18-Nov-2021 | Zion Market Research
As per the findings of Zion Market Research study, Cannabis Cultivation industry garnered profits worth US$ 147.3 billion in 2020 and is set to amass revenue of approximately US$ 359.6 billion by 2028. Moreover, Cannabis Cultivation market is expected to register a CAGR of approximately 8.1% in 2021-2028. Growth of cannabis cultivation market over assessment period can be credited to legalization of cannabis for treating chronic ailments as well as provide relief from pain to patients suffering from these diseases. In addition to this, liberalization of laws pertaining to cannabis cultivation will provide new growth avenues for cannabis cultivation market. Apparently, rise in demand for hemp derivatives across food & beverages, pharmaceuticals, cosmetics, and nutraceuticals will drive growth of cannabis cultivation market in upcoming years. Additionally, legalization of cannabis in countries such as the U.S., Uruguay, and Canada will promulgate scope of growth of cannabis cultivation market in near future.
Hemp To Lead Biomass Segment Over Forecast Timespan
Growth of hemp segment over assessment period is subject to surge in acceptance of hemp as well as hemp-extracted products owing to its low THC ingredients. Apart from this, government support for hemp use in various countries has enhanced its popularity for as a herb with high medicinal value. This has further contributed to growth of hemp segment. In some of the countries such as Japan, hemp CBD oil has been legalized owing to tis low THC contents.
Medical Consumption Segment To Record Highest CAGR Over 2021-2028
Growth of medical consumption segment can be credited to increase in use of marijuana and hemp extracts for treating chronic health conditions including cancer, neurological disorders, and chronic pain. With rise in medicinal use of cannabis, the segmental growth is slated to gain traction over forthcoming years.
Asia Pacific To Contribute Major Cannabis Cultivation Market Revenue Share By 2028
Growth of cannabis cultivation market in Asia Pacific zone is owing to large scale farming & cultivation of hemp in countries such as Australia, China, India, and South Korea. Growing awareness among population about benefits delivered by cannabis use in medical therapy for chronic & neurological ailments will drive regional market trends. Furthermore, presence of large patient population base eligible for medical cannabis treatments will culminate into massive regional market growth over forecast timeframe. Favorable climate for cultivating cannabis in region will further add to growth of market in the sub-continent.
Key players influencing market growth and profiled in report are Tilray, Pacific Cannabis Growers Inc., Canopy Growth Corporation, Better Holdings LTD, The Cronos Group, The Hydropothecary Corp., CannTrust Holdings, Aphria, Inc., Organigram Holding, Inc., Aurora Cannabis, Inc., and Atlas Growers Ltd.
Browse the full “Cannabis Cultivation Market- By Biomass (Hemp And Marijuana), By Application (Medical Consumption And Recreational Consumption), And By Region- Global Industry Perspective, Comprehensive Analysis, And Forecast, 2021 – 2028.” Report at https://www.zionmarketresearch.com/report/cannabis-cultivation-market
The global Cannabis Cultivation Market is segmented as follows:
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