The global Cannabis Cultivation Market size is expected to reach USD 1,844.1 billion, expanding at a CAGR of 21.4% from 2022 to 2030, according to a new report by Grand View Research, Inc., Growing legalization and adoption of cannabis for the treatment of chronic diseases is positively impacting the market growth. Furthermore, the liberalization of laws related to hemp and marijuana by various countries is further bolstering revenue growth in the forecast period.
Furthermore, while the authorities imposed lockdown
measures during COVID-19, European consumers hoarded supplies. Between January
and March 2020, the value of items sold on Cannazon, a platform for hemp
products, reached roughly USD 5.04 million reflecting a volume of 1.6 metric
tonnes. In the U.S., a similar increase in sales was observed, with people
stockpiling in anticipation of government-mandated shelters. As a result,
increased stocks and strong consumer demand, as well as a growth in areas
recognizing the product as a necessary commodity for recreational and medical
uses, are projected to fuel market expansion throughout the forecast period.
Based on biomass, the hemp segment dominated the
market in 2021. Factors contributing to increasing demand include the
increasing adoption of hemp and derived products and its growing acceptance
among the users due to its low THC content. It is mainly used by people who
intend to reap the medical benefits of the plant without getting intoxicated.
In addition, positive government reforms regarding the utilization of hemp in
many countries are further propelling market growth.
In 2021, the industrial consumption segment accounted
for the highest revenue share. This growth is attributed to the growing
application of marijuana and hemp in various industries such as
pharmaceuticals, personal care and cosmetics, nutraceuticals, and food and
beverages. In addition, the growing usage of cannabis and its derivatives as
raw material by companies to produce their products is further fueling the
growth. For instance, CBD oil and tinctures obtained from the plant are used by
pharmaceutical companies for the production of cannabis-infused drugs. Hence,
its consumption for various applications boosts the overall growth of the
market.
The Asia Pacific is expected to expand at the fastest
CAGR in the forecast period owing to the presence of the largest cultivation
markets in the region such as China, South Korea, India, and Australia.
Furthermore, favorable climatic conditions, increasing awareness about the
plant and its medical benefits, and a growing patient pool eligible
for medical marijuana treatments are the other factors boosting the
growth of the market in the region.
Related Press Release@ Cannabis Cultivation Market Report
Cannabis Cultivation Market
Report Highlights
- The market is anticipated to witness significant growth owing to
the growing legalization and adoption of the hemp and marijuana for the
treatment of chronic diseases
- The hemp segment dominated the market in 2021, owing to the
increasing adoption of hemp and derived products due to low THC content
- Industrial consumption segment dominated the market in 2021, owing
to the growing application of marijuana and hemp in various industries
- In May 2022, Aurora Cannabis Inc. has concluded the purchase of
TerraFarma Inc., which will contribute to their Canadian recreational
cannabis company and Aurora's worldwide expertise in the cannabis market.
- In March 2022, HEXO and Tilray Brands Collaborate to Form Strategic
Alliance, Uniting Two Canadian Cannabis Industry Leaders
- In December 2021, As part of its continuous development plan, the
Company purchased Quebec-based Laurentian Holdings Inc., boosting its
presence in Quebec's second most populated province.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment