Cannabis Cultivation Market Revenue Drivers, Growth Opportunities, Value Chain Analysis and Forecast Research Report, 2027
“The global cannabis cultivation market size was accounted for USD 123.9 billion in 2019. It is also estimated to witness a 14.3% CAGR over the forecasted period, 2020 to 2027.”
The global cannabis cultivation market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development. Market Overview: The global cannabis cultivation market is anticipated to value USD 358.8 billion until 2027. It is also expected to register a CAGR of 14.3% over the forecasted years, 2020 to 2027. The rising adoption of cannabis for the diagnosis and treatment of chronic diseases and improving legalization across various countries is projected to propel the market growth. The hemp segment held the dominant share of 94.5% across the global market in 2019 due to the rising adoption of hemp-derived products owing to the low content of THCs. Also, legalization for the cultivation of marijuana across many countries is expected to boost market growth. In 2019, the segment of industrial consumption dominated the global market with a 93.8% share on account of increasing usage of hemp and marijuana across food & beverages, personal care, nutraceuticals, and pharmaceutical industries. The medical consumption segment is expected to account for the highest CAGR across the global market in the upcoming years owing to surging usage of marijuana for treatment against cancers, mental disorders, and chronic pain. The key players operating in the market are Aphria, Inc., Tilray, Canopy Growth Corporation, Aurora Cannabis, Better Holdings, The Cronos Group, Atlas Growers, and CannTrust Holdings. Rapid technological advancements undertaken by these players for cultivating cannabis and its derived products are expected to augment the market growth.