Globe Newswire
Asia Pacific $22.87 Billion Cannabis Market Forecast to 2027 with Profiles of Cannabis Science, Tikun Olam, Terra Tech, Tilray & The Cronos Group
Dublin, Jan. 04, 2021 (GLOBE NEWSWIRE) -- The "Asia Pacific Cannabis Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product Type; Application; Compound, and Country" report has been added to ResearchAndMarkets.com's offering. Asia Pacific cannabis market is expected to reach US$ 22,870.6 million by 2027 from US$ 2,318.6 million in 2019. The market is anticipated to grow with a CAGR of 28.6% from 2020 to 2027.The growth of the Asia Pacific cannabis market is attributed to increasing research on medical cannabis and rising cannabis industry in Southeast Asia. However, restriction on the use of cannabis in the region is likely to hinder the market growth during the forecast period.In recent years, the liberation for the use of cannabis in the medical industry has created various growth opportunities in Southeast Asian countries. Growing legal jurisdictions have enabled the progress of research activities in countries, such as South Korea, Australia, and New Zealand. Also, various international companies have shown interest in effective market strategies. The companies have strategically enhanced their operational activities by partnering with local players. For instance, a Canadian market player, Canopy Growth, has expanded its production in South Korea and Thailand. Similarly, MYM Nutraceuticals has expanded its business through its subsidiary MYM Australia. Such expansions by the companies are expected to drive the cannabis market in the region.Thailand is among the largest producers of cannabis. In late 2018, it became a cannabis production hub for legalized medical cannabis. In addition, in December 2018, the military of Thailand voted to legalize medical cannabis use and in February 2019, Thailand legalized medical use of cannabis. Similarly, in January 2019, the Philippine House of Representatives approved the legalization of cannabis in the Philippines. It has also created a Medical Cannabis Compassionate Center to initiate the creation of a legal cannabis industry. In March 2019, South Korea legalized medical use of cannabis. Moreover, in March 2019, Japan approved the cannabis compound Epidiolex for clinical trials. Thus, such approvals for cannabis-based products are likely to drive market for cannabis in the Asia Pacific region.On the other hand, the COVID-19 outbreak is growing in an unexpected way. For instance, according to an article published in May 2020, saying, "The study mentions how they have identified a minimum of 13 cannabis plants that are high in CBD that can affect the ACE2 pathways that the coronavirus uses to get inside one's body". Therefore, it is expected to increase the use of medical cannabis to treat symptoms of COVID-19.Based on product type, the Asia Pacific cannabis market is segmented into flower, concentrates, and others. In 2019, the flower segment held the largest market share of the cannabis market. However, the concentrates segment is expected to witness the highest CAGR in the next few years.In terms of application, the Asia Pacific cannabis market is segmented into medical and recreational. In 2019, the medical segment held larger share of the market. However, the recreational segment is anticipated to witness fastest growth during the forecast period.Based on compound, the Asia Pacific cannabis market is segmented into tetrahydrocannabinol (THC)-dominant, cannabidiol (CBD)-dominant, and balanced THC and CBD. In 2019, the tetrahydrocannabinol (THC)-dominant segment held the largest share of the market. However, the cannabidiol (CBD)-dominant segment is anticipated to witness fastest growth during the forecast period.Council of Scientific Research's Indian Institute of Integrative Medicine, Centre for Narcotics Training, and International Cannabis and Ministry of Food and Drug Safety are among the major primary and secondary sources for the Asia Pacific cannabis market.Key Topics Covered: 1. Introduction1.1 Scope of the Study1.2 Report Guidance1.3 Market Segmentation2. Cannabis Market - Key Takeaways3. Research Methodology4. Cannabis - Market Landscape4.1 Overview4.2 PEST Analysis4.3 Expert Opinion5. Asia Pacific Cannabis Market - Industry Dynamics5.1 Key Drivers5.1.1 Growing Research for Medical Cannabis5.1.2 Rising Cannabis Industry in Southeast Asia5.2 Key Market Restraints5.2.1 Restriction for Cannabis5.3 Key Market Opportunities5.3.1 Growing Production Of Cannabis5.4 Future Trends5.4.1 Growing Acceptance of Cannabis Products5.5 Impact Analysis6. Cannabis Market - Regional Analysis6.1 Asia Pacific Cannabis Market Revenue Forecast And Analysis6.2 Market Positioning of Key Players7. Cannabis Market Analysis - By Product Type7.1 Overview7.2 Cannabis Market Revenue Share, by Product Type, 2019 and 2027 (%)7.2.1 Asia Pacific Cannabis Market, by Product Type - Revenue and Forecast to 2027 (USD Million)7.3 Flowers Market7.4 Concentrates Market7.5 Others Market8. Cannabis Market - By Application8.1 Overview8.2 Cannabis Market, by Application, 2019 and 2027 (%)8.2.1 Asia Pacific Cannabis Market, by Application - Revenue and Forecast to 2027 (USD Million)8.3 Medical Market8.3.1 Overview8.3.2 Medical Market Revenue and Forecast to 2027 (US$ Mn)8.3.3 Pain Management8.3.4 Neurological Health Management8.3.5 Mental Health Management8.3.6 Others8.4 Recreational Market9. Cannabis Market - By Compound9.1 Overview9.2 Cannabis Market, by Compound, 2019 and 2027 (%)9.2.1 Asia Pacific Cannabis Market, by Compound - Revenue and Forecast to 2027 (USD Million)9.3 Tetrahydrocannabinol (THC)-Dominant Market9.4 Cannabidiol (CBD)-Dominant Market9.5 Balanced THC and CBD Market10. Cannabis Market- Regional Analysis11. Impact of COVID-19 Pandemic on Asia Pacific Cannabis Market11.1 Asia Pacific: Impact Assessment of COVID-19 Pandemic12. Cannabis Market-Key Company Profiles Cannabis Science, Inc.Tikun OlamTerra Tech CorpTilrayThe Cronos Group For more information about this report visit https://www.researchandmarkets.com/r/rctyh2 Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
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