Cannabis plants can provide flowers, leaves and oil extracts that are used to produce different medical and consumer products.
The global Cannabis Cultivation Market is estimated to be valued at US$ 16.0828 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Legalization of cannabis in various countries: Many countries are legalizing both recreational and medical cannabis including Canada, Mexico, South Africa, Australia and parts of USA. This has encouraged local farmers to take up cannabis cultivation legally and supply to the growing cannabis industry. Government approvals and licensing reforms have also supported commercial scale cultivation projects paving way for innovative cultivation technologies and large scale agriculture practices to meet rising demands.
Segment Analysis
The Global Cannabis Cultivation Market Size is segmented based on Product Type and Application. Based on Product Type it is segmented into Buds and Flowers,Trim and Based on Application it is segmented into Medical and Recreational. The Buds and Flowers sub-segment dominates the market under product type segment. This is because buds and flowers are major end products used for medical as well as recreational purposes.
Key Takeaways
The global Cannabis Cultivation market is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing legalization of cannabis for medical as well as recreational purposes across various countries. Medical applications has been a key driver for market growth with many clinical trials proving its efficacy for various diseases.
Regional analysis: North America dominates the global cannabis cultivation market. The United States accounts for the major share in the region. This is attributed tofactors such as early legalization of medical cannabis, growing acceptance rate, and presence of key players. The market in Latin America is expected to witness the highest growth over the forecast period owing to rising population, increasing legalization for medical use in countries like Colombia, Argentina, Mexico etc.
Key players: Key players operating in the Cannabis Cultivation market are Tilray, Canopy Growth Corporation, Aurora Cannabis, Aphria, Cronos Group, Acreage Holdings, MedMen Enterprises, Curaleaf Holdings, Trulieve Cannabis Corporation, Organigram Holdings. Canopy Growth Corporation the largest player with presence across production, retail sales and international medical cannabis platform. The company is investing heavily in research to develop new cannabis-based medical products.
For More Insights, Read- https://www.newsstatix.com/cannabis-cultivation-market-size-share-analysis-2023-2030/
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