Cannabis Cultivation Market – Global Food Additives, Oils, Tinctures, Cannabis Indica, Cannabis Sativa Forecast 2024-2030

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Global Cannabis Cultivation Market

Global Cannabis Cultivation Market
Global Cannabis Cultivation Market

Dublin, Aug. 28, 2024 (GLOBE NEWSWIRE) — The “Global Cannabis Cultivation Market by Product (Food Additives, Oils, Tinctures), Type (Cannabis Indica, Cannabis Sativa), Source, Application – Forecast 2024-2030” report has been added to ResearchAndMarkets.com’s offering.

The Cannabis Cultivation Market grew from USD 3.64 billion in 2023 to USD 4.15 billion in 2024. It is expected to continue growing at a CAGR of 14.09%, reaching USD 9.17 billion by 2030.

This process requires careful attention to the plant’s life cycle, from germination to harvesting, including the control of environmental factors such as light, temperature, humidity, soil pH, and nutrients. The proliferation in cannabis cultivation has been primarily fueled by the expanding legalization of cannabis for both medical and recreational use, which has driven demand and facilitated the establishment of a legal market. Innovations in cultivation technology, such as hydroponics and LED lighting, have also contributed to the sector’s growth, alongside an increasing social acceptance of cannabis consumption.

However, compliance with diverse state and federal laws and the financial burden of taxation and licensing fees add complexity for cultivators, impeding their development. Thus, the industry is investing in more sustainable practices, such as the use of renewable energy and water recycling systems. Advancements in genetic modification and breeding may lead to new cannabis strains with unique properties, catering to a wider range of consumers. The integration of artificial intelligence and data analytics could further optimize cultivation processes and yield management, enhancing both efficiency and profitability.

Regional Insights

In the Americas, cannabis cultivation has undergone significant transformation, especially in regions where legislation has shifted towards legalization. Canada and certain states of the USA have established robust legal frameworks that govern the production, sale, and consumption of cannabis. These regions host some of the world’s largest cannabis companies, which are heavily regulated, publicly traded, and adhere to strict quality controls. Cannabis cultivation is largely illegal and associated with significant stigma in many APAC countries.

However, locations, including Australia and Thailand, are initiating medical cannabis programs, and there is growing interest in hemp production, typically for CBD oil and industrial uses, in countries such as China. The EMEA region is witnessing a burgeoning medical cannabis market, with countries such as Germany, Israel, and the UK implementing medical programs that have opened doors for cultivation under strict regulations.

Cannabis companies in EMEA often focus on medical-grade products, adhering to pharmaceutical standards such as Good Manufacturing Practices (GMP). The production environment tends towards highly controlled indoor or greenhouse settings. Some African countries, including Lesotho and South Africa, are exploring cannabis cultivation for both medical and economic development purposes, aiming to supply both domestic markets and exports primarily to European countries.

Key Attributes:

Report Attribute Details
No. of Pages 185
Forecast Period 2024 – 2030
Estimated Market Value (USD) in 2024 $4.15 Billion
Forecasted Market Value (USD) by 2030 $9.17 Billion
Compound Annual Growth Rate 14.0%
Regions Covered Global

Market Dynamics

Market Drivers

  • Cannabis Legalization and Rise in Trend of Indoor Cultivation
  • Potential Use of Cannabis for Medical Treatment and Scientific Research
  • Government Support for Legal Cannabis Cultivation and Education Program

Market Restraints

  • Environmental Downside of Cannabis Cultivation and Existence of Illegal Cultivation Practices

Market Opportunities

  • Use of AI and ML in Cannabis Cultivation
  • Growing Application of Marijuana and Hemp in Various Industries

Market Challenges

  • Challenges to Scaling Cannabis Cultivation and Regulatory Pressure

Market Segmentation Analysis

  • Product: Availability of high-potency CBD oils for patients with specific therapeutic needs
  • Type: Preference for Indica in colder climates and for individuals seeking pain relief and relaxation
  • Source: Exponential use of CBD flowers for recreational and medicinal use
  • Application: Emerging legalization of cannabis to accelerate its industrial consumption

Industry Insights

  • Market Disruption Analysis
  • Porter’s Five Forces Analysis
  • Value Chain & Critical Path Analysis
  • Pricing Analysis
  • Technology Analysis
  • Patent Analysis
  • Trade Analysis
  • Regulatory Framework Analysis

Key Company Profiles

  • ABcann Medicinals, Inc.
  • Acreage Holdings
  • AgMedica Bioscience Inc.
  • Aleafia Health Inc.
  • Atlas Growers Ltd.
  • Aurora Cannabis Inc.
  • Better Group Holdings
  • C3 Industries, Inc.
  • Cannabis Sativa, Inc.
  • Cannatrek Limited
  • Canopy Growth Corporation
  • Cresco Labs, LLC
  • Cronos Group
  • Curaleaf Holding Inc.
  • Ecofibre Limited
  • Gilead Sciences, Inc.
  • Green Thumb Industries Inc.
  • Harvest Health & Recreation, Inc
  • HEXO Operations Inc.
  • Jazz Pharmaceuticals PLC
  • Lexaria Bioscience
  • Mammoth Farms
  • Maricann Inc.
  • Medical Marijuana, Inc.
  • Organigram Holdings Inc.
  • SNDL Inc
  • Tilray, Inc.
  • Trulieve Cannabis Corp
  • Ultra Health
  • Verano Holdings LLC
  • Village Farms International Inc.

Market Segmentation & Coverage

Product

  • Food Additives
  • Oils
  • Tinctures

Type

  • Cannabis Indica
  • Cannabis Sativa

Source

  • Flower/Buds
  • Leaves

Application

  • Industrial Consumption
  • Medical Consumption
  • Recreational Consumption

Region

Americas

  • Argentina
  • Brazil
  • Canada
  • Mexico
  • United States
  • California
  • Florida
  • Illinois
  • New York
  • Ohio
  • Pennsylvania
  • Texas

Asia-Pacific

  • Australia
  • China
  • India
  • Indonesia
  • Japan
  • Malaysia
  • Philippines
  • Singapore
  • South Korea
  • Taiwan
  • Thailand
  • Vietnam

Europe, Middle East & Africa

  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Israel
  • Italy
  • Netherlands
  • Nigeria
  • Norway
  • Poland
  • Qatar
  • Russia
  • Saudi Arabia
  • South Africa
  • Spain
  • Sweden
  • Switzerland
  • Turkey
  • United Arab Emirates
  • United Kingdom

For more information about this report visit https://www.researchandmarkets.com/r/wvy47b

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