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| Global Cannabis Cultivation Market Size |
Cannabis cultivation involves growing of marijuana for use as a drug or as a
raw material for CBD and other products. Cannabis is cultivated indoor using
artificial lighting or outdoor in controlled condition as it requires specific
climate and soil conditions to thrive. Cannabis cultivation helps fulfil the
increasing demand for marijuana among users owing to increasing legalization of
marijuana in various countries for medical and recreational use.
The global
Cannabis Cultivation Market is estimated to be valued at US$ 12.31 Billion in
2023 and is expected to exhibit a CAGR
of 8.1% over the forecast period 2023-2032, as highlighted in a new report
published by Coherent Market Insights.
Market key trends:
The increasing legalization of cannabis is one of the key trends that is
expected to drive the growth of the Cannabis Cultivation Market. Countries like
Canada, Uruguay, South Africa, Georgia, Germany, Thailand, Australia, Norway
and many more have legalized medical use of marijuana and countries like
Canada, Uruguay, Georgia, South Africa, Luxembourg, Malta and Mexico legalized
recreational marijuana use, thereby increasing the overall consumption and
demand for cannabis cultivation. With increasing legal permissiveness and new
medical applications being discovered, more countries are anticipated to
further liberalize their cannabis policies, thus providing growth opportunities
to cannabis cultivators. This will also encourage new cultivators to enter the
market and meet the rising demand for cannabis, further accelerating the
Cannabis Cultivation Market growth over the forecast period.
Segment
Analysis
The global cannabis cultivation market is segmented by type into medical
cannabis and recreational cannabis. The medical cannabis segment is expected to
dominate the market during the forecast period. Various medical applications of
cannabis in conditions such as cancer, arthritis, and chronic pains have
increased its demand for medical purposes. Ongoing research activities to
explore new medical applications of cannabis are further expected to support
the growth of this segment.
Key Takeaways
Global
Cannabis Cultivation Market Size is expected to witness high growth
during the forecast period.
Regional
analysis: North America is expected to dominate the cannabis cultivation market
during the forecast period. Favorable reforms for medical as well as
recreational use of cannabis in countries like the US and Canada are driving
the market in the region.
Key players:
Key players operating in the cannabis cultivation market are Canopy Growth
Corporation, Aurora Cannabis, Aphria, Tilray, GW Pharmaceuticals, CV Sciences,
and Medical Marijuana.
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