(MENAFN- GlobeNewsWire - Nasdaq) The Australian legal cannabis market, valued at USD 123.9M in 2024, is projected to reach USD 540.6M by 2030, with a CAGR of 23.70%. Growth drivers include cannabis legalization, government initiatives, and new product launches. Market highlights: hemp dominates revenue, CBD leads the market, and industrial applications prevail. Explore comprehensive market insights, trends, and competitive strategies for informed decisions.Dublin, July 11, 2025 (GLOBE NEWSWIRE) -- The "Australia Legal Cannabis Market Size, Share & Trends Analysis Report by Source (Marijuana, Hemp), Derivative (CBD, THC), End-use (Medical, Recreational, Industrial), with Growth Forecasts, 2025-2030" has been added to ResearchAndMarkets.com's offering.
The Australia Legal Cannabis Market, valued at USD 123.9 million in 2024, is projected to expand significantly to USD 540.6 million by 2030, with a CAGR of 23.70%.
Key factors such as an increasing patient base, advances in cannabis legalization, governmental initiatives, and a mix of domestic and international market players contribute to this anticipated growth. Highlighting this trend, the Penington Institute reported in 2022 that approximately 250,000 medicinal cannabis prescriptions had been sanctioned by mid-2022.
The burgeoning cannabis industry is driven by growing acceptance of marijuana for both medical and adult applications. In Australia, medical use is already legalized, and there's potential for extending legalization to recreational use. Such measures are seen as strategies to diminish the illegal marijuana trade while bolstering tax revenues from legal cannabis sales. Moreover, the introduction of novel cannabis products is set to fuel market expansion. Notably, in September 2023, MediPharm Labs Corp. unveiled GMP cannabis products, including Beacon inhalation cartridges and medical cannabis oil, within the Australian healthcare landscape.
The increasing number of patients using medical marijuana for its therapeutic benefits is evident. The sector is seeing growth in the number of companies, with several being listed on the Australian Stock Exchange (ASX). This evolution enables small enterprises and entrepreneurs to carve out a niche in the legal cannabis market by applying for cultivation licenses, often attracting funding or acquisition by larger entities. For instance, in October 2023, Vitura Health Limited acquired Doctors On Demand, a telehealth service, marking its entry into new service and product verticals.
Rising awareness about cannabis's therapeutic applications and the launch of cannabis-based products enhance market dynamics. Illustratively, the Penington Institute data indicates that by 2021, the Therapeutic Goods Administration (TGA) approved 70,000 medicinal cannabis prescriptions for chronic pain. Additional approvals cover issues like sleep disorders, anxiety, and cancer-related pain.
Australia Legal Cannabis Market Report Highlights
The hemp segment dominated the market, capturing a revenue share of 67.1% in 2024, with the marijuana segment expected to exhibit the fastest growth. The CBD segment secured the largest market share at 63.5% in 2024, with the THC segment predicted to grow significantly. The industrial application segment led the market, with a major revenue share of 63.6% in 2024; the recreational segment is forecasted to expand most rapidly.
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Comprehensive Market Analysis: Obtain in-depth insights across major regions and segments. Competitive Landscape: Understand the market presence of leading players. Future Trends: Recognize key trends and drivers shaping the market. Actionable Recommendations: Leverage insights to identify new revenue opportunities and guide strategic decisions.
This report addresses:
Market intelligence to support effective decision-making Market estimates and forecasts spanning 2018 to 2030 Identification of growth opportunities and trend analysis Revenue forecasts by segment and region for market evaluation Competitive strategy and market share assessment Product innovation listings to keep you ahead
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