Cannabis Cultivation Market

Cannabis Cultivation Market Size

[170+ Pages Research Report] to surpass USD 1883.4 billion by 2032 from USD 253.68 billion in 2021 at a CAGR of 20.0% in the coming years, i.e., 2022-32

Cannabis cultivation simply means the plantation, growth, development, propagation, harvest, drying, processing, trimming, grading, curing, packaging, or storage of cannabis plants. It may also entail carrying out these procedures or any component thereof in any setting, whether indoors or outdoors, including inside a completely enclosed and secure structure. Use of any farm stand for sporadic or seasonal sales and advertising of cannabis or cannabis products is not considered to be part of cannabis cultivation. Rather, its cultivation is a multi-step procedure that involves preparing the soil and growing medium, sowing seeds or clones, watering, fertilizing, and controlling pests. Once the plants have been harvested, they are then dried, cured, and pruned.

Market Highlights

The Cannabis Cultivation Market is expected to project a notable CAGR of 20.0% in 2032.

Cannabis has several uses in the personal care and cosmetics, nutraceuticals, food and beverage, and healthcare industries, which include pharmaceutical companies and are driving the cannabis demand. Moreover, it is anticipated that the growth of the Cannabis Cultivation Market will be aided by the rising cannabis cultivation in legalized areas.

Figure - Market Analysis of Cannabis Cultivation Market

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Cannabis Cultivation: Segments

The Cannabis Indica segment is expected to grow with a higher CAGR during 2022-32

Cannabis Cultivation Market is categorized on the basis of Product Type into Cannabis Indica and Cannabis Sativa. The cannabis indica segment would generate more revenue in the coming years. Numerous purposes call for the cultivation of Cannabis indica, including the creation of textiles using the plant's fibers. Cannabis indica produces a huge amount of tetrahydrocannabinol. It is extensively used as a recreational drug, alternative medicine, and clinical research substance due to increased THC concentrations causing euphoric effects.

The Industrial Consumption segment is expected to grow with a higher CAGR during 2022-32

Cannabis Cultivation Market is categorized on the basis of Application into Medical Consumption, Recreational Consumption, and Industrial Consumption. The industrial consumption segment will hold a larger revenue share. This growth is linked to the expanding use of marijuana and hemp in a number of sectors, including pharmaceuticals, nutraceuticals, personal care and cosmetics, food, and drinks. The rise is also being fueled by the increasing use of cannabis and its derivatives as a raw material by businesses to make their products. The use of cannabis for a variety of purposes promotes the market's overall growth.

Figure - Market Analysis of Global Cannabis Cultivation Market

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Market Dynamics

Growth Drivers

Growing Legalization and Increasing Adoption for Medical Purposes

The main factors boosting the market growth are the increasing legalization of cannabis and its use in the treatment of chronic illnesses. Moreover, hemp's acceptance is growing due to the loosening of rules governing cannabis production, particularly for hemp cultivation by various nations due to its low THC level. The Cannabis Cultivation Market is also being driven by the legalization of marijuana in many different countries and its growing use for medical conditions.

Rising Number of Product Innovations to Boost the Market

A crucial trend that is becoming increasingly popular in the Cannabis Cultivation Market is product innovation. To improve their position in the cannabis cultivation business, major corporations active in the sector are concentrating on creating cutting-edge goods.

Restraint

Ban on Using Cannabis in Most Regions and Strict Laws Associated with Marketing and Shipping

Cannabis is still not legalized in a few regions, which is hampering the growth of the Cannabis Cultivation Market. Japan, Brazil, Hong Kong, Denmark, New Zealand, and Nepal, are some of the countries where Cannabis is banned. Stringent laws on the distribution and shipping as well as marketing and branding of cannabis is another factor that impedes the market growth. Furthermore, waste management along with disposal of cannabis is a major problem since Marijuana cultivation on a profitable scale produces waste plant matter in large volumes.

Recent Developments

• Truss CBD USA, a division of the HEXO Corp joint venture, announces the launch of Veryvell, a line of drinks containing both hemp-derived CBD and adaptogens.

• Tilray Brands, Inc. unveiled Solei Bites in April 2022, the first THC edible that was ready to eat and the company's first consumable under the Solei brand.
• The launch of Atlas Thrive CBD gum, the only CBD chewing gum available in Canada, has been officially announced by Atlas Biotechnologies Inc. and NordicCan for April 2022.

Cannabis Cultivation: Key Players

• Canopy Growth Corporation
• Aurora Cannabis
• Aphria Inc
• GW Pharmaceuticals PLC
• Tilray
• The Cronos Group
• CannTrust Holdings
• Organigram Holding Inc
• Vivo Cannabis Inc
• Atlas Growers
• Maricann Group Inc
• The Hydropothecary Corp
• Better Holdings
• Pacific Cannabis Growers
• ABcann Medicinals Inc
• Other Prominent Players

Cannabis Cultivation: Regions

Cannabis Cultivation Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. In previous years, the Cannabis Cultivation Market was dominated by the Asia Pacific. Some of the key factors driving market growth include an increase in the number of patients who qualify for medical marijuana treatments, the presence of the largest cultivation markets in the region, favorable climatic conditions, and growing public awareness of cannabis and its therapeutic benefits.

The growth of the global market is anticipated to be significantly aided by North America. The regional market has been growing as a result of the growing number of American and Canadian companies that have lately secured licenses. The tenacious efforts of researchers to investigate the therapeutic benefits of cannabis constituents have further hastened the growth. It is advantageous for local cannabis farmers to have cutting-edge testing and calibration facilities. In addition, they are producing cannabis on an industrial scale in large greenhouse facilities.

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Impact of Covid-19 on Cannabis Cultivation Market

The COVID-19 pandemic-related lockdown in several nations has cost the healthcare industry. The pandemic has also hindered the development, manufacture, and supply of medicines and other healthcare items, as well as the growth of the healthcare industry globally. As a result, during the forecast period, the COVID-19 pandemic's effects are anticipated to restrain the growth of the global Cannabis Cultivation Market.

Cannabis Cultivation Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada

• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Cannabis Cultivation Market report also contains analysis on:

Cannabis Cultivation Market Segments:

• By Product Type 
  • Cannabis Indica
  • Cannabis Sativa
• By Biomass
  • Hemp
  • Marijuana
• By Application
  • Medical Consumption
  • Recreational Consumption
  • Industrial Consumption 
• Cannabis Cultivation Market Dynamics
• Cannabis Cultivation Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Cannabis Cultivation Market Report Scope and Segmentation 

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