According to The Business Research Company’s Cannabis Cultivation, The cannabis cultivation market size has grown rapidly in recent years. It will grow from $155.33 billion in 2023 to $180.66 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to legalization trends, medical use acceptance, consumer awareness, investment inflow.
The cannabis cultivation market size is expected to see rapid growth in the next few years. It will grow to $340.63 billion in 2028 at a compound annual growth rate (CAGR) of 17.2%. The growth in the forecast period can be attributed to research and development, sustainable practices, consumer education. Major trends in the forecast period include technological advancements, global expansion, brand development, product diversification, strain customization, consolidation and competition.
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Adoption of cannabis for the treatment of chronic diseases is expected to propel the growth of the cannabis cultivation market going forward. Chronic disease refers to a medical condition that lasts for a year or longer and necessitates continuing medical care and restricts daily activities. Adoption of cannabis for the treatment of chronic diseases helps cannabis cultivation by demonstrating safety, efficacy, and consistency sufficient for regulatory approval in spasticity in chronic diseases such as multiple sclerosis, and Dravet and Lennox-Gastaut Syndromes. For instance, in March 2022, according to the data published in the annual report of Jazz Pharmaceuticals plc, an Ireland-based biopharmaceutical company, the company generated a net sale of $463.6 million for Epidiolex, in 2021, with a year-on-year sales growth of 29% as compared to previous year. Therefore, the adoption of cannabis for the treatment of chronic diseases is driving the cannabis cultivation market.
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The cannabis cultivation market covered in this report is segmented –
1) By Type: Cannabis Indica, Cannabis Sativa
2) By Source: Flower or Buds, Leaves, Other Sources
3) By Application Outlook : Medical Consumption, Recreational Consumption, Industrial Consumption
Product innovations are a key trend gaining popularity in the cannabis cultivation market. Major companies operating in the market are focused on developing innovative products to strengthen their position in the market. For instance, in January 2022, Prospiant, a US-based controlled environment agriculture (CEA) greenhouse solutions and cannabis cultivation and extraction technologies provider, launched Delta Ethanol Extraction CUP-5 to specifically meet the requirements of prototype labs, educational research centers, and small-scale cannabis processing facilities. During the process of cannabis cultivation, it can handle plant material in batches as small as 3.5 pounds and finish the extraction process in 2 to 12 minutes. It combines mechanical centrifugation with closed-loop cold alcohol extraction technology to produce a high-purity final product. Its innovative features also include the ability to operate without a C1D2 environment or a hazardous location (HazLoc) requirement.
Major Players:
- Pacific Cannabis Growers Inc.
- Atlas Growers Ltd.
- Canntrust Holdings Inc
- The Hydropothecary Corporation
- Better Holdings Inc.
The cannabis cultivation market report table of contents includes:
1. Executive Summary
2. Cannabis Cultivation Market Characteristics
3. Cannabis Cultivation Market Trends And Strategies
4. Cannabis Cultivation Market – Macro Economic Scenario
5. Global Cannabis Cultivation Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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