Key Findings
The Australia & New Zealand cannabis extraction & analytical testing market is predicted to develop with a CAGR of 16.94% during the forecast years, 2023 to 2030. Australia is one of the largest importers of unapproved medical cannabis products, as well as cannabis for scientific purposes worldwide, along with Israel and Germany.

Market Insights
In Australia, only two of more than 300 medicinal cannabis products are currently available in the Australian Register of Therapeutic Goods (ARTG). All remaining products are unregistered and can only be accessed with TGA approval via the special access scheme (SAS). The demand for medicinal cannabis is growing in Australia. Most medicinal cannabis approvals are for chronic pain, with almost 70,000 approvals for this condition in 2021. Medicinal cannabis is also commonly approved for anxiety, sleep issues and cancer pain. Through an AP, medical cannabis approvals reached around 304,000 in the first half, indicating an increase of more than 120% over the same period in the previous year when there were 137,000 AP approvals.
Medicinal cannabis constituting CBD has been legally available in New Zealand via prescription since 2018, while THC-only products entered the market eighteen months later in July 2019. Although medicinal cannabis has only recently been legalized in New Zealand, patients and doctors are rapidly making up for lost time. CBD-only products are still the most commonly prescribed forms. Prescriptions of products containing only THC experienced the highest growth of 594% in 2020 and 1040% in 2021 after subsequently becoming available in 2019. Therefore, such factors are anticipated to augment the market growth in Australia & New Zealand over the projection period.

Competitive Insights
Major companies operating in the market are SGS SA, Shimadzu Corp, etc.
Our report offerings include:

  • Explore key findings of the overall market
  • Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
  • Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
  • Market Segmentation caters to a thorough assessment of key segments with their market estimations
  • Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
  • Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
  • The competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
  • Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments