and anxiety, multiple sclerosis, cancer, and others. The pain management segment held 25.3% share of Asia Pacific Medical Marijuana Market in 2022, amassing US$ 535.48 million. It is projected to garner US$ 1,524.42 million by 2028 to expand at 19.0% CAGR during 2022–2028.

Based on distribution channel, the Asia Pacific medical marijuana market is segmented into retail pharmacy, e-commerce, and others. The retail pharmacy segment held 45.6% share of Asia Pacific Medical Marijuana Market in 2022, amassing US$ 964.35 million. It is projected to garner US$ 2,807.00 million by 2028 to expand at 19.5% CAGR during 2022–2028.

Based on country, the Asia Pacific medical marijuana market is segmented into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 28.1% share of Asia Pacific medical marijuana market in 2022. It was assessed at US$ 595.14 million in 2022 and is likely to hit US$ 1,788.43 million by 2028, exhibiting a CAGR of 20.1% during 2022–2028.      

Key players operating the Asia Pacific medical marijuana market are Aphria, Inc.; Canopy Growth Corporation; GW Pharmaceuticals; and VIVO Cannabis Inc, among others.  

• In November 2021, VIVO Cannabis Inc. launched its newest medical cannabis product formulation: high-dose cannabidiol (CBD) oil under its Beacon Medical brand. The entire family of Beacon Medical oil products are formulated using a non-GMO, food-grade medium-chain triglycerides (MCT) carrier oil which results in the final product being both scentless and flavorless in taste. VIVO simultaneously launched a Pediatric Compassionate Care Program to support caregivers and families requiring medical cannabis to treat a variety of pediatric conditions.

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