Cannabis Cultivation Market - Global Industry Analysis, Size, Trends, Growth, Trends, and Forecast 2018 - 2028
Cannabis Cultivation Market - Global Industry Analysis, Size, Trends, Growth, Trends, and Forecast 2018 - 2028
Report Digest
Global Cannabis Cultivation Market: Overview
Since Uruguay became the first country to legalize Marijuana in 2013, many others like Canada have followed suit. Still others who haven’t yet legalized it, like Netherlands and Portugal, are moving to a much relaxed framework. Denmark for instance, has allowed limited sales of low-strength cannabis through cafes and in Poland, people can now buy it for medical purpose through few pharmacies. All this along with a growing demand for the product across age groups for either medical or recreational purposes is leading to a stellar CAGR (Compound Annual Growth Rate) for the global cannabis cultivation market over the forecast period of 2018 to 2028.
There is also a growing celebrity endorsement, like that by Laganja Estranja that is boosting demand for cannabis further. Even influencers like Rachel Brathen, who have a 2.1 mn follower base, are not behind in promoting CBD oil and related products on social media, generating demand among followers.
Global Cannabis Cultivation Market: Notable Development
- This year, TruTrace Technologies Inc. partnered with Deloitte to launch ‘StrainSecure’, a product that can track cannabis from production to sale, providing consumers and retailers with accurate history of the product. In June, TruTrace also partnered with the Canadian Pharmacy, Shoppers Drug Mart, to track strains of medical cannabis. This would help physicians to write better prescriptions. The pilot is not yet done but with move, the company has expanded its presence beyond recreational, to medical use market.
- University of Guelph has created a study programme that teaches growing superior cannabis. It aims at both home growers and commercial cultivation. The course that starts in September 2019 is already booked full. Another course starts from January 2020. It explains how strong is the foothold of the cannabis cultivation market – its demand and the quality of effort that is going towards making the global cannabis cultivation market a success on the coming period. This is also a sign of increase in competition in the future
The market is fragmented and with an increase in new players joining in the landscape, it expected to be more fragmented.
Prominent players in the global Cannabis Cultivation Market are:
- Sativa, Inc.
- GW Pharmaceuticals plc.
- Maricann, Inc.
- Aurora Cannabis
- Aphria, Inc.
- Canopy Growth Corporation
Global Cannabis Cultivation Market: Key trends and driver
The growth in global cannabis cultivation market is fuelled by a number of trends and drivers. Some of the key ones are elaborated below.
- Use of pot by people in diseases like cancer and major injuries is leading to growth in demand in the global cannabis cultivation market. The Food and Drug administration has approved it for treatment of two rare and severe forms of epilepsy - Dravet syndrome and Lennox-Gastaut syndrome. To add on, in a recent study – The Health Effects of Cannabis and Cannabinoids – by National Academics of Sciences, Engineering, and Medicine, researchers have found a positive correlation of cannabis with many conditions such as dementia. In another research - “In vivo Evidence for Therapeutic Properties of Cannabidiol for Alzheimer’s Disease,” by Georgia Watt and Tim Karl - a relation between the product and treatment of Alzheimer’s is established.
- As pot tourism is catching on with people, so is demand for high quality cannabis, leading to an upward growth in the Global Cannabis Cultivation Market. States such as Colorado and Washington are seeing rise in the trend by as much as 51% since 2014. In 2016 alone, Colorado registered four million visitors (approximately). Canada is also witnessing a steady increase in pot tourism.
Global Cannabis Cultivation Market: Regional Analysis
North America is set to demonstrate remarkable growth in the Global Cannabis Cultivation market owing to the presence of two of the largest legalized markets (Canada and United States of America). Another factor contributing here is presence of major businesses such as Canopy Growth Corporation. The Ontario-based business tripled cultivation in 2018 and is set to increase it to 5 mn sq. ft. by beginning of 2020.
Global Cannabis Cultivation Market is segmented based on:
Product Outlook
- Buds
- Oils
- Tinctures
The study presents a granular assessment and quantitative evaluation of:
- Key growth factors and prominent trends
- Size and share of key segments in overall market
- Key challenges and winning imperatives
- Factors shaping competitive landscape
- Insights into how contours of market will change in coming years
- Technological advances
- New avenues and imminent investment pockets
- Regulatory landscape shaping current and future strategies of companies
The region-wise assessment includes market dynamics in:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
- Which key factors will shape the competitive landscape?
- Which trends will stimulate research and development activities in different geographies?
- Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
- Which disruptions in market growth are likely to come with the new business models?
- Which are some of the recent overhauls in policies that may change the course of the market significantly?
- Which are the geographies that will form sizable sources of new streams to new and established players alike?
- How are top players likely to realign their strategy to counter the forces of competition?
- Which key strategies emerging players are likely to focus on to consolidate their position?
- Which changes in end-user preferences might affect the status quo held by the leading players?
- Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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