Asia Pacific Medical Marijuana Market Forecast to 2028

Asia Pacific Medical Marijuana Market Forecast to 2028

Asia Pacific Medical Marijuana Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product Type (Dried Form and Extract Form), Application (Pain Management, Tourette’s, Alzheimer’s Disease, Migraines, Depression and Anxiety, Multiple Sclerosis, Cancer, and Others), and Distribution Channel (Retail Pharmacy, E-Commerce, and Others)

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Description

The Asia Pacific medical marijuana market is expected to grow from US$ 2,115.23 million in 2022 to US$ 6,203.80 million by 2028. It is estimated to register a CAGR of 19.6% from 2022 to 2028.

Regional Trade and Collaboration in the Medical Marijuana Market Fuels Asia Pacific Medical Marijuana Market Growth

The future landscape of the medical marijuana market in Asia holds the promise of increased regional trade and collaborative efforts among neighboring countries. This emerging trend is underpinned by several significant factors. Firstly, as more Asian nations embark on the path of exploring medical marijuana legalization, they stand to benefit from mutual knowledge sharing and resource pooling, expediting the industry’s growth and maturation. Collaborative ventures in areas such as research and development, cultivation techniques, and harmonizing regulatory frameworks can yield efficiencies and foster more effective medical cannabis programs across the region. Moreover, regional trade agreements can be instrumental in facilitating the seamless flow of medical marijuana products across borders, thereby expanding the market’s reach, and fostering a tightly interlinked industry. Collaborative endeavors may encompass the standardization of quality control protocols and the exchange of best practices pertaining to patients access and education.

Asia Pacific Medical Marijuana Market Overview

The Asia Pacific medical marijuana market is segmented into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Asia Pacific is expected to be the fastest-growing region. The market in Asia Pacific is expected to grow rapidly owing to factors such as increasing research on medical cannabis, the rising cannabis industry, and increasing awareness regarding the benefits associated with medical cannabis. However, restrictions on the use of cannabis in the region may hinder the growth of the market during the forecast period.

Asia Pacific Medical Marijuana Market Revenue and Forecast to 2028 (US$ Million)

Asia Pacific Medical Marijuana Market Segmentation

The Asia Pacific medical marijuana market is segmented into product type, application, distribution channel, and country.

Based on product type, the Asia Pacific medical marijuana market is segmented into dried form and extract form. The extract form segment held a larger share of the Asia Pacific medical marijuana market in 2022.

Based on application, the Asia Pacific medical marijuana market is segmented into pain management, Tourette’s, Alzheimer’s disease, migraines, depression and anxiety, multiple sclerosis, cancer, and others. The pain management segment held the largest share of the Asia Pacific medical marijuana market in 2022.

Based on distribution channel, the Asia Pacific medical marijuana market is segmented into retail pharmacy, e-commerce, and others. The retail pharmacy segment held the largest share of the Asia Pacific medical marijuana market in 2022.

Based on country, the Asia Pacific medical marijuana market is segmented into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific medical marijuana market in 2022.

Aphria, Inc.; Canopy Growth Corporation; GW Pharmaceuticals; and VIVO Cannabis Inc are some of the leading companies operating in the Asia Pacific medical marijuana market.

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At 19.6% CAGR, the Asia Pacific Medical Marijuana Market is speculated to be worth US$ 6,203.80 million by 2028, says the research team

According to the research team’ research, the Asia Pacific medical marijuana market was valued at US$ 2,115.23 million in 2022 and is expected to reach US$ 6,203.80 million by 2028, registering a CAGR of 19.6% from 2022 to 2028. Increasing approvals of medical marijuana is the critical factor attributed to the Asia Pacific medical marijuana market expansion.

The burgeoning consumer product market with the medical marijuana industry in Asia offers a diverse array of opportunities. This market encompasses a wide range of cannabis-infused products tailored to meet the therapeutic and wellness needs of consumers. CBD-based products, renowned for their potential health benefits without the psychoactive effects of THC, are gaining prominence. Nutraceuticals, supplements, and wellness products infused with CBD provide holistic approaches to health, aligning with Asia’s wellness culture. Skincare and cosmetics incorporating CBD are valued for their anti-inflammatory properties. The market also includes cannabis-infused beverages, edibles, and traditional culinary offerings, providing convenient and discreet consumption options. Vaporizers, inhalable products, and even CBD-infused pet products contribute to this growing sector. For entrepreneurs and businesses in Asia, this market presents an opportunity to cater to health-conscious consumers.

On the contrary, cultural and social stigma hampers the Asia Pacific medical marijuana market.

Based on product type, the Asia Pacific medical marijuana market is segmented into dried form and extract form. The extract form segment held 62.2% share of Asia Pacific Medical Marijuana Market in 2022, amassing US$ 1,315.75 million. It is projected to garner US$ 3,874.89 million by 2028 to expand at 19.7% CAGR during 2022–2028.

Based on application, the Asia Pacific medical marijuana market is segmented into pain management, tourette’s, alzheimer’s disease, migraines, depression and anxiety, multiple sclerosis, cancer, and others. The pain management segment held 25.3% share of Asia Pacific Medical Marijuana Market in 2022, amassing US$ 535.48 million. It is projected to garner US$ 1,524.42 million by 2028 to expand at 19.0% CAGR during 2022–2028.

Based on distribution channel, the Asia Pacific medical marijuana market is segmented into retail pharmacy, e-commerce, and others. The retail pharmacy segment held 45.6% share of Asia Pacific Medical Marijuana Market in 2022, amassing US$ 964.35 million. It is projected to garner US$ 2,807.00 million by 2028 to expand at 19.5% CAGR during 2022–2028.

Based on country, the Asia Pacific medical marijuana market is segmented into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 28.1% share of Asia Pacific medical marijuana market in 2022. It was assessed at US$ 595.14 million in 2022 and is likely to hit US$ 1,788.43 million by 2028, exhibiting a CAGR of 20.1% during 2022–2028.

Key players operating the Asia Pacific medical marijuana market are Aphria, Inc.; Canopy Growth Corporation; GW Pharmaceuticals; and VIVO Cannabis Inc, among others.

In November 2021, VIVO Cannabis Inc. launched its newest medical cannabis product formulation: high-dose cannabidiol (CBD) oil under its Beacon Medical brand. The entire family of Beacon Medical oil products are formulated using a non-GMO, food-grade medium-chain triglycerides (MCT) carrier oil which results in the final product being both scentless and flavorless in taste. VIVO simultaneously launched a Pediatric Compassionate Care Program to support caregivers and families requiring medical cannabis to treat a variety of pediatric conditions.

o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia Pacific medical marijuana market .
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in Asia Pacific medical marijuana market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.

TABLE OF CONTENTS

1. Introduction
1.1 Scope of the Study
1.2 The Research Team Report Guidance
1.3 Market Segmentation
1.3.1 Asia Pacific Medical Marijuana Market – by Product
1.3.2 Asia Pacific Medical Marijuana Market – by Application
1.3.3 Asia Pacific Medical Marijuana Market – by Distribution Channel
1.3.4 Asia Pacific Medical Marijuana Market – by Country
2. Asia Pacific Medical Marijuana Market – Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific Medical Marijuana Market – Market Landscape
4.1 Overview
4.2 Asia Pacific– PEST Analysis
4.3 Expert Opinion
5. Asia Pacific Medical Marijuana Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Approvals of Medical Marijuana
5.2 Market Restraints
5.2.1 Cultural and Social Stigma
5.3 Market Opportunities
5.3.1 Consumer Product Market for Medical Marijuana:
5.4 Future Trends
5.4.1 Regional Trade and Collaboration in the Medical Marijuana Market
5.5 Impact Analysis
6. Medical Marijuana Market –Asia Pacific Analysis
6.1 Asia Pacific Medical Marijuana Market Revenue Forecast and Analysis
7. Asia Pacific Medical Marijuana Market Revenue and Forecast To 2028– by Product
7.1 Overview
7.2 Asia Pacific Medical Marijuana Market Revenue Share, by Product (2021 and 2028)
7.3 Dried Form
7.3.1 Overview
7.3.2 Dried Form: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Extract Form
7.4.1 Overview
7.4.2 Extract Form: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
8. Asia Pacific Medical Marijuana Market Analysis – by Application
8.1 Overview
8.2 Asia Pacific Medical Marijuana Market Revenue Share, by Application (2021 and 2028)
8.3 Pain Management
8.3.1 Overview
8.3.2 Pain Management: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Tourette’s
8.4.1 Overview
8.4.2 Tourette’s: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Alzheimer’s Disease
8.5.1 Overview
8.5.2 Alzheimer’s Disease: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
8.6 Migraines
8.6.1 Overview
8.6.2 Migraines: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
8.7 Depression and Anxiety
8.7.1 Overview
8.7.2 Depression and Anxiety: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
8.8 Multiple Sclerosis
8.8.1 Overview
8.8.2 Multiple Sclerosis: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
8.9 Cancer
8.9.1 Overview
8.9.2 Cancer: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
8.10 Others
8.10.1 Overview
8.10.2 Others: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
9. Asia Pacific Medical Marijuana Market – by Distribution Channel
9.1 Overview
9.2 Asia Pacific Medical Marijuana Market, by Distribution Channel (2021 and 2028)
9.3 Retail Pharmacy
9.3.1 Overview
9.3.2 Retail Pharmacy: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
9.4 E-Commerce
9.4.1 Overview
9.4.2 E-commerce: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
9.5 Others
9.5.1 Overview
9.5.2 Others: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
10. Asia Pacific Medical Marijuana Market Revenue and Forecast to 2028 – Country Analysis
10.1 Overview
10.1.1 Asia Pacific Medical Marijuana Market, by Country, 2021 & 2028 (%)
10.1.1.1 China: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.1.1 China: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.1.2 China: Asia Pacific Medical Marijuana Market, by Product, 2019–2028 (US$ Million)
10.1.1.1.3 China: Asia Pacific Medical Marijuana Market, by Application, 2019–2028 (US$ Million)
10.1.1.1.4 China: Asia Pacific Medical Marijuana Market, by Distribution Channel, 2019–2028 (US$ Million)
10.1.1.2 Japan: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.2.1 Japan: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.2.2 Japan: Asia Pacific Medical Marijuana Market, by Product, 2019–2028 (US$ Million)
10.1.1.2.3 Japan: Asia Pacific Medical Marijuana Market, by Application, 2019–2028 (US$ Million)
10.1.1.2.4 Japan: Asia Pacific Medical Marijuana Market, by Distribution Channel, 2019–2028 (US$ Million)
10.1.1.3 India: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.3.1 India: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.3.2 India: Asia Pacific Medical Marijuana Market, by Product, 2019–2028 (US$ Million)
10.1.1.3.3 India: Asia Pacific Medical Marijuana Market, by Application, 2019–2028 (US$ Million)
10.1.1.3.4 India: Asia Pacific Medical Marijuana Market, by Distribution Channel, 2019–2028 (US$ Million)
10.1.1.4 Australia: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.4.1 Australia: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.4.2 Australia: Asia Pacific Medical Marijuana Market, by Product, 2019–2028 (US$ Million)
10.1.1.4.3 Australia: Asia Pacific Medical Marijuana Market, by Application, 2019–2028 (US$ Million)
10.1.1.4.4 Australia: Asia Pacific Medical Marijuana Market, by Distribution Channel, 2019–2028 (US$ Million)
10.1.1.5 South Korea: Asia Pacific Medical Marijuana Market– Revenue and Forecast to 2028 (US$ Million)
10.1.1.5.1 South Korea: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.5.2 South Korea: Asia Pacific Medical Marijuana Market, by Product, 2019–2028 (US$ Million)
10.1.1.5.3 South Korea: Asia Pacific Medical Marijuana Market, by Application, 2019–2028 (US$ Million)
10.1.1.5.4 South Korea: Asia Pacific Medical Marijuana Market, by Distribution Channel, 2019–2028 (US$ Million)
10.1.1.6 Rest of Asia Pacific: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.6.1 Rest of Asia Pacific: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.6.2 Rest of Asia Pacific: Asia Pacific Medical Marijuana Market, by Product, 2019–2028 (US$ Million)
10.1.1.6.3 Rest of Asia Pacific: Asia Pacific Medical Marijuana Market, by Application, 2019–2028 (US$ Million)
10.1.1.6.4 Rest of Asia Pacific: Asia Pacific Medical Marijuana Market, by Distribution Channel, 2019–2028 (US$ Million)
11. Asia Pacific Medical Marijuana Market – Industry Landscape
11.1 Overview
11.2 Growth Strategies in the Asia Pacific Medical Marijuana Market (%)
11.3 Organic Developments
11.3.1 Overview
11.4 Inorganic Developments
11.4.1 Overview
12. Company Profiles
12.1 VIVO Cannabis Inc
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Aphria, Inc.
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Canopy Growth Corporation
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 GW Pharmaceuticals
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
13. Appendix
13.1 About Research Team
13.2 Glossary of Terms for Asia Pacific Medical Marijuana Market

LIST OF TABLES

Table 1. China: Asia Pacific Medical Marijuana Market, by Product – Revenue and Forecast to 2028 (US$ Million)
Table 2. China: Asia Pacific Medical Marijuana Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 3. China: Asia Pacific Medical Marijuana Market, by Distribution Channel – Revenue and Forecast to 2028 (US$ Million)
Table 4. Japan: Asia Pacific Medical Marijuana Market, by Product – Revenue and Forecast to 2028 (US$ Million)
Table 5. Japan: Asia Pacific Medical Marijuana Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 6. Japan: Asia Pacific Medical Marijuana Market, by Distribution Channel – Revenue and Forecast to 2028 (US$ Million)
Table 7. India: Asia Pacific Medical Marijuana Market, by Product – Revenue and Forecast to 2028 (US$ Million)
Table 8. India: Asia Pacific Medical Marijuana Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 9. India: Asia Pacific Medical Marijuana Market, by Distribution Channel – Revenue and Forecast to 2028 (US$ Million)
Table 10. Australia: Asia Pacific Medical Marijuana Market, by Product – Revenue and Forecast to 2028 (US$ Million)
Table 11. Australia: Asia Pacific Medical Marijuana Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 12. Australia: Asia Pacific Medical Marijuana Market, by Distribution Channel – Revenue and Forecast to 2028 (US$ Million)
Table 13. South Korea: Asia Pacific Medical Marijuana Market, by Product – Revenue and Forecast to 2028 (US$ Million)
Table 14. South Korea: Asia Pacific Medical Marijuana Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 15. South Korea: Asia Pacific Medical Marijuana Market, by Distribution Channel – Revenue and Forecast to 2028 (US$ Million)
Table 16. Rest of Asia Pacific: Asia Pacific Medical Marijuana Market, by Product – Revenue and Forecast to 2028 (US$ Million)
Table 17. Rest of Asia Pacific: Asia Pacific Medical Marijuana Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 18. Rest of Asia Pacific: Asia Pacific Medical Marijuana Market, by Distribution Channel – Revenue and Forecast to 2028 (US$ Million)
Table 19. Organic Developments in the Asia Pacific Medical Marijuana Market
Table 20. Inorganic Developments in the Asia Pacific Medical Marijuana Market
Table 21. Glossary of Terms for Asia Pacific Medical Marijuana Market

LIST OF FIGURES

Figure 1. Asia Pacific Medical Marijuana Market Segmentation
Figure 2. Asia Pacific Medical Marijuana Market, By Country
Figure 3. Asia Pacific Medical Marijuana Market Overview
Figure 4. Extract Form Held Largest Share of Product Segment in Asia Pacific Medical Marijuana Market
Figure 5. Asia Pacific Region to Show Remarkable Growth During Forecast Period
Figure 6. Asia Pacific PEST Analysis
Figure 7. Asia Pacific Medical Marijuana Market– Revenue Forecast and Analysis – 2020- 2028
Figure 8. Asia Pacific Medical Marijuana Market Revenue Share, by Product (2021 and 2028)
Figure 9. Dried Form: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
Figure 10. Extract Form: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
Figure 11. Asia Pacific Medical Marijuana Market Revenue Share, by Application (2021 and 2028)
Figure 12. Pain Management: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
Figure 13. Tourette’s: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. Alzheimer’s Disease: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. Migraines: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. Depression and Anxiety: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. Multiple Sclerosis: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. Cancer: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. Others: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. Asia Pacific Medical Marijuana Market, by Distribution Channel (2021 and 2028)
Figure 21. Retail Pharmacy: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. E-commerce: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Others: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Asia Pacific Medical Marijuana Market, by Key Country – Revenue (2021) (US$ Million)
Figure 25. Asia Pacific Medical Marijuana Market, by Country, 2021 & 2028 (%)
Figure 26. China: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Japan: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. India: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
Figure 29. Australia: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
Figure 30. South Korea: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
Figure 31. Rest of Asia Pacific: Asia Pacific Medical Marijuana Market – Revenue and Forecast to 2028 (US$ Million)
Figure 32. Growth Strategies in the Asia Pacific Medical Marijuana Market (%)

The List of Companies – Asia Pacific Medical Marijuana Market

o Aphria, Inc.
o Canopy Growth Corporation
o GW Pharmaceuticals
o VIVO Cannabis Inc

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