SEATTLE–(BUSINESS WIRE)–According to Coherent Market Insights, the global cannabis cultivation market is estimated to be valued at US$ 31,181.09 million in 2020 and is expected to exhibit a CAGR of 18.2% during the forecast period (2020-2027).
Key Trends and Analysis of the Global Cannabis Cultivation Market:
Key trends in the market include legalization of cannabis in various countries, focus of key players on adoption of inorganic strategies, and increasing application of cannabis.
Market players are focusing on launching new products and obtaining approvals which is expected to drive the market growth. For instance, in June 2018, GW Pharmaceuticals, a U.K. based pharmaceutical company, received approval from the U.S. Food & Drug Administration for Epidiolex (cannabidiol or CBD), an oral solution for patients 2 years and older to treat Lennox-Gastaut syndrome and Dravet syndrome, the 2 severe forms of seizures that begin in childhood.
Moreover, the U.S. Food & Drug Administration is planning pathway for cannabis product approvals which is expected to boost the market growth. For instance, according to an article published by the Regulatory Affairs Professionals Society (RAPS), in April 2019, the U.S. Food and Drug Administration (FDA) is developing a regulatory pathway for cannabis and cannabis-derived products, including cannabidiol (CBD), in response to recent legislative changes to how certain types of cannabis are scheduled under the Controlled Substances Act (CSA).
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Key Market Takeaways:
The global cannabis cultivation market is expected to exhibit a CAGR of 18.2% during the forecast period owing to rising demand and application of cannabis. For instance, according to an article published by Health Canada in August 2020, 9,932,994 packaged units of cannabis were sold across Canada for medical and non-medical purposes.
Development of regulatory pathways in the market is expected to propel the market growth during the forecast period. For instance, in April 2017, Camargo Pharmaceutical Services, a company specializing in complex drug development programs, announced that several states in the U.S. passed laws to remove state restrictions on the medical use of marijuana and its derivatives. The synthetic and botanical extract products can be approved via the 505 (b) (2) pathway.
Key players operating in the global cannabis cultivation market are Pacific Cannabis Growers, Inc., Atlas Growers, Canntrust Holdings, Inc., The Hydropothecary Corporation, Better Holdings, Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Tilray, Organigram Holdings Inc., The Cronos Group, Maricann Group, Inc., ABcann Medicinals, Inc. and GW Pharmaceuticals plc. among others.
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Global Cannabis Cultivation Market, By Type:
- Cannabis Indica
- Cannabis Sativa
Global Cannabis Cultivation Market, By Source:
Global Cannabis Cultivation Market, By Application:
- Medical Consumption
- Recreational Consumption
- Industrial Consumption
Global Cannabis Cultivation Market, By Region:
- North America
- Rest of Latin America
- By Country:
- Rest of Europe
- By Country:
- South Korea
- Rest of Asia Pacific
- By Country:
- Rest of Middle East
- By Country:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
Related Market Intelligence Report:
Medicinal Cannabis Market, by Point of Sale (Dispensaries, Online Pharmacy, Hospital Pharmacy), by Active Ingredient (Tetrahydrocannabinol (THC) and Cannabidiol (CBD)) and by Therapeutic Application (Pain, Arthritis, Neurological Disease (Epilepsy, Multiple Sclerosis and Other Neurological Applications), and Other Applications) – Size, Share, Outlook, and Opportunity Analysis 2019 – 2027
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.