With growing consumption of cannabis around the world, the global Cannabis Cultivation Market is growing substantially with some estimates claiming that the market would reach a whopping USD 359.6 billion by 2028.
With market share of USD 147.3 Billion in 2020, the cannabis cultivation market will likely gain to about USD 359.6 billion by 2028 with a record CAGR of nearly 14.5% over the period from 2021 to 2028. Legalization of cannabis cultivation along with acceptance of cannabis therapy for treating chronic ailments will drive growth of cannabis cultivation market. Cultivation of cannabis is gaining popularity owing to its wide application in nutraceuticals, personal care & cosmetics, and food & beverages. Moreover, liberalization of legislations pertaining to cultivation of cannabis in some of the developed countries will contribute majorly towards business landscape. Large-scale acceptance of cannabis for medicinal use will prop up demand for cannabis cultivation in coming years.
Surge in acceptance of cannabis for treating chronic disorders will culminate into humungous growth of cannabis cultivation market. Furthermore, escalating demand for pain-relieving medicines from pharmaceutical industry is likely to result into massive growth in size of cannabis cultivation market. In addition to this, liberalization of laws pertaining to marijuana & hemp will bolster expansion of cannabis cultivation industry over ensuing years. Large-scale use of cannabis in pharmaceuticals, cosmetics, and personal care industries will create new growth avenues for cannabis cultivation market in upcoming years. Apart from this, rise in utilization of hemp & marijuana in food & beverages and nutraceuticals will steer industry growth.
Growth of regional market over forecast timespan is subject to liberalization of laws related to use of cannabis in many of states of the U.S. and also government support for use of cannabis for medicinal purpose in Canada. In addition to this, increase in number of product approvals in countries such as Canada and the U.S. will promulgate growth of cannabis cultivation market in region.
Key players influencing growth of cannabis cultivation market and profiled in report are Canopy Growth Corporation, The Cronos Group, The Hydropothecary Corp., Aphria, Inc., Organigram Holding, Inc., Aurora Cannabis, Inc., CannTrust Holdings, Tilray, Pacific Cannabis Growers Inc., Better Holdings LTD, and Atlas Growers Ltd.