Published Date : 11 Apr 2023
The cannabis cultivation market was worth around USD 394 billion In 2022 and it is projected to advance at an 18.11% CAGR from 2023 to 2032, hitting around USD 2081.73 billion by 2032.
The cannabis cultivation market growth is driven by the increasing medical importance of cannabis, the rising prevalence of chronic disorders, and increasing investments in cannabis cultivation.
Cannabis refers to the dried flowers, leaves, stems, and seeds of the cannabis plant. It is also known as marijuana, weed, or pot. Cultivation of all cannabis plants is harvested, sold as flowers, and processed into products. Cannabis cultivation includes a multi-step process such as preparing the soil, planting clones or seeds, irrigation, fertilization, pest control, harvesting plants, drying, curing, and trimming plants.
Numerous nations, including the United States, Australia, Japan, Canada, China, France, Italy, Denmark, Hungary, and other European countries, are global leaders in hemp cultivation. Cannabis includes chemicals that have an impact on the brain and body, such as delta-9-tetrahydrocannabinol (THC) and cannabidiol (CBD). Cannabis' intoxicating effects are caused by THC. CBD is not intoxicating, but it can still have an impact on a person's brain.
The plant has been used for both industrial (THC 0.3%) and medical (THC >0.3%) applications. The plant contains about 100 cannabinoids, the most abundant of which are THC and CBD. It is classified as a narcotic crop due to the presence of high THC levels (assumed >0.3%) in the plants. Tetrahydrocannabinol (THC) is used to treat chronic disorders such as Crohn's disease, Multiple Sclerosis, Alzheimer's disease, chronic pain, and others. Cannabis refers to the plant species Sativa Cannabis L. Cannabis sativa L. is among the oldest plant species. Hemp is a Cannabis Sativa plant species that are particularly grown for industrial or medicinal use. It is also used as a food, a fiber, and a key raw material in the manufacturing of textiles, rope, and paper.
Cannabis plants, when grown in large enough quantities, can cause environmental problems due to the emission of biogenic volatile organic compounds (BVOCs) in the form of monoterpenes. Additionally, the market has grown as a result of the rising legalization of cannabis cultivation. Furthermore, the increasing requirements for hemp cannabis from the nutraceutical and food industries are projected to boost market expansion in the coming years.
Cannabis Cultivation Market Report Scope:
|Market Size in 2022||USD 394 Billion|
|Projected Forecast Value in 2032||USD 2081.73 Billion|
|Growth Rate||18.11% from 2023 to 2032|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
North America is expected to dominate the global cannabis cultivation market due to the rise in the use of cannabis for medical purposes, the rising prevalence of neurological disorders, and the increasing number of research studies supporting the benefits of cannabis in the treatment of several chronic disorders. The State of California accounted for the largest market share of the cannabis cultivation market in North America. On the other hand, the Asia Pacific market is expected to grow at a significant CAGR during the forecast period due to the growing plantation of cannabis, rising use of cannabis in the medical field, and the increasing cannabis industry in Southeast Asia.
Rising demand for marijuana in the medical sector
Cannabis is rapidly gaining popularity for its medicinal advantages as opposed to its negative social image. Cannabis has shown positive results in several studies for the treatment of chronic disorders. Cannabis Capsules are highly demanded due to their medicinal benefits. The cannabis plant contains over 100 cannabinoids, including tetrahydrocannabinol (THC) and cannabidiol (CBD). The increasing prevalence of chronic disorders around the world resulted in an increasing demand for marijuana.
For instance, in March 2021, Stada, Germany's largest pharmaceutical firm, entered the medicinal marijuana market with two flower products, and the company expects to provide five flower products as well as three extracts with varying CBD and THC compositions. The National Academies of Sciences, Engineering, and Medicine has pointed out that cannabis and cannabinoids can help in several disorders such as nausea and vomiting resulting from chemotherapy treatment, chronic pain in adults, some symptoms of multiple sclerosis (MS), sleep problems relating to sleep apnea, fibromyalgia, and low appetite.
Adverse effects associated with the overdose of cannabis consumption
The high risk associated with the overdose of cannabis consumption such as severe mental and heart issues is projected to hamper the growth of the cannabis cultivation market. There are some short-term effects of cannabis use such as impairing the ability to think temporarily, ability to harm your mental health, and sometimes making it harder to remember things. Cannabis, in the long term, might harm your lungs and create breathing problems. Cannabis usage is associated with a higher chance of developing anxiety and depressive disorders.
Legalizing the use of cannabis around the world for several benefits
Several countries around the world are legalizing the use of cannabis for medical and industrial purposes is projected to provide lucrative opportunities for the growth of the cannabis cultivation market during the forecast period. Legalizing recreational marijuana leads to the beneficial regulation of a safe medication while reducing the possibility of negative outcomes. Legalizing recreational marijuana would assist to reduce the price.
Stringent regulatory norms
The major issues with the implementation of stringent regulatory policies for the production and sales of cannabis in several places act as a key challenge for the market expansion of the cannabis cultivation market during the forecast period.
Major Key Players:
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