According to a new Cannabis Cultivation Global Market Report 2022, the market is expected to grow from $114.66 billion in 2021 to $132.55 billion in 2022.
The report found that this number will grow drastically in the coming years, with estimates putting the market’s value at $235.74 billion by 2026, an over $100 billion increase in four years.
According to the report, the major players in the 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, GW Pharmaceuticals plc, and Vivo Cannabis Inc.
“The global cannabis cultivation market is expected to grow from $114.66 billion in 2021 to $132.55 billion in 2022 at a compound annual growth rate (CAGR) of 15.6%”, states the report. “The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The cannabis cultivation market is expected to grow to $235.74 billion in 2026 at a compound annual growth rate (CAGR) of 15.5%.”
As noted by the report, the cannabis cultivation market “consists of sales of cannabis cultivation process by entities (organizations, sole traders, and partnerships) that is used for the production of cannabis, which is derived from the plant cannabis sativa. Cannabis cultivation refers to the practice and method of growing cannabis plants such as planting, developing, growing, propagating, harvesting, processing, drying, curing, grading, trimming, packaging, and storage.”
Asia Pacific was the largest region in the cannabis cultivation market in 2021. The regions covered in the cannabis cultivation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
“Adoption of cannabis for the treatment of chronic diseases is expected to propel the growth of the cannabis cultivation market going forward”, finds the report. “Chronic disease refers to a medical condition that lasts for a year or longer and necessitates continuing medical care and restricts daily activities. Adoption of cannabis for the treatment of chronic diseases helps cannabis cultivation by demonstrating safety, efficacy, and consistency sufficient for regulatory approval in spasticity in chronic diseases such as multiple sclerosis, and Dravet and Lennox-Gastaut Syndromes.”
For instance, “in March 2022, according to the data published in the annual report of Jazz Pharmaceuticals plc, an Ireland-based biopharmaceutical company, the company generated a net sale of $463.6 million for Epidiolex, in 2021, with a year-on-year sales growth of 29% as compared to previous year i.e., 2020. Therefore, the adoption of cannabis for the treatment of chronic diseases is driving the cannabis cultivation market”
For more on this report, click here.
