Exploring the Cannabis Frontier in Asia Pacific

The growth and trends of the cannabis market have opened up many opportunities in the APAC regions.

FREMONT, CA: The Asia Pacific (APAC) cannabis market is experiencing remarkable growth, propelled by a confluence of factors such as increasing demand for medical cannabis, the progressive legalisation of recreational cannabis in select countries, and an increase in industry investments.

The cannabis industry is primed for significant growth, with a projected increase to an outstanding USD 13.3 billion by 2028, representing a powerful compound annual growth rate (CAGR) of 27.6 per cent. Notably, China emerged as the APAC region's largest cannabis market, closely followed by India, Japan, and South Korea.

Trends Shaping the Cannabis Market

Cannabidiol (CBD), a non-psychoactive chemical present in cannabis, is rapidly gaining popularity in the region. Its comprehensive utility, which includes pain treatment, anxiety control, and sleep enhancement, has won many customers.

Cannabis-infused consumables are becoming increasingly popular because of their non-smoking or vaping qualities. This is primarily due to the discreet and convenient nature of edible cannabis ingestion.

Due to the convenience and anonymity given by e-commerce platforms, online selling of cannabis products is gaining significant traction. This has helped consumers who are living in areas where cannabis is not yet legal.

A new wave of cannabis product categories is emerging. Topicals and cosmetics are products designed to appeal to a broader consumer base. These topicals are used to treat several skin conditions, and it is also used to enhance skin health and beauty. These product categories are making cannabis more accessible to consumers who may not have been interested in traditional cannabis products.

Abundant Opportunities in the Asia Pacific Region

Increase in Medical Cannabis Demand: The region's desire for medical cannabis is growing. Growing knowledge of cannabis's therapeutic effects, as well as the expanding legalisation of medical cannabis, are driving this trend.

Recreational Cannabis Legalisation: The legalisation of recreational cannabis in countries, such as Thailand, is a big boost to the region's cannabis sector.

Growing Investment: Growing investments in the cannabis sector in the APAC region point to a bright future for the business.

With a growing population and heightened awareness of the numerous advantages connected with cannabis use, the APAC cannabis market is fast evolving. Although it is still in its infancy, the potential is enormous, setting it to become one of the world's greatest cannabis marketplaces.