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Cannabis Cultivation Market Poised for High Growth with Rising Legalization and Demand
The Global Cannabis Cultivation Market comprises various advantages of cannabis-derived products such as providing relief from chronic pain and insomnia. Cannabis plants contain over 100 different cannabinoids such as tetrahydrocannabinol (THC) and cannabidiol (CBD), which help in pain relief, anxiety reduction, sleep induction, and other medical benefits.
Additionally, growing demand from the pharmaceutical industry for developing new medical formulations is expected to propel market growth over the forecast period.
The Cannabis Cultivation Market Size Is Expected To Reach US$ 136 Bn By 2030, From US$ 42.9 Bn In 2023, At A CAGR Of 17.9% During The Forecast Period.
Key Takeaways
Key players operating in the Cannabis Cultivation Market are Pacific Cannabis Growers, Inc., Atlas Global Brands, Canntrust Holdings, Inc., The Hydropothecary Corporation, Better Holdings, Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Tilray, Organigram Holdings Inc., The Cronos Group, Maricann Group, Inc., ABcann Medicinals, Inc. and GW Pharmaceuticals plc.
Cannabis Cultivation Market Growth companies are investing heavily in R&D activities to develop innovative cultivation techniques and new medical formulations.With increasing legalization of medical cannabis across various countries, the demand for cultivated cannabis is expected to rise substantially over the coming years. Countries like Canada and Germany have legalized recreational cannabis in 2018, which will further propel the market growth.
Furthermore, development of advanced technologies such as climate control systems, LED grow lights, and irrigation systems will help in boosting yields and improving product quality. These technologies are enabling year-round production to fulfill the rising product demand.
Market Trends
Some of the key trends in the global Cannabis Cultivation Market include - controlled environment agriculture gaining traction as it allows year-round production and enables precision in cultivation. Major players are employing artificial intelligence and IoT in greenhouse cultivation to maximize yield. Another trend is the development of genetically modified cannabis strains with enhanced therapeutic properties and higher yields. Furthermore, increasing focus on cannabis-based wellness products for conditions like insomnia, anxiety is expected to drive market growth.
Market Opportunities
The market players are expected to gain lucrative opportunities from emerging markets across Latin America, Asia, and Africa owing to growing medicinal applications of cannabis. Favorable regulations in major countries like Israel, Australia, and selected European nations will also augment business expansion opportunities. Additionally, development of new pipeline drugs will open opportunities for pharmaceutical companies to tap into the growing medical cannabis market. Innovation in cultivation techniques to produce unique and niche products is another key area offering attractive opportunities for cannabis cultivators.
Impact of COVID-19 on Cannabis Cultivation Market Growth
The COVID-19 pandemic has impacted the growth of the Cannabis Cultivation Market. During the initial lockdown phase, cannabis dispensaries were declared as non-essential businesses in many regions and were forced to shut down temporarily. This led to a steep decline in sales volume for cultivators. Moreover, travel restrictions and logistical issues disrupted international supply chains, affecting the import and export of cannabis products.
However, as the lockdowns were eased, cannabis was allowed to be purchased via delivery and curbside pickups in many jurisdictions. This helped the market to regain lost momentum. The pandemic also drove a shift toward online purchasing of cannabis products. Meanwhile, work-from-home policies increased the consumption of cannabis for recreational purposes. As people spent more time at home, the demand for premium indoor and hydroponically grown cannabis rose significantly. Looking ahead, the market is expected to grow steadily as cannabis sales normalize and COVID-19 concerns recede. Cultivators will need to focus on scaling production, strengthening e-commerce channels and investing in premium indoor grows to capitalize on emerging opportunities.
United States Region holds Major Share in Cannabis Cultivation Market
In terms of value, the United States currently dominates the global Cannabis Cultivation Market, accounting for over 50% share. This is driven by the rapid growth of the industry following the legalization of medical and recreational cannabis in several states like California, Colorado and Washington. The established nature of theNorth American market provides cultivators easy access to a large customer base, sophisticated distribution networks, favorable regulations and strong investment flows. Moreover, the high living standards in the region have boosted consumer spending on premium cannabis products. Going forward, states with newly legalized medical programs like Pennsylvania, Ohio and Florida are expected to fuel above-average growth.
Canada's Cannabis Cultivation Market Demonstrates Fastest Regional Growth
Canada has emerged as the fastest growing regional market for cannabis cultivation globally. Following the nationwide legalization of recreational use in 2018, Canadian cultivators have ramped up production aggressively to meet rising domestic demand as well as expand exports. Favorable policies promoting large-scale, low-cost cultivation coupled with a higher consumer acceptance of cannabis have worked in Canada's favor. Furthermore, the country is well-positioned to leverage free trade deals to strengthen its foothold in international medical markets. As more countries legalize medical applications of cannabis, Canada is poised to capture a major share of global cultivation over the coming years. Cultivators will continue investing heavily in Canadian operations to gain a competitive edge in this rapidly expanding market.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
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