Opium Market to Grow with a CAGR of 4.21% through 2028

Rising prevalence of corruption within governments and law enforcement agencies are expected to drive the Global Opium Market growth in the forecast period, 2024-2028.

According to TechSci Research report, “Opium Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Opium Market stood at USD 8.32 billion in 2022 and is anticipated to grow with a CAGR of 4.21% in the forecast period, 2024-2028. The global opium market is a dark and complex web that stretches across borders, impacting economies, societies, and public health worldwide. Despite numerous efforts to combat its growth and the associated illegal activities, the market continues to thrive. Several key market drivers contribute to its persistence, making it essential to understand these factors in order to develop effective strategies to counter the global opium trade. One of the significant drivers of the global opium market is the high demand for opiate-based pharmaceuticals. Opiates, such as morphine and codeine, are essential ingredients in pain relief medications. They are widely used in healthcare settings, particularly for post-surgical and chronic pain management. This demand for medically necessary opiates creates a legitimate market for opium cultivation, processing, and distribution.

In regions where opium cultivation is prevalent, such as Afghanistan, the lack of viable alternative livelihoods for farmers is a key driver of opium production. Many farmers turn to opium cultivation as it provides a more reliable source of income compared to other crops. Addressing this driver requires the development of sustainable alternative livelihoods to wean communities away from opium cultivation. Conflict and political instability in regions like Afghanistan and parts of Southeast Asia contribute significantly to the growth of the opium market. These regions often lack strong governance and law enforcement, creating an environment where illicit activities, including opium production, can flourish. Insurgent groups and criminal organizations exploit these vulnerabilities to fund their operations through the opium trade.

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The global demographic landscape is shifting, with a rapidly aging population in many regions. Aging is often accompanied by a higher incidence of age-related diseases and degenerative conditions, leading to a greater need for medical interventions. Opium addresses this need by providing innovative therapies that can enhance the quality of life for older individuals. The ability to create personalized tissues and organs tailored to the unique needs of elderly patients is a significant market driver.

The Global Opium Market is segmented into Type, Application, Regional Distribution, And Company.

Based on the Type, the Solid emerged as the dominant segment in the global market for Global Opium Market in 2022. Solid opium gum has a relatively high opium alkaloid content, which makes it an efficient source for the production of opiate-based drugs. The alkaloids found in opium, such as morphine and codeine, are the active compounds responsible for the desired effects of these drugs. The concentration of these alkaloids in solid opium makes it an attractive choice for drug producers. Solid opium can be relatively easily converted into various opiate derivatives, including heroin, through chemical processes. Traffickers can process solid opium into a more potent and profitable product, thus maximizing their revenue. Solid opium can be relatively easily converted into various opiate derivatives, including heroin, through chemical processes. Traffickers can process solid opium into a more potent and profitable product, thus maximizing their revenue. This ease of conversion from solid opium to more valuable opiates incentivizes its production and trafficking.

Based on the Application, the Anesthetized segment emerged as the dominant player in the global market for Global Opium Market in 2022. The primary reason for this is the extensive use of opiate-based drugs for medical and surgical anesthesia worldwide. Opiate-based medications are crucial in the field of pain management, where they are prescribed to alleviate severe and chronic pain conditions. Patients suffering from conditions like cancer-related pain, post-operative pain, and chronic pain disorders often rely on these medications to improve their quality of life. This ongoing need for pain relief further drives the demand for opiate-based pharmaceuticals, sustaining the global opium market.

Opiate-based drugs, particularly opioids like morphine and fentanyl, are widely used in the medical field for their powerful analgesic and anesthetic properties. These drugs are administered to patients before, during, and after surgical procedures to alleviate pain and induce anesthesia. The use of opioids in anesthesia is a well-established medical practice and is essential for ensuring that patients do not experience pain and discomfort during surgery. This medical application alone creates a significant and ongoing demand for opiate-based drugs, contributing to the global opium market.

North America emerged as the dominant player in the global Opium Market   in 2022, holding the largest market share. North America, particularly the United States and Canada, has been grappling with a severe opioid epidemic in recent years. The widespread misuse of prescription opioids, coupled with the influx of illicit opioids like fentanyl, has led to a high demand for these drugs. This demand has contributed significantly to North America's dominance in the opium market. The region has a substantial consumer base with a growing demand for opiates, both for legitimate medical purposes and recreational use. The prevalence of chronic pain conditions, as well as the high prescription rates for opioid painkillers, has fueled consumer demand for opiate-based pharmaceuticals.

The rise of potent synthetic opioids, many of which are illegally manufactured and trafficked, has further increased North America's prominence in the opium market. Synthetic opioids like fentanyl and its analogs have been responsible for a significant portion of opioid-related overdose deaths in the region.

Major companies operating in Global Opium Market are:

• China National Pharmaceutical Industry Corporation
• Qinghai Pharmaceutical Factory
• Temad Active Pharmaceutical
•  Francopia
• Alcaliber
• Mallinckrodt Pharmaceuticals
  
  

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 “The global opium market is poised for continued growth in the coming years, driven by a combination of factors that shape its dynamics. While ongoing efforts to combat this illicit trade persist, several trends contribute to its resilience. These include the expansion of opium cultivation in regions like Afghanistan, the rise of potent synthetic opioids, the diversification of trafficking routes, and the expanding consumer markets for illicit opiates. Additionally, the profitability of the opium trade, corruption within governments and law enforcement agencies, and advancements in technology further bolster the market's operations. The multifaceted nature of the global opium market demands comprehensive strategies addressing both supply and demand factors, international cooperation, and effective law enforcement measures.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Opium Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Solid, Solvent), By Application (Anesthetized, Dyeing, Others) By Region and Competition”, has evaluated the future growth potential of Global Opium Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Opium Market.

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