The market size of the Australian legal cannabis sector in 2020 was valued atβ―USD 41.2 million and $51 million in 2021 which is what it reached in 2019 before the economic dip due to Covid-19 restrictions. There are prospects for expansion at a compound annual growth rate (CAGR) of 32.7% from 2021 to 2028 to reach close to $370 million by 2028.
Worldwide there is evidence of increasing legalization of cannabis. In Australia the rising patient population coupled with increasing government support for research and development are some of the major factors boosting the country’s growth.
Growing demand for hemp fibers and oil in the construction, food and beverage, personal care, automotive, and textile industries is aiding segment growth. The hemp product segment held the largest revenue share in 2020. the marijuana segment is set to be the fastest-growing segment up till 2028 as governments move towards legalization of medical and adult use of these products. Consumer behaviour is veering towards legal channels. medical application of marijuana is also gaining traction for applications to prevent chronic pain, sleep disorders and anxiety.
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