Growing demand for medical cannabis from a variety of countries should fuel expansion of the global cannabis cultivation market.
In 2020, the global cannabis cultivation market was estimated to be valued $147.3 billion USD; by 2028, that number is expected to rise to $359.6 billion USD, representing a compound annual growth rate (CAGR) of roughly 14.5 percent.
Over a hundred countries have reported cases of illness since the COVID-19 infection outbreak in December 2019, and the World Health Organization has declared it a global health emergency. According to the WHO data, by the 15th of December, 2020, symptoms of Covid disease (COVID-19) have developed in more than 73.24 million infected people worldwide.
It is possible for the coronavirus to affect the economy in three main ways: through direct influences on production and demand, through disruptions in transmission channels, and through its impact on businesses and financial markets. As a result of national lockdowns, a select number of regions, including Saudi Arabia, the United Arab Emirates, Egypt, and others, are experiencing difficulties with the transit of raw materials from one location to another.
Market leaders are concentrating on methods, such as collaboration, that will help them grow their companies. By way of illustration, in March of 2017, CaliPharms, Inc., a therapeutic cannabis organisation located in California, marked a decisive stock buy concurrence with Pacific Cannabis Growers (PCG). With the agreement that CaliPharms has purchased 51% stock liability, PCG will cultivate high-quality cannabis for the medical sector.
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Analysis by Region
In terms of revenue share, the Middle East and Africa (MEA) region was far and away the largest market for cannabis cultivation in 2021. This was due to the region’s quickly evolving legal framework around cannabis production and use, as well as its robust economic growth. Moreover, expanding legal protections for hemp and marijuana farming in the region are expected to fuel expansion over the projection period.
The Asia-Pacific region is also anticipated to grow profitably over the projection time frame. The presence of the largest cultivation markets, excellent climatic conditions, and rising patient pool eligible for medicinal marijuana therapies are all aspects that are helping to drive the market.
Cannabis Cultivation Market is segmented as follows:
- Biomass Outlook
- Application Outlook
- Medical Consumption
- Recreational Consumption
- Industrial Consumption
Key Players profiled in report are:
- Canopy Growth Corporation
- Aphria, Inc.
- Aurora Cannabis
- The Cronos Group
- Organigram Holding, Inc.
- Better Holdings
- Pacific Cannabis Growers
- Atlas Growers
- CannTrust Holdings
- The Hydropothecary Corp.