The primary driver propelling market revenue growth is the rising legalisation of cannabis for both medicinal and recreational use in a number of nations throughout the world. Cannabis is becoming more widely accepted as a supplemental medicine for a variety of ailments, which in turn is driving demand for its cultivation.
The global Cannabis Cultivation Market size was USD 12.76 Billion in 2022 and is expected to register a revenue CAGR of 16% over the forecast period, according to the latest report by Reports and Data.
The increased demand for cannabis has resulted in the development of commercial production methods, especially in nations where it is legal. The cannabis market has grown significantly, with producers becoming increasingly reliant on sales. Use of modern production techniques such as hydroponics and vertical farming, which have resulted in higher crop yields and higher quality cannabis plants, is one element fueling this expansion.
Increasing public awareness of cannabis’ potential medicinal benefits in the treatment of conditions including as chronic pain, anxiety, and insomnia is also driving revenue growth in the cannabis cultivation business. It is projected that expanding medicinal cannabis usage and increasing approval of cannabis use for recreational purposes will drive market revenue growth in the coming years.
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Top Lading Players: Aurora Cannabis Inc., Canopy Growth Corporation, Aphria Inc., Tilray, Inc., The Cronos Group Inc., Hexo Corp., Curaleaf Holdings, Inc., Green Thumb Industries Inc., Trulieve Cannabis Corp., Cresco Labs Inc., and TerrAscend Corp.
Some Key Highlights from the Report:
- In 2022, the indoor segment had the highest revenue share. This is due to a variety of benefits, including more control over the production environment, improved yields, and fewer risks connected with pests, weather variations, and theft.
- Throughout the projection period, the wood segment is anticipated to provide the greatest revenue share because to its availability and affordability. The most often used type of biomass is wood biomass. In the production of energy and heat, wood biomass is employed in the growing of cannabis.
- Over the projection period, the North American market is anticipated to generate the biggest revenue share. The cannabis cultivation sector in North America receives the majority of its funding from the United States. Due to the legalisation of cannabis in some states, there are now a lot more licenced farmers, which has raised market income. Also, growing medicinal marijuana use is fueling the market’s revenue expansion in this area. Also, it is anticipated that the region would require more hemp production as the market for CBD products grows.
Segments covered in the report:
Cultivation Type Outlook (Revenue, USD Billion; 2022 – 2032)
- Greenhouse Cultivation
Biomass Outlook (Revenue, USD Billion; 2022 – 2032)
- Agricultural Waste
- Energy Crops
Application Outlook (Revenue, USD Billion; 2022 – 2032)
- Medical Consumption
- Recreational Consumption
- Industrial Consumption
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- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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