The Asia Pacific cannabidiol market size is anticipated to grow and be worth USD 15.66 billion by 2029 from 5.02 billion in 2024, with a CAGR of 25.54% during the forecast period.
The growing R&D activities around cannabidiol, strong collaboration and emphasis on innovation are majorly propelling the growth of the Asia-Pacific market. The growth in Asia’s scientific and research capabilities, coupled with the cultural history of cannabis in the region, is driving the cannabidiol market. The countries in the region are encouraging the use of cannabidiol for treating patients. For instance, in March 2023, the Cannabis 2023 conference was held in Australia regarding advancements in cannabidiol-based drugs in the Asia Pacific and had attendees including policymakers, government authorities, global leaders, healthcare professionals, scientists, and patients from all around the world.
An increase in awareness about the benefits of cannabidiol is expanding the market share in the region. Both cannabis-derived cannabidiol and industrial hemp-derived cannabidiol are becoming popular, but CBD from cannabis is more effective. Also, APAC countries are passing laws governing the cultivation, export, and patient access of cannabis. As a result, the demand for cannabidiol from licensed producers and for medical research increased manyfold.
The APAC cannabidiol market growth is fueled by the expansion of science as well as by the growing interest from patients and the medical community. For instance, the demand for cannabidiol products has increased in Australia, and the number of licensed doctors has gone up, which further improved cannabidiol access to patients. Advancements in cannabidiol technology will boost the demand for cannabidiol products, like the integration of innovative techniques with research to improve active compound’s potential. Therefore, such developments will propel the market share during the forecast period.
Major factors limiting the growth of the APAC cannabidiol market are continuous regulatory changes, little knowledge about raw material quality, limited awareness, correct production practice, molecular absorption, etc. Also, the high cost of cannabidiol products is another issue in front of the APAC market. It is more popular among patients with anxiety, pain, epilepsy, and sleep problems, which increases the prices of these products. Furthermore, companies are also finding it difficult to raise funds because of changing legal status. This increases the cost of products. The side effects of cannabidiol products are one of the major challenges for the APAC cannabidiol market. Also, poor implementation of quality control standards and regulations is hindering the market growth rate. Since cannabis became legal in some Asian countries, daily usage has increased considerably, especially by young adults.
This research report on the Asia-Pacific cannabidiol market has been segmented & sub-segmented into the following categories:
Asia-Pacific Cannabidiol Market - By Type:
Asia-Pacific Cannabidiol Market - By Distribution Channel:
Asia-Pacific Cannabidiol Market - By End Users:
Asia-Pacific Cannabidiol Market - By Country:
Geographically, the Asia-Pacific cannabidiol market is projected to have the highest CAGR during the forecast period owing to the growing number of older people and rising occurrences of various health disorders are two major factors propelling the regional market growth. The Chinese cannabidiol market is predicted to account for the major share of the Asia-Pacific market during the forecast period due to the rising awareness of CBD oil's medicinal benefits. China's government permits less than 0.3% of tetrahydrocannabinol (THC). CBD oil-based products such as cosmetics, medicine, and others can be easily available in the shops. They are increasing their knowledge of crop cultivation according to the climatic conditions in promoting the growth rate of the market.
The Indian Cannabidiol Market is next to China, leading the dominant share of the market. Ongoing research and development activities in medicinal products using CBD oil are leveling up the market's growth rate. Increasing incidences of chronic diseases are likely to boost the market demand. CBD oil has various benefits in treating headaches, sleep disorders, cardiovascular problems, and others. For cancer treatment, CBD oil is a natural alternative for pain relief. These beneficial factors contribute to the highest market share in India.
The Japanese Cannabidiol Market is likely to have significant growth opportunities in the coming years by adopting the latest techniques in the healthcare sector.
KEY MARKET PARTICIPANTS:
Some of the notable companies playing a leading role in the APAC Cannabidiol Market profiled in this report are Pharmahemp d.o.o, ENDOCA, NuLeaf Naturals LLC, Folium Biosciences, Elixinol, Cannoid LLC, Medical Marijuana Inc., and Isodiol International Inc.
The growing awareness of CBD benefits, changing regulatory landscapes, and growing acceptance of cannabis-based products are majorly driving the growth of the APAC cannabidiol market.
China, Japan, South Korea, and Australia are primarily contributing to the APAC cannabidiol market.
Challenges include regulatory uncertainties, limited awareness, and the need for standardized product quality.
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