The global cannabis cultivation market is projected to experience significant growth in the coming years, according to a new report.
(Photo credit: John J. Kim / Chicago Tribune).
The market, valued at $179.32 billion in 2024, is expected to grow to $208.64 billion in 2025 and reach $407.91 billion by 2029, with a compound annual growth rate (CAGR) of 18.2%.
The report, conducted by Research and Markets, attributes the market’s expansion to increasing legalization, greater public acceptance, and rising medical applications of cannabis. The adoption of cannabis for chronic disease treatment, including conditions such as multiple sclerosis and epilepsy syndromes, is also noted as a major factor fueling growth.
The report identifies several key trends shaping the cannabis cultivation industry, including technological advancements, global expansion, brand development, product diversification, strain customization, and increased competition. It notes that companies are introducing new technologies to improve efficiency and compliance. It cites Prospiant’s Delta Ethanol Extraction CUP-5, a system designed for small-scale cannabis processing that combines mechanical centrifugation with cold alcohol extraction for high-purity results. Another example is Eteros Technologies USA Inc.’s launch of GMP Solutions, a line of non-toxic, biodegradable cleaning products specifically designed for cannabis processing facilities.
The competitive landscape is evolving, with companies expanding their reach through acquisitions. The report highlights Curaleaf International’s acquisition of Poland-based Can4Med in February 2024, aimed at strengthening its presence in Europe’s medical cannabis market.
Several major companies are listed as leading the cannabis cultivation industry, including Canopy Growth Corporation, Aurora Cannabis, Tilray, Curaleaf Holdings, Trulieve Cannabis Corp., Green Thumb Industries, Cresco Labs, TerrAscend, Columbia Care, Aphria, Cronos Group, GW Pharmaceuticals, MedMen Enterprises, Acreage Holdings, and Organigram Holdings.
For more information on this report, click here.
