Global Cannabis Cultivation Market: Overview
Cannabis is a group of plants that include Cannabis ruderalis, Cannabis indica, and Cannabis sativa. These plants have psychoactive properties. Seed oil, dried leaves, as well as other parts of the plant, is used for medicinal and recreational purposes. Each part of the cannabis plant is useful. The cultivation of cannabis is usually done for harvesting stalks of cannabis for fiber, harvesting of seeds for protein & oil content, and harvesting cultivated varieties for therapeutic & psychoactive cannabinoids.
Global Cannabis Cultivation Market: Growth Factors
The rising need to meet the demand of the consumer-focused cannabinoid market and increasing legalization for the cultivation of cannabis are the key factors fuelling the growth of the global cannabis cultivation market. Moreover, there is evidence that cannabinoids or cannabis can help to manage chronic pain, side effects of chemotherapy like vomiting & nausea, and few symptoms related to multiple sclerosis. It can also be helpful in other conditions such as anxiety, Tourette’s syndrome, and low appetite. Owing to this, there is a huge demand for cannabis for medicinal use as well as scientific research which ultimately is driving the growth of the global cannabis cultivation market. Also, relaxation in the laws for the cultivation of cannabis is contributing to the growth of the market. Furthermore, increasing demand for hemp as well as its extract in several business sectors like nutraceuticals, pharmaceuticals, food & beverages, and cosmetics will spur the growth of the market in the forecast period. However, the cultivation of cannabis is not legal in many countries and due to this, the consumers have to pay a high cost for its products. This will eventually hamper the growth of the global cannabis cultivation market.
The cannabis cultivation market has severely affected by the current COVID-19 pandemic situation. Disruption of supply chain all over the world and restrictions on personal movements to control the spread of COVID-19 infection has shrunken the demand for products produced from cannabis plants; this has ultimately affected the cultivation rate of cannabis plants.
Global Cannabis Cultivation Market: Segmentation
The global cannabis cultivation market is bifurcated on the basis of biomass, by application, and region. Based on the biomass, the global cannabis cultivation market is categorized into hemp and marijuana. Among these, hemp segment is expected to grow at a rapid rate over the forecast period. Factors such as less percentage of THC and few government regulations for farming as compared to marijuana is expected to provide better opportunities to cultivate hemp in a larger percentage. By application, the global cannabis cultivation market is further divided into medical consumption and recreational consumption. Among these, medical consumption segment is anticipated to grow with significant CAGR over the forecast period. Factor such as growing demand of cannabis CBD oil in the medical field for a variety of applications is expected to fuel the market growth of this segment over the forecast period.
Global Cannabis Cultivation Market: Regional Analysis
Asia Pacific region is expected to hold a major share in the global cannabis cultivation market followed by North America. Some of the major factors such as the presence of a large cultivation area, a suitable environment for the growth of the cannabis plant, and rising awareness regarding the medical importance of cannabis are expected to fuel the cannabis cultivation market in this region. On the other side, the cannabis cultivation market in the Middle East and Africa region is also expected to grow at a rapid rate. Factors contributing to the growth of the market in this region include increasing demand for hemp & marijuana extracts, increasing cannabis cultivation rate, and favorable government policies for the farming of cannabis plants. Whereas, Germany is expected to be the largest market shareholder in Europe.
Global Cannabis Cultivation Market: Competitive Players
The major player operating in the global cannabis cultivation market include The Cronos Group, Canopy Growth Corporation, Aphria, Inc., Organigram Holding, Inc., Aurora Cannabis, Tilray, Better Holdings, Pacific Cannabis Growers, The Hydropothecary Corp, Atlas Growers, and CannTrust Holdings.
Global Cannabis Cultivation Market: Regional Segment Analysis
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