Dublin, Nov. 19, 2024 (GLOBE NEWSWIRE) -- The "Cannabis Cultivation Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The Global Cannabis Cultivation Market was valued at USD 43.52 billion in 2023 and is anticipated to record steady growth over the forecast period, with a CAGR of 5.25% through 2029.
The global cannabis cultivation market has been experiencing exponential growth, driven by shifting attitudes towards cannabis legalization, expanding medicinal applications, and the emergence of a burgeoning recreational market. As regulatory barriers continue to soften in various parts of the world, the cannabis industry is witnessing a transformation, with cultivation playing a pivotal role in meeting the escalating demand for cannabis-based products.
The increasing acceptance of cannabis for medical and therapeutic purposes has propelled the demand for high-quality cultivated strains. Cannabis-derived compounds like cannabidiol (CBD) and tetrahydrocannabinol (THC) have shown promise in treating various medical conditions, including chronic pain, epilepsy, multiple sclerosis, and anxiety disorders. As a result, pharmaceutical companies, research institutions, and healthcare providers are exploring cannabis cultivation to develop innovative treatments and therapies.
Regional Insights
North America emerged as the dominant region in the global Cannabis Cultivation market in 2023, holding the largest market share in terms of value. North America boasts advanced agricultural technologies and expertise, which have been instrumental in optimizing cannabis cultivation. From sophisticated indoor facilities equipped with climate control systems to cutting-edge cultivation techniques, such as hydroponics and aeroponics, growers in the region leverage technology to maximize yields and quality. These advancements contribute to North America's reputation for producing premium cannabis products.
The burgeoning demand for cannabis-derived products, including CBD oils, edibles, and topicals, has fueled the expansion of cultivation operations in North America. The region's diverse consumer base, coupled with evolving preferences for specific strains and product formats, drives innovation and specialization within the industry. North American cultivators are adept at meeting the dynamic demands of the market, further solidifying their dominance.
Key Market Drivers
- Regulatory Developments Driving the Global Cannabis Cultivation Market
- Expanding Medical Applications and Research Driving the Global Cannabis Cultivation Market
Key Market Challenges
- Compliance and Quality Control
- Supply Chain Disruptions
Key Market Trends
- Technological Advancements
Key Market Players
- Pacific Cannabis Growers, Inc.
- Canntrust Holdings, Inc.
- The Hydropothecary Corporation
- Canopy Growth Corporation
- Aphria, Inc.
- Organigram Holdings Inc.
- The Cronos Group
- Maricann Group, Inc.
- ABcann Medicinals, Inc.
- GW Pharmaceuticals plc.
Report Scope
In this report, the Global Cannabis Cultivation Market has been segmented into the following categories:
Cannabis Cultivation Market, By Product:
- Marijuana
- Hemp
- CBD Oil
- Others
Cannabis Cultivation Market, By Method of Cultivation:
- Indoor
- Greenhouse
- Outdoor
Cannabis Cultivation Market, By Application:
- Pain Management
- Mental Disorders
- Neurological Disorders
- Others
Cannabis Cultivation Market, By End User:
- Medical
- Recreational
- Others
Cannabis Cultivation Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
For more information about this report visit https://www.researchandmarkets.com/r/7a3aiy
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