Global Cannabis Cultivation Market Report and Forecast 2024-2032

Global Cannabis Cultivation Market Outlook

The global cannabis cultivation market size was valued at USD 40.7 billion in 2023, driven by the increasing legalization and government initiatives across the globe. The market size is anticipated to grow at a CAGR of 29.2% during the forecast period of 2024-2032 to achieve a value of USD 407.1 billion by 2032.

Cannabis Cultivation: Introduction

Cannabis cultivation refers to the practice of growing cannabis plants, primarily for the purpose of producing various cannabis products, including marijuana and hemp. This process involves nurturing and cultivating the cannabis plant through various stages, from germination to harvest, to obtain the desired plant material for medicinal, recreational, or industrial use.

Cannabis cultivation plays a crucial role in the production of various cannabis-based products, including marijuana flowers, cannabis oils, edibles, and hemp-derived products like CBD (cannabidiol). The purpose and techniques employed in cannabis cultivation can vary widely, depending on whether the goal is to produce psychoactive marijuana or non-psychoactive hemp, as well as the intended use of the final product.

Global Cannabis Cultivation Market Analysis

The increasing legalization and government initiatives surrounding the use of cannabis for scientific purposes is the major trend influencing the market growth. Governments across the globe are increasingly initiating efforts to harness the potential of cannabis for scientific research, highlighting a growing acceptance of alternative healthcare approaches, further propelling the global cannabis cultivation market growth.

In addition to cannabis-related developments, the telehealth market is witnessing advancements in regulatory frameworks related to the cannabis industry, such as those observed in New York. The recent approval of regulations by the Cannabis Control Board in New York paves the way for the expansion of the state's cannabis industry, creating opportunities for various businesses, including dispensaries and delivery services. This regulatory expansion aligns with the broader trend of cannabis legalization, as more regions around the world are recognizing the potential economic and health benefits of cannabis-related initiatives. These trends collectively reflect a dynamic and evolving healthcare landscape that embraces innovative approaches, both in telehealth and complementary fields like cannabis research and regulation.

Global Cannabis Cultivation Market Segmentations

Market Breakup by Type

• Flowers

• Concentrates

• Edibles

• Topicals

• Tinctures

Market Breakup by Compound

• THC-Dominant

• CBD-Dominant

• Balanced THC and CBD

Market Breakup by Applications

• Medical

• Recreational

Market Breakup by End User

• Healthcare Providers

• Healthcare Payers

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Cannabis Cultivation Market Overview

The global cannabis cultivation market demand is experiencing significant growth, driven by the increasing legalization of cannabis in various regions. As more countries and states legalize the use of cannabis for both medical and recreational purposes, it has led to a surge in cultivation activities. The adoption of cannabis as a treatment option for chronic diseases has also gained momentum, further driving the demand for cultivated cannabis products.

The continuous development of new cannabis-related products has expanded the scope of the market and appeal. Innovations in product offerings and delivery methods have attracted a broader consumer base, further fostering the global cannabis cultivation market growth. Additionally, infrastructure changes are also playing a pivotal role in supporting the growth of cannabis cultivation. As countries liberalize their laws and regulations surrounding cannabis cultivation, there is a shift towards more open and supportive infrastructures, encouraging the expansion of cultivation facilities.

Furthermore, the liberalization of laws related to cannabis cultivation, particularly for hemp cultivation due to its low THC content, has contributed to the broader adoption of cannabis-related products. This shift towards more permissive regulations has facilitated the growth of the cannabis cultivation market.

North America is currently leading the global market for cannabis cultivation, primarily driven by the rapidly evolving laws and regulations concerning cannabis cultivation in regions such as the United States and Canada. These reforms, coupled with government support for hemp and marijuana cultivation, are expected to continue propelling market growth in the coming years.

Global Cannabis Cultivation Market: Competitor Landscape

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Canopy Growth Corporation

• Aurora Cannabis Inc.

• Medmen Enterprise Inc.

• Tilary Inc.

• Unrivaled Brand Inc.

• VIVO Cannabis Inc.

• The Cronos Group

• Medical Marijuana Inc.

• Stenocare

• Trulieve

Key Highlights of the Report