The global cannabis cultivation market is anticipated to value USD 358.8 billion until 2027. It is also expected to register a CAGR of 14.3% over the forecasted years, 2020 to 2027. The rising adoption of cannabis for the diagnosis and treatment of chronic diseases and improving legalization across various countries is projected to propel the market growth.
The hemp segment held the dominant share of 94.5% across the global market in 2019 due to the rising adoption of hemp-derived products owing to the low content of THCs. Also, legalization for the cultivation of marijuana across many countries is expected to boost market growth.
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In 2019, the segment of industrial consumption dominated the global market with a 93.8% share on account of increasing usage of hemp and marijuana across food & beverages, personal care, nutraceuticals, and pharmaceutical industries. The medical consumption segment is expected to account for the highest CAGR across the global market in the upcoming years owing to surging usage of marijuana for treatment against cancers, mental disorders, and chronic pain.
The Asia Pacific accounted for the highest share of around 4% across the global market in 2019 due to the rising pool of patients and increasing awareness about the medical benefits of cannabis. The Middle East and Africa are also estimated to register substantial growth in the upcoming years on account of the implementation of regulations and laws associated with cannabis cultivation across this region.
Rapid technological developments for the cultivation of cannabis and its derived products are being undertaken by these players to gain a cutting edge over other players.
Further key findings from the report suggest:
• In 2019, the hemp segment held the dominant share across the global cannabis cultivation market.
• The medical consumption application segment accounted for the highest CAGR across the global market from 2020 to 2027.
• Asia Pacific accounted for the highest share of around 4% across the global market in 2019.
COVID-19 Impact Insights
The cannabis cultivation market has been positively impacted due to the ongoing COVID-19 pandemic. The need for the development of vaccines which can generate anti-bodies in the virus affected individuals are forcing several manufacturers to trial and test various medical ingredients. Also, the adoption of such products to develop immunity booster medicines and cater to severely affected patients is expected to trigger the market demand. But, the bottleneck in the supply chain due to cargo and travel restrictions imposed by several countries are estimated to obstruct the market growth to some extent over the post-pandemic period.
Global Cannabis Cultivation Market: Key Players
Tilray, Aphria, Inc., Better Holdings, Atlas Growers, CannTrust Holdings, and Canopy Growth Corporation.
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