Cannabis Cultivation Industry Overview
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.
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.
Cannabis Cultivation Market Segmentation
Grand View Research has segmented the global cannabis cultivation market based on biomass, application, and region:
Based on the Biomass Insights, the market is segmented into Hemp, Marijuana.
The hemp segment dominated the market for cannabis cultivation and accounted for a revenue share of around 80% in 2021.
The high share is attributable to the increasing adoption of hemp and derived products and its growing acceptance among users due to its low THC content.
Furthermore, marijuana is expected to be the fastest-growing segment, growing at a significant growth rate over the forecast period. This growth can be attributed to the growing legalization of marijuana in various countries for medical and adult use.
For instance, since doctors are prepared to prescribe marijuana for medicinal grounds, Germany has already become the largest European market for medical cannabis.
Insurance reimbursements for medical cannabis were up roughly 9% year on year by the middle of 2021, exceeding USD 17 million.
Based on the Application Insights, the market is segmented into Medical Consumption, Recreational Consumption, Industrial Consumption.
In 2021, based on application, industrial consumption accounted for the highest revenue share of 73.3% in the cannabis cultivation market.
This is owing 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, medical consumption is expected to expand at the highest CAGR owing to the increase in the use of marijuana for medical purposes and in the treatment of varied health conditions such as chronic pain, mental disorders, cancer, etc. Furthermore, medical applications of cannabis have witnessed tremendous growth, as the number of scientific studies supporting its benefits in the treatment of various diseases is increasing.
Therefore, as the number of countries legalizing medical marijuana is increasing, the market for cannabis cultivation is expected to witness lucrative growth in the forecast period.
Cannabis Cultivation Regional Outlook
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Competition is high among existing players owing to the rise in demand for cannabis and derived products coupled with technological advancements. The rising demand for cannabis cultivation is likely to promote the entry of new companies in the future, fueled by increasing acceptance and awareness regarding cannabis.
Some prominent players in the global cannabis cultivation market include
Canopy Growth Corporation
Aphria, Inc.
Aurora Cannabis
Tilray
The Cronos Group
Organigram Holding, Inc.
Better Holdings
Pacific Cannabis Growers
Atlas Growers
CannTrust Holdings
The Hydropothecary Corp.
Order a free sample PDF of the Cannabis Cultivation Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.