The 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 estimated to grow at a CAGR of 28.6% from 2020 to 2027.
The growth of the market in the region is driven by the factors, such as increasing research on medical cannabis and rising cannabis industry in Southeast Asia. Similarly, ongoing COVID-19 pandemic is likely to drive the demand for medical cannabis products to treat several conditions including headache, muscular pain, and others which is expected to serve wider growth opportunities for the market. However, the restriction on cannabis use in the region is likely to restraint the cannabis market growth during the forecast period.
Asia Pacific has grown in terms of the healthcare industry. Various countries, such as Australia, South Korea, India, Japan, and China, have extensively grown research for cannabis to study its medical applications. According to the Queensland Government, Australia has strengthened its research for cannabis. The country would use products that are being approved by the Therapeutic Goods Administration (TGA) and the relevant Human Research Ethics Committee (HREC). In addition, the government has approved funding through two schemes: Clinical Trial Exemption scheme (CTX) and Clinical Trial Notification scheme (CTN), which are regulated by the Commonwealth Therapeutic Goods Administration.
On the other hand, Asia Pacific is highly considered as an attractive market for the pharmaceutical industry. The growing research in the pharmaceutical industry has enabled the use of cannabis for medical research. Countries, such as Japan, India, China, South Korea, and Australia, are among the leading countries in the pharmaceutical industry. These countries have a large base of manufacturing and research laboratories engaged in product development for generic medicines. The growing evidence for cannabis that shows the potential for the medical capabilities of cannabis has enhanced the acceptance of cannabis for clinical research.
In addition, increasing adoption of laboratory information management systems (LIMS) has helped in understanding the laboratory works by reducing the cost of research. It has also improved techniques to understand efficient properties of medical cannabis. Thus, the growing research on medical cannabis is likely to drive market growth during the forecast period significantly.
Asia Pacific Cannabis Market Revenue and Forecast to 2027 (US$ Million)
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Asia Pacific Cannabis Market – Market Segmentation
Asia Pacific Cannabis Market – by Product Type
- Flowers
- Concentrates
- Others
Asia Pacific Cannabis Market – by Application
- Medical
- Pain Management
- Neurological Health Management
- Mental Health Management
- Others
- Recreational
Asia Pacific Cannabis Market – by Compound
- Tetrahydrocannabinol (THC)-Dominant
- Cannabidiol (CBD)-Dominant
- Balanced THC and CBD
Company Profiles
- Cannabis Science, Inc.
- Tikun Olam
- Tilray
- The Cronos Group
- Terra Tech Corp
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Application, Compound -Dominant, and Country
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, China, Japan, South Korea
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Asia Pacific Cannabis Market– By Product Type
1.3.2 Asia Pacific Cannabis Market– By Application
1.3.3 Asia Pacific Cannabis Market – By Compound
1.3.4 Asia Pacific Cannabis Market– By Region
2. Cannabis Market – Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Cannabis – Market Landscape
4.1 Overview
4.2 PEST Analysis
4.2.1 Asia Pacific
4.3 Expert Opinion
5. Asia Pacific Cannabis Market – Industry Dynamics
5.1 Key Drivers
5.1.1 Growing Research for Medical Cannabis
5.1.2 Rising Cannabis Industry in Southeast Asia
5.2 Key Market Restraints
5.2.1 Restriction for Cannabis
5.3 Key Market Opportunities
5.3.1 Growing Production Of Cannabis
5.4 Future Trends
5.4.1 Growing Acceptance of Cannabis Products
5.5 Impact Analysis
6. Cannabis Market – Regional Analysis
6.1 Asia Pacific Cannabis Market Revenue Forecast And Analysis
6.2 Market Positioning of Key Players
7. Cannabis Market Analysis – By Product Type
7.1 Overview
7.2 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 Market
7.3.1 Overview
7.3.2 Flowers Market Revenue and Forecast to 2027 (US$ Mn)
7.4 Concentrates Market
7.4.1 Overview
7.4.2 Concentrates Market Revenue and Forecast to 2027 (US$ Mn)
7.5 Others Market
7.5.1 Overview
7.5.2 Others Market Revenue and Forecast to 2027 (US$ Mn)
8. Cannabis Market – By Application
8.1 Overview
8.2 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 Market
8.3.1 Overview
8.3.2 Medical Market Revenue and Forecast to 2027 (US$ Mn)
8.3.3 Pain Management
8.3.3.1 Overview
8.3.3.2 Pain Management Market Revenue and Forecast to 2027 (US$ Mn)
8.3.4 Neurological Health Management
8.3.4.1 Overview
8.3.4.2 Neurological Health Management Market Revenue and Forecast to 2027 (US$ Mn)
8.3.5 Mental Health Management
8.3.5.1 Overview
8.3.5.2 Mental Health Management Market Revenue and Forecast to 2027 (US$ Mn)
8.3.6 Others
8.3.6.1 Overview
8.3.6.2 Others Market Revenue and Forecast to 2027 (US$ Mn)
8.4 Recreational Market
8.4.1 Overview
8.4.2 Recreational Market Revenue and Forecast to 2027 (US$ Mn)
9. Cannabis Market – By Compound
9.1 Overview
9.2 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 Market
9.3.1 Overview
9.3.2 Tetrahydrocannabinol (THC)-Dominant Market Revenue and Forecast to 2027 (US$ Mn)
9.4 Cannabidiol (CBD)-Dominant Market
9.4.1 Overview
9.4.2 Cannabidiol (CBD)-Dominant Market Revenue and Forecast to 2027 (US$ Mn)
9.5 Balanced THC and CBD Market
9.5.1 Overview
9.5.2 Balanced THC and CBD Market Revenue and Forecast to 2027 (US$ Mn)
10. Cannabis Market– Regional Analysis
10.1 Asia Pacific: Cannabis Market
10.1.1 Overview
10.1.2 Asia Pacific: Cannabis Market– Revenue and Forecast to 2027 (USD Million)
10.1.3 Asia Pacific Cannabis Market Revenue and Forecasts to 2027, By Product Type (US$ Mn)
10.1.4 Asia Pacific Cannabis Market Revenue and Forecasts to 2027, By Application (US$ Mn)
10.1.4.1 Asia Pacific Medical Market Revenue and Forecasts to 2027, By Type (US$ Mn)
10.1.5 Asia Pacific Cannabis Market Revenue and Forecasts to 2027, By Compound (US$ Mn)
10.1.6 Asia Pacific Cannabis Market Revenue and Forecasts to 2027, By Country (%)
10.1.7 Japan Cannabis Market Revenue and Forecasts to 2027 (US$ Mn)
10.1.7.1 Japan Cannabis Market Revenue and Forecasts to 2027 (US$ Mn)
10.1.7.2 Japan Cannabis Market Revenue and Forecasts to 2027, By Product Type (US$ Mn)
10.1.7.3 Japan Cannabis Market Revenue and Forecasts to 2027, By Application (US$ Mn)
10.1.7.3.1 Japan Medical Market Revenue and Forecasts to 2027, By Type (US$ Mn)
10.1.7.4 Japan Cannabis Market Revenue and Forecasts to 2027, By Compound (US$ Mn)
10.1.8 China Cannabis Market Revenue and Forecasts to 2027 (US$ Mn)
10.1.8.1 China Cannabis Market Revenue and Forecasts to 2027 (US$ Mn)
10.1.8.2 China Cannabis Market Revenue and Forecasts to 2027, By Product Type (US$ Mn)
10.1.8.3 China Cannabis Market Revenue and Forecasts to 2027, By Application (US$ Mn)
10.1.8.3.1 China Medical Market Revenue and Forecasts to 2027, By Type (US$ Mn)
10.1.8.4 China Cannabis Market Revenue and Forecasts to 2027, By Compound (US$ Mn)
10.1.9 India Cannabis Market Revenue and Forecasts to 2027 (US$ Mn)
10.1.9.1 India Cannabis Market Revenue and Forecasts to 2027 (US$ Mn)
10.1.9.2 India Cannabis Market Revenue and Forecasts to 2027, By Product Type (US$ Mn)
10.1.9.3 India Cannabis Market Revenue and Forecasts to 2027, By Application (US$ Mn)
10.1.9.3.1 India Medical Market Revenue and Forecasts to 2027, By Type (US$ Mn)
10.1.9.4 India Cannabis Market Revenue and Forecasts to 2027, By Compound (US$ Mn)
10.1.10 Australia Cannabis Market Revenue and Forecasts to 2027 (US$ Mn)
10.1.10.1 Australia Cannabis Market Revenue and Forecasts to 2027 (US$ Mn)
10.1.10.2 Australia Cannabis Market Revenue and Forecasts to 2027, By Product Type (US$ Mn)
10.1.10.3 Australia Cannabis Market Revenue and Forecasts to 2027, By Application (US$ Mn)
10.1.10.3.1 Australia Medical Market Revenue and Forecasts to 2027, By Type (US$ Mn)
10.1.10.4 Australia Cannabis Market Revenue and Forecasts to 2027, By Compound (US$ Mn)
10.1.11 South Korea Cannabis Market Revenue and Forecasts to 2027 (US$ Mn)
10.1.11.1 South Korea Cannabis Market Revenue and Forecasts to 2027 (US$ Mn)
10.1.11.2 South Korea Cannabis Market Revenue and Forecasts to 2027, By Product Type (US$ Mn)
10.1.11.3 South Korea Cannabis Market Revenue and Forecasts to 2027, By Application (US$ Mn)
10.1.11.3.1 South Korea Medical Market Revenue and Forecasts to 2027, By Type (US$ Mn)
10.1.11.4 South Korea Cannabis Market Revenue and Forecasts to 2027, By Compound (US$ Mn)
11. Impact of COVID-19 Pandemic on Asia Pacific Cannabis Market
11.1 Asia Pacific: Impact Assessment of COVID-19 Pandemic
12. Cannabis Market–Key Company Profiles
12.1 Cannabis Science, Inc.
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Financial Overview
12.1.4 Product Portfolio
12.1.5 Swot Analysis
12.1.6 Key Developments
12.2 Tikun Olam
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Financial Overview
12.2.4 Product Portfolio
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Terra Tech Corp.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Financial Overview
12.3.4 Product Portfolio
12.3.5 Swot Analysis
12.3.6 Key Developments
12.4 Tilray
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Financial Overview
12.4.4 Product Portfolio
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 The Cronos Group
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Financial Overview
12.5.4 Product portfolio
12.5.5 SWOT Analysis
12.5.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Glossary of Terms
LIST OF TABLES
Table 1. Asia Pacific Cannabis Market, by Product Type – Revenue and Forecast to 2027 (USD Million)
Table 2. Asia Pacific Cannabis Market, by Application – Revenue and Forecast to 2027 (USD Million)
Table 3. Asia Pacific Cannabis Market, by Compound – Revenue and Forecast to 2027 (USD Million)
Table 4. Asia Pacific Cannabis Market Revenue and Forecasts to 2027, By Product Type (US$ Mn)
Table 5. Asia Pacific Cannabis Market Revenue and Forecasts to 2027, By Application (US$ Mn)
Table 6. Asia Pacific Medical Market Revenue And Forecasts to 2027, By Type (US$ Mn)
Table 7. Asia Pacific Cannabis Market Revenue and Forecasts to 2027, By Compound (US$ Mn)
Table 8. Japan Cannabis Market Revenue and Forecasts to 2027, By Product Type (US$ Mn)
Table 9. Japan Cannabis Market Revenue and Forecasts to 2027, By Application (US$ Mn)
Table 10. Japan Medical Market Revenue and Forecasts to 2027, By Type (US$ Mn)
Table 11. Japan Cannabis Market Revenue and Forecasts to 2027, By Compound (US$ Mn)
Table 12. China Cannabis Market Revenue and Forecasts to 2027, By Product Type (US$ Mn)
Table 13. China Cannabis Market Revenue and Forecasts to 2027, By Application (US$ Mn)
Table 14. China Medical Market Revenue and Forecasts to 2027, By Type (US$ Mn)
Table 15. China Cannabis Market Revenue and Forecasts to 2027, By Compound (US$ Mn)
Table 16. India Cannabis Market Revenue and Forecasts to 2027, By Product Type (US$ Mn)
Table 17. India Cannabis Market Revenue and Forecasts to 2027, By Application (US$ Mn)
Table 18. India Medical Market Revenue and Forecasts to 2027, By Type (US$ Mn)
Table 19. India Cannabis Market Revenue and Forecasts to 2027, By Compound (US$ Mn)
Table 20. Australia Cannabis Market Revenue and Forecasts to 2027, By Product Type (US$ Mn)
Table 21. Australia Cannabis Market Revenue and Forecasts to 2027, By Application (US$ Mn)
Table 22. Australia Medical Market Revenue and Forecasts to 2027, By Type (US$ Mn)
Table 23. Australia Cannabis Market Revenue and Forecasts to 2027, By Compound (US$ Mn)
Table 24. South Korea Cannabis Market Revenue and Forecasts to 2027, By Product Type (US$ Mn)
Table 25. South Korea Cannabis Market Revenue and Forecasts to 2027, By Application (US$ Mn)
Table 26. South Korea Medical Market Revenue and Forecasts to 2027, By Type (US$ Mn)
Table 27. South Korea Cannabis Market Revenue And Forecasts to 2027, By Compound (US$ Mn)
Table 28. Glossary of Terms, Cannabis Market
LIST OF FIGURES
Figure 1. Cannabis Market Segmentation
Figure 2. Cannabis Market Segmentation – By Region
Figure 3. Asia Pacific Cannabis Market Overview
Figure 4. Flowers Segment Held Largest Share Of Product Type Segment In The Cannabis Market
Figure 5. China Is Expected to Show Remarkable Growth During the Forecast Period
Figure 6. Asia Pacific Analysis
Figure 7. Asia Pacific Cannabis Market – Revenue Forecast And Analysis – 2019- 2027
Figure 8. Market Positioning Of Key Players In Cannabis Market
Figure 9. Cannabis Market Revenue Share, by Product Type, 2019 and 2027 (%)
Figure 10. Flowers Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 11. Concentrates Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 12. Others Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 13. Cannabis Market, by Application 2019 and 2027 (%)
Figure 14. Medical Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 15. Pain Management Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 16. Neurological Health Management Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 17. Mental Health Management Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 18. Others Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 19. Recreational Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 20. Cannabis Market, by Compound, 2019 and 2027 (%)
Figure 21. Tetrahydrocannabinol (THC)-Dominant Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 22. Cannabidiol (CBD)-Dominant Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 23. Balanced THC and CBD Market Revenue And Forecasts To 2027 (US$ Mn)
Figure 24. Asia Pacific: Cannabis Market, by Key Country – Revenue (2019) (USD Million)
Figure 25. Asia Pacific Cannabis Market Revenue and Forecast to 2027 (USD Million)
Figure 26. Asia Pacific Cannabis Market Revenue and Forecasts To 2027, By Country (%)
Figure 27. Japan Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 28. China Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 29. India Oncology Drugs Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 30. Australia Cannabis Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 31. South Korea Cannabis Market Revenue and Forecasts To 2027 (US$ Mn)
Figure 32. Impact of COVID-19 Pandemic on Cannabis Market in Asia Pacific Countries
The List of Companies - Asia Pacific Cannabis Market
- Cannabis Science, Inc.
- Tikun Olam
- Terra Tech Corp
- Tilray
- The Cronos Group
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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