According to a report by Data Bridge Market Research, the cannabis market is anticipated to experience a significant growth rate of 29.1% from 2021 to 2028. The report examines and predicts the various factors that are likely to influence the market's growth throughout the forecast period. It also explores the impact of these factors on the market. The growth of the cannabis market is being fueled by the expansion of the functional food industry.
Asia-Pacific Cannabis Market analysis report figures out market landscape, brand awareness, latest trends, possible future issues, industry trends and customer behavior so that the business can stand high in the crowd. It includes extensive research on the current conditions of the industry, potential of the market in the present and the future prospects from various angles. This market report comprises of data that can be pretty essential when it comes to dominating the market or making a mark in the Food and Beverage industry as a new emergent. To bestow clients with the best results, Data bridge market research document is produced by using integrated approaches and latest technology.
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Market Insights and Scope
Cannabis, a tall plant with a stiff upright stem, is widely used as a drug and is increasingly being legalized for medical purposes. Medical cannabis refers to plant-derived psychotropic drugs used for treating various medical conditions. It is sourced from sativa and hybrid cannabis plants, as well as cannabis indica, and contains active ingredients such as tetrahydrocannabinol (THC) and cannabidiol (CBD). Cannabis products are available in various forms such as oils and capsules.
The growth of the cannabis market is being driven by an increase in health consciousness across the region. The demand for cannabis oil is increasing in countries where medical marijuana is legal, and there is a rise in the number of people suffering from chronic illnesses such as Parkinson's, Alzheimer's, and cancer, among other neurological disorders. The growth in the medical applications of cannabis, along with active research into genetic development and modification of the plant, are also contributing to the market growth. In addition, factors such as a surge in disposable income, growth in awareness regarding the benefits of the product, rise in social acceptance of marijuana, change in lifestyle, rapid urbanization, and increase in legalization of cannabis are positively affecting the cannabis market. Moreover, research on product development and novel delivery solutions are creating profitable opportunities for market players in the forecast period from 2021 to 2028.
An excellent Data bridge market research report covers the systematic and comprehensive market research study, to provide the facts and figures allied with any subject in the field of marketing. With the specific and state-of-the-art information presented in this industry report, businesses can be aware about the types of consumers, consumer’s demands and preferences, their perspectives about the product, their buying intentions, their response to particular product, and their varying tastes about the specific product already existing in the Food and Beverage industry. Quality and transparency are strictly maintained while carrying out research studies to offer an exceptional market research report for specific niche.
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Industry Segmentation and Size
The cannabis market is segmented on the basis of product type, compound, crop variety, application and distribution channel. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of product type, the cannabis market is segmented into flowers, concentrates and other product types. Other product types are further segmented into capsules, topicals, edibles, and beverages.
- On the basis of compound, the cannabis market is segmented into Tetrahydrocannabinol (THC)-dominant, Cannabidiol (CBD)-dominant and Balanced THC and CBD.
- On the basis of crop variety, the cannabis market is segmented into cannabis indica, cannabis sativa, and others.
- On the basis of application, the cannabis market is segmented into medical and recreational.
- On the basis of distribution channel, the cannabis market is segmented into physical, digital and others.
Market Country Level Analysis
The cannabis market is analyzed and market size insights and trends are provided by country, type, compound, crop variety, application and distribution channel as referenced above.
- The countries covered in the Asia-Pacific cannabis market report are Japan, China, South Korea, India, Australia, Singapore, Thailand, Indonesia, Malaysia, Philippines, New Zealand, Vietnam, and the Rest of Asia-Pacific.
- China dominates the Asia-Pacific cannabis market owning to the vast plantation of cannabis and high investments in the region.
Industry Share Analysis
The major players covered in the cannabis market report are
- Tilray, Marley Natural, Aurora Cannabis, Cara Therapeutics, ARUMA LABS HOLDINGS PTY LIMITED, Medcan Australia, Sundial Growers Inc., Canopy Growth Corporation, GW Pharmaceuticals plc, The Scotts Company LLC, Aphria Inc., VIVO Cannabis Inc., Cannatrek, O.penVAPE Shop., and The Cronos Group, among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Asia-Pacific Cannabis Market Report Answers the Following Questions:
What is the expected growth rate of the Asia-Pacific cannabis market during the forecast period?
What are the various factors that are likely to drive the growth of the Asia-Pacific cannabis market?
What are the medical applications of cannabis in the Asia-Pacific region?
What are the different forms of cannabis products available in the Asia-Pacific market?
What are the major challenges faced by the Asia-Pacific cannabis market, and how are they being addressed?
Who are the key players operating in the Asia-Pacific cannabis market, and what are their strategies for growth?
What are the emerging trends in the Asia-Pacific cannabis market, and how are they expected to shape the market in the coming years?
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