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Growth of Cannabis Market Asia Pacific

Marquis Market Reports

Growth of Cannabis Market Asia Pacific

 

Cannabis is a tall plant with a stiff erect stem that has been widely used as a drug and is now being approved for medical purposes. Medical cannabis refers to psychotropic medications derived from plants that are used to treat a variety of medical condition.

The active elements in the product are tetrahydrocannabinol (THC) and cannabidiol (CBD), which come from sativa and hybrid cannabis plants, as well as cannabis indica (CBD). The products are available in a variety of forms, including oils and capsules.

 

Demand for cannabis products is expected to increase during COVID-19 pandemic to treat breathing illness, nausea and vomiting symptoms. However, restriction on the use of cannabis in the region is likely to hinder the market growth during the forecast period.

 

One of the major factors driving the cannabis market's growth is a surge in health consciousness across the region. Increased demand for cannabis oil in countries that have legalised medicinal marijuana, as well as an increase in the number of people suffering from chronic illnesses including Parkinson's, Alzheimer's, and cancer, as well as other neurological disorders, are propelling the industry forward.

 

On the other side, cannabis myths and a complicated regulatory framework for its use are expected to slow market expansion. In the forecast period of 2021 to 2028, the cannabis industry is expected to be challenged by challenges with maintaining product uniformity for cannabis growing and intensive energy use.

 

Individual market impacting factors and changes in regulation in the domestic market are also discussed in the country portion of the research, which have an impact on the market's current and future trends. Some of the primary pointers utilised to anticipate the market situation for particular countries include consumption quantities, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, and down-stream and upstream value chain analysis.

 

The expanding medicinal usage of cannabis, as well as the restricted legalisation and use of cannabis in numerous businesses, are driving the industry. The Asia-Pacific medical cannabis market is also benefiting from the advancement of innovative procedures in the industry.

 

MMR offer in its new publication the Market research study on Cannabis Market which included the market comprehensive market data, on granular level, providing holistic picture of the market for maximum clarity and understanding. As per our reports the global cannabis market is projected to grow from $28.266 billion in 2021 to $197.74 billion in 2028 at a CAGR of 32.04% in forecast period, 2021-2028. The Market is segmented as below.

By Type

  • Marijuana
  • Flowers
  • Oil and Tinctures
  • Hemp
  • Hemp CBD
  • Supplements
  • Industrial Hemp

By Application

  • CBD
  • THC
  • Others

 

 

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