Overview and Scope
Cannabis cultivation refers to the establishment of one or more cannabis plants or any part of them in any location, whether indoors or out, including inside a completely enclosed and secure building. It also includes harvesting, drying, processing, curing, grading, trimming, packaging, or storing the plants or any part of them.
Sizing and Forecast
The cannabis cultivation market size has grown rapidly in recent years. It will grow from $155.33 billion in 2023 to $180.66 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to legalization trends, medical use acceptance, consumer awareness, investment inflow.
The cannabis cultivation market size is expected to see rapid growth in the next few years. It will grow to $340.63 billion in 2028 at a compound annual growth rate (CAGR) of 17.2%. The growth in the forecast period can be attributed to research and development, sustainable practices, consumer education. Major trends in the forecast period include technological advancements, global expansion, brand development, product diversification, strain customization, consolidation and competition.
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Segmentation & Regional Insights
The cannabis cultivation market covered in this report is segmented –
1) By Type: Cannabis Indica, Cannabis Sativa
2) By Source: Flower or Buds, Leaves, Other Sources
3) By Application Outlook : Medical Consumption, Recreational Consumption, Industrial Consumption
Asia-Pacific was the largest region in the cannabis cultivation market in 2023. The regions covered in the cannabis cultivation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Adoption of cannabis for the treatment of chronic diseases is expected to propel the growth of the cannabis cultivation market going forward. Chronic disease refers to a medical condition that lasts for a year or longer and necessitates continuing medical care and restricts daily activities. Adoption of cannabis for the treatment of chronic diseases helps cannabis cultivation by demonstrating safety, efficacy, and consistency sufficient for regulatory approval in spasticity in chronic diseases such as multiple sclerosis, and Dravet and Lennox-Gastaut Syndromes. For instance, in March 2022, according to the data published in the annual report of Jazz Pharmaceuticals plc, an Ireland-based biopharmaceutical company, the company generated a net sale of $463.6 million for Epidiolex, in 2021, with a year-on-year sales growth of 29% as compared to previous year. Therefore, the adoption of cannabis for the treatment of chronic diseases is driving the cannabis cultivation market.
Key Industry Players
Major companies operating in the cannabis cultivation market report are Pacific Cannabis Growers Inc., Atlas Growers Ltd., Canntrust Holdings Inc, The Hydropothecary Corporation, Better Holdings Inc., Canopy Growth Corporation, Aurora Cannabis Inc., Aphria Inc., Cronos Group Inc., Tilray Inc., GW Pharmaceuticals plc, Organigram Holdings Inc., Harvest Health & Recreation Inc., Green Thumb Industries Inc., Trulieve Cannabis Corp., Curaleaf Holdings Inc., Cresco Labs Inc., TerrAscend Corp., MedMen Enterprises Inc., Acreage Holdings Inc., Columbia Care Inc., Vireo Health International Inc., Liberty Health Sciences Inc., Harvest One Cannabis Inc., Emerald Health Therapeutics Inc., Aleafia Health Inc., The Green Organic Dutchman Holdings Ltd., Supreme Cannabis Company Inc., CannTrust Holdings Inc., Cannara Biotech Inc., Auxly Cannabis Group Inc., MediPharm Labs Corp., Neptune Wellness Solutions Inc., Zenabis Global Inc.
The cannabis cultivation market report table of contents includes:
1. Executive Summary
2. Cannabis Cultivation Market Characteristics
3. Cannabis Cultivation Market Trends And Strategies
4. Cannabis Cultivation Market – Macro Economic Scenario
5. Global Cannabis Cultivation Market Size and Growth
…..
31. Global Cannabis Cultivation Market Competitive Benchmarking
32. Global Cannabis Cultivation Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Cannabis Cultivation Market
34. Cannabis Cultivation Market Future Outlook and Potential Analysis
35. Appendix
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