June 22, 2024
Cannabis Cultivation Market

Cannabis Cultivation Market Propelled by Growing Legalization, Cannabis Cultivation Market Witnesses Surge

Cannabis cultivation involves growing marijuana or cannabis plants indoors or outdoors. Cannabis is mainly cultivated for its psychoactive and medicinal properties. The legalization of cannabis in various countries has boosted cultivation for commercial sale.

The global Cannabis Cultivation Market is estimated to be valued at US$ 13.5 billion in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The growing legalization of cannabis for both medical and recreational use across countries is a major trend fueling the expansion of the global Cannabis Cultivation Market. Many countries like Canada, Germany, Italy, Australia, and selective U.S. states have legalized the growth, distribution, and use of cannabis in recent years. This changing regulatory framework has encouraged licensed cultivation facilities and entrepreneurs to ramp up cannabis production to cater to the growing demand. Moreover, successful ballot measures in the U.S. states are expected to further stimulate commercial cannabis cultivation during the forecast period.

SWOT Analysis
Strength: Legalization of cannabis in various regions has opened new opportunities for cultivation. Growing medical applications of cannabis are also fueling demand.
Weakness: Strict regulations and production limitations imposed by governments in some regions. Limitations on cross-border movement of cannabis due to legal status in many countries.
Opportunity: Emerging new applications of cannabis extracts in food & beverages sectors. Technological advancements in indoor and greenhouse cultivation techniques to maximize yield.
Threats: Potential oversupply risks if production outpaces demand growth. Social stigma and public perceptions around cannabis use continue to be challenging in some regions.

Key Takeaways
Global Cannabis Cultivation Market Size is expected to witness high growth over the forecast period.

North America currently dominates the global market due to legalization in major markets like the U.S. and Canada. Cannabis cultivation is legally permitted in countries like Canada, Uruguay, South Africa, Germany etc. for medical as well as recreational use.

Key players operating in the cannabis cultivation market are Canopy Growth Corporation, Aphria, Aurora Cannabis, Maricann Group, Tilray, Hexo, TC BioPharm, Village Farms, Cronos Group, and Organigram Holdings. These companies are investing heavily in R&D to develop superior cannabis varieties and strains. Companies are also adopting indoor vertical farming and greenhousing techniques to maximize yield from limited cultivation space.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it