The global cannabis cultivation market size is expected to reach USD 358.8 billion by 2027, expanding at a CAGR of 14.3% from 2020 to 2027, according to a new report by Grand View Research, Inc., Growing legalization and adoption of cannabis for the treatment of chronic diseases is positively impacting the market growth. Furthermore, the liberalization of laws related to hemp and marijuana by various countries is further bolstering revenue growth over the forecast period.
Based
on biomass, the hemp segment dominated the market in 2019. Factors contributing
to increase in demand include increasing adoption of hemp and derived products
and its growing acceptance among the users due to its low THC content. It is
mainly used by people who intend to reap the medical benefits of the plant
without getting intoxicated. In addition, positive government reforms regarding
the utilization of hemp in many countries is further propelling the market growth.
In
2019, the industrial consumption segment accounted for the highest revenue
share. This growth is attributed to the growing application of marijuana and
hemp in various industries such as pharmaceuticals, personal care and
cosmetics, nutraceuticals, and food and beverages. In addition, the
growing usage of cannabis and its derivatives as raw material by companies to
produce their products is further fueling the growth. For instance, CBD oil and
tinctures obtained from the plant are used by pharmaceutical companies for the
production of cannabis-infused drugs. Hence, its consumption for various
applications boosts the overall growth of the market.
The
Asia Pacific dominated the market with a revenue share of 41.2% in 2019 owing
to the presence of the largest cultivation markets in the region such as China,
South Korea, India, and Australia. Furthermore, favorable climatic conditions,
increasing awareness about the plant and its medical benefits, and growing
patient pool eligible for medical marijuana treatments are the other factors
boosting the growth of the market in the region.
Full Research Report On Cannabis Cultivation Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/cannabis-cultivation-market
Cannabis
Cultivation Market Report Highlights
- The market is
anticipated to witness significant growth owing to the growing
legalization and adoption of the hemp and marijuana for the treatment of
chronic diseases
- The hemp
segment dominated the market in 2019, owing to the increasing adoption of
hemp and derived products due to low THC content
- Industrial
consumption segment dominated the market in 2019, owing to the growing
application of marijuana and hemp in various industries
- The Asia
Pacific dominated the market with a revenue share of 41.2% in 2019, owing
to the presence of the largest hemp cultivation markets in the region such
as China, South Korea, India, and Australia.
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https://www.grandviewresearch.com/industry-analysis/cannabis-cultivation-market/request/rs1
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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