Global Cannabis Cultivation Market Size to Reach USD 2,765.95 Billion in 2032 | Emergen Research

Vancouver, Sept. 19, 2023 (GLOBE NEWSWIRE) -- The cannabis cultivation market size was USD 322.50 Billion in 2021 and is expected to register a revenue CAGR of 21.9% during the forecast period, according to the latest analysis by Emergen Research. Increasing legalization of cannabis in various parts of the globe and rising demand for hemp-infused edibles are key factors driving growth of the market. The market continues to see strong demand for beverages, candies, and chocolates made from hemp. Such edibles take one to two hours to start producing a euphoric "high," but the impact lasts longer than when smoke or vapor is inhaled. The downsides of edibles, such as unpredictable effects of marijuana after intake, are starting to be resolved because of advances in scientific research and commercial innovation. 

However, in several parts of North America, Africa, Australia, Europe, and South America, marijuana is nominally recognized as a drug and is permitted for medical usage, but majority of Middle Eastern and Asian nations continue to forbid it. Consumption, possession, purchase, or sale of commodity is illegal and regarded as a crime in developing nations such as Japan, India, and Korea. As a result, it is anticipated that legal environment for these items will prevent the industry from reaching its full growth potential. In addition, growth is also anticipated to be constrained by adverse effects including cognitive impairment linked to its usage as medicine.

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Major Companies and Competitive Landscape

The Cannabis Cultivation market is fairly consolidated with a few small and medium-sized market players accounting for majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:

• Tilray
• Atlas Growers
• Canopy Growth Corporation
• Aurora Cannabis
• Better Holdings
• Jazz Pharmaceuticals
• Lexaria Corp
• Cronos Group Inc.
• Vivo Cannabis Inc.
• OrganiGram Holdings

Strategic Development

• In June 24, 2021, Canopy Growth, one of the biggest cannabis firms in the world, revealed that it has successfully acquired The Supreme Cannabis Company and all of its issued and outstanding ordinary shares.

Some Key Highlights From the Report

• The cannabis indica segment is expected to register significant market revenue growth. Cannabis indica produces a huge amount of tetrahydrocannabinol. It is often used as a recreational drug, an alternative medicine, and a clinical research chemical because it exhibits euphoric effects at greater THC concentrations. Broad-leaved Cannabis indica plants have traditionally been grown on the Indian subcontinent to produce charas, a type of hashish.
• The medical segment is expected to register a steady growth rate. THC, marijuana's primary psychoactive ingredient, slows progression of Alzheimer's disease. THC slows growth of amyloid plaques by blocking brain enzyme that causes them. Alzheimer's disease may develop as a result of these plaques' harming brain tissue. Marijuana may be used to treat glaucoma, which gets worse as eye pressure increases and harms optic nerve and vision. According to the National Eye Institute, marijuana lowers intraocular pressure and helps to prevent negative neurological effects and muscle spasms caused by multiple sclerosis.
• The Middle East & Africa market is expected to register a considerable growth. The area dominated cannabis cultivation business in terms of revenue share because of quickly evolving laws surrounding cannabis production, consumption, and economic development. Additionally, it is anticipated that growth would be fueled during the forecast period by region's expanding support for hemp and marijuana cultivation through governmental improvements.
• In October 10, 2020, STADA Arzneimittel AG partnered with  MediPharm Labs, one of the biggest pharmaceutical companies in Germany,  to enter the medical cannabis market with debut of two flower products and subsequent release of six more.

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Emergen Research has segmented the Cannabis Cultivation market based on type, application, and region:

•    Type Outlook (Revenue, USD Billion; 2019–2030)
  • • Cannabis Indica
    • Cannabis Sativa
•    Application Outlook (Revenue, USD Billion; 2019–2030)
  • • Recreational
    • Medical
    • Industrial Hemp
•    Regional Outlook (Revenue, USD Billion; 2019–2030)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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