Report: Cannabis Cultivation Market Valued at $4.15 Billion, to More than Double by 2030

According to a new report by Research and Markets, the global cannabis cultivation market, already valued at billions of dollars, is expected to grow by 120% by 2030.

The report found that the cannabis cultivation market grew from $3.64 billion in 2023 to $4.15 billion in 2024, and it’s expected to continue growing at a compound annual growth rate of 14.09%, reaching $9.17 billion by 2030.

“In the Americas, cannabis cultivation has undergone significant transformation, especially in regions where legislation has shifted towards legalization”, states the report. “Canada and certain states of the USA have established robust legal frameworks that govern the production, sale, and consumption of cannabis. These regions host some of the world’s largest cannabis companies, which are heavily regulated, publicly traded, and adhere to strict quality controls.”

The report notes that “Cannabis cultivation is largely illegal and associated with significant stigma in many APAC countries. However, locations, including Australia and Thailand, are initiating medical cannabis programs, and there is growing interest in hemp production, typically for CBD oil and industrial uses, in countries such as China.”

The EMEA region is “witnessing a burgeoning medical cannabis market, with countries such as Germany, Israel, and the UK implementing medical programs that have opened doors for cultivation under strict regulations.”

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