September 13, 2021
As cited by the research report titled ‘Global Cannabis Cultivation Market Size study by Biomass (Hemp and Marijuana), by Application (Medical Consumption, Recreational Consumption and Industrial Consumption), and Regional Forecasts 2021-2027’, available with Market Study Report, global cannabis cultivation market was worth USD 141.62 billion in 2020 and is projected to grow with a healthy CAGR of 14.5% to accumulate USD 365.4 billion over 2021-2027.
Legalization of product in various nations, adoption of cannabis for the treatment of chronic disease, growing use in pharmaceuticals, nutraceuticals, food & beverages, and cosmetics, along with greater expanse of cultivation area for cannabis are the major factors driving the global cannabis cultivation market growth.
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For instance, governor of Connecticut (United States) signed a legislation in June 2021 for legalizing the adult-use of cannabis in Connecticut. The law comprises provisions like legalizing possession of cannabis among adults aged 21 years and more in Connecticut from July 1, 2021. Also, participating patients in Connecticut's medical marijuana program will be allowed to cultivate up to six cannabis plants from October 2021.
Moreover, growing prevalence of chronic diseases like diabetes, cancer, and others is likely to foster cannabis demand in pharmaceuticals sector. For instance, as per the American Cancer Society, the number of new cancer cases in the U.S. in 2019 was 1,762,450, which was anticipated to reach 1.8 million in 2020.
For the uninitiated, cannabis plant has psychoactive properties, and each part of the plant (seed, dried leaves) can be used either for medicinal or recreational purposes.
Speaking of the negatives, wide demand & supply gap, and legalization of medical cannabis only for selected indications are likely to limit the market progression over the estimated timeline.
Based on biomass type, worldwide cannabis cultivation industry is segmented into hemp, and marijuana. Speaking of application range, the marketplace is categorized into medical consumption, industrial consumption, and recreational consumption.
Geographically, Asia Pacific, Europe, North America, and Latin America are chief contributors towards the overall industry valuation. Of these, Asia Pacific is currently leading the market forecast and is poised to showcase lucrative growth trends over the estimated timeline, on account of growing awareness about cannabis, and increasing patient pool eligible for marijuana treatment. In addition, improved cognizance of medical benefits of cannabis, along with suitable climatic conditions in the region are positively swaying the business dynamics.
Prominent players influencing global cannabis cultivation industry trends are CannTrust Holdings Inc., Atlas Growers Ltd., Pacific Cannabis Growers Inc., Better Holdings Ltd., Organigram Holdings Inc., Cronos Group Inc., Tilray Inc., Aurora Cannabis Inc., Aphria Inc., and Canopy Growth Corporation.