Asia Pacific Cannabidiol Market Revenue to Exceed USD 1.9 Billion by 2027

The Asia Pacific cannabidiol market is poised to gain immense momentum over the forecast years owing to the high product usage among individuals to treat medical conditions such as Parkinson’s disease, muscle disorders, seizures, and anxiety disorders among others. 
 
In the last few years, CBD based products have been sold as supplements across numerous countries like Thailand, Australia, Japan and others. CBD is also claimed to have the ability to deliver additional benefits for various diseases, without any negative effects. For example, Cannabidiol has been studied for its pain-relieving effects in patients having neuropathic and chronic pain, particularly when they are unaffected by other types of treatments.
 
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Cannabidiol was legalized in Australia, Japan, and New Zealand after being approved by their governing bodies and have in fact since observed a rapid surge in sale of CBD based product. At present, the drug has been approved in about 28 countries owing to the positively shifting regulatory landscape in various countries. As a result, with such product approvals and changing regulatory landscape, the overall Asia Pacific cannabidiol market is expected to grow at a lucrative rate over the forecast time period.
 
MEDLAB CLINICAL, CV Sciences, Inc., Aurora Cannabis, Cronos Group, Bod Australia Ltd, Canopy Growth Corporation, and ECOFIBRE among others are some of the key players operating in the Asia Pacific cannabidiol market.

 
In terms of application, the chronic pain application segment will exceed a valuation of more than $570 million by the end of 2027. The growing use of cannabidiol products like capsules and oils for curbing chronic pain is one of the key factors augmenting the industry growth. For example, as per the AIHW (Australian Institute of Health and Welfare), chronic pain is a common as well as a complex condition that is characterized with constant pain experienced almost every day of the week, affecting around 1 in 5 people of Australia who are aged 45 or above.
 
With respect to route of administration, in 2020, the oral route segment dominated and accounted for a market share of more than 53.1% and is expected to witness robust growth over the coming time period. The growth is accredited to the high usage of oral cannabidiol products such as tablets, capsules, tinctures, and oils. Additionally, the launch of oral drugs for treating numerous types of syndromes like Dravet syndrome and Lennox-Gastaut syndrome will also spur the market growth.
 
The overall Asia Pacific cannabidiol market is classified into hemp and marijuana. Among these, the marijuana source segment is likely to account for more than $557.1 million by the end of the analysis timeframe. The growth can be chalked to the product development where THC plays an essential role for neurological disorders like epilepsy, Alzheimer’s, dementia as well as other movement ailments.


On the geographical front, in 2020, the CBD market size in Australia was valued at more than $30.5 million and is projected to show around 35.4% CAGR through the analysis timeline. The growth is majorly accredited to the legalization of CBD products and increasing government support across the country.
 
Citing an instance, Australian government, in September 2020, announced plans to reschedule low dose cannabidiol products that will allow customers to legally buy CBD products OTC. Subsequently, with rising prevalence of diseases across APAC, the adoption of CBD products has experienced high growth in the recent years. 
           
Table of Contents (ToC) of the report:

Chapter 1.     Methodology
1.1.   Definition and forecast parameters
1.1.1.  Definitions
1.1.2.  Methodology and forecast parameters
1.2.   Data sources 
1.3.   References & sources
1.3.1.  Secondary
1.3.2.  Primary

Chapter 2.     Executive Summary
2.1.   Asia Pacific cannabidiol market summary, 2016 – 2027
2.1.1.  Country trends
2.1.2.  Product trends
2.1.3.  Application trends
2.1.4.  Route of administration trends
2.1.5.  Source trends
2.1.6.  Distribution channel trends

Browse complete Table of Contents (ToC) of this research report @ https://www.graphicalresearch.com/table-of-content/1824/asia-pacific-cannabidiol-cbd-market
 
About Graphical Research:

Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.

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