Cannabis Cultivation Global Market Report 2024

Cannabis cultivation refers to the establishment of one or more cannabis plants or any part of them in any location, whether indoors or out, including inside a completely enclosed and secure building. It also includes harvesting, drying, processing, curing, grading, trimming, packaging, or storing the plants or any part of them.

The main types of cannabis cultivation are cannabis indica and cannabis sativa. Cannabis indica refers to a classification of marijuana, known for its relaxing and therapeutic qualities. The different sources include flowers or buds, leaves, and other sources, that are used in medical consumption, recreational consumption, and industrial consumption.

The cannabis cultivation market research report is one of a series of new reports that provides cannabis cultivation market statistics, including cannabis cultivation industry global market size, regional shares, competitors with a cannabis cultivation market share, detailed cannabis cultivation market segments, market trends and opportunities, and any further data you may need to thrive in the cannabis cultivation industry. This cannabis cultivation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The cannabis cultivation market size has grown rapidly in recent years. It will grow from $155.33 billion in 2023 to $180.66 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to legalization trends, medical use acceptance, consumer awareness, investment inflow.

The cannabis cultivation market size is expected to see rapid growth in the next few years. It will grow to $340.63 billion in 2028 at a compound annual growth rate (CAGR) of 17.2%. The growth in the forecast period can be attributed to research and development, sustainable practices, consumer education. Major trends in the forecast period include technological advancements, global expansion, brand development, product diversification, strain customization, consolidation and competition.

Adoption of cannabis for the treatment of chronic diseases is expected to propel the growth of the cannabis cultivation market going forward. 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. Therefore, the adoption of cannabis for the treatment of chronic diseases is driving the cannabis cultivation market.

The increasing public acceptance and demand for cannabis are expected to boost the growth of the cannabis cultivation market going forward. Cannabis refers to a genus of flowering plants in the Cannabaceae family. Greater public acceptance and demand lead to a larger consumer base, which, in turn, drives the need for more cannabis cultivation. This expanded market can boost production and sales. For instance, in August 2022, according to a report published by the National Institutes of Health (NIH), a US-based government agency, 43% of young adults reported using marijuana in 2021. Additionally, 29% of young adults reported using marijuana in the past month during the same year. Furthermore, the prevalence of daily marijuana use among young adults significantly increased, with 11% reporting daily use in 2021. Therefore, the increasing public acceptance and demand for cannabis are driving the growth of the cannabis cultivation market.

Product innovations are a key trend gaining popularity in the cannabis cultivation market. Major companies operating in the market are focused on developing innovative products to strengthen their position in the market. For instance, in January 2022, Prospiant, a US-based controlled environment agriculture (CEA) greenhouse solutions and cannabis cultivation and extraction technologies provider, launched Delta Ethanol Extraction CUP-5 to specifically meet the requirements of prototype labs, educational research centers, and small-scale cannabis processing facilities. During the process of cannabis cultivation, it can handle plant material in batches as small as 3.5 pounds and finish the extraction process in 2 to 12 minutes. It combines mechanical centrifugation with closed-loop cold alcohol extraction technology to produce a high-purity final product. Its innovative features also include the ability to operate without a C1D2 environment or a hazardous location (HazLoc) requirement.

Major companies operating in the cannabis cultivation market are developing innovative products such as cannabis cleaning products to meet larger customer bases, more sales, and increase revenue. A cannabis cleaning product refers to a specialized cleaning solution or agent designed for the thorough and safe cleaning of various equipment, tools, surfaces, or accessories used in the cultivation, processing, or consumption of cannabis. For instance, in June 2023, Eteros Technologies USA Inc., a US-based provider of cannabis harvesting equipment, launched GMP Solutions. One distinctive aspect of this product is its provision of cutting-edge cleaning solutions tailored for cannabis harvesting and processing facilities. GMP Solutions is set to offer a comprehensive range of cleaning products tailored specifically for cannabis processing equipment, addressing the needs of small, large, and commercial-scale facilities that adhere to Good Manufacturing Practices (GMP) protocols. These GMP Solutions products are characterized by their non-toxic, biodegradable, and food-safe properties. At the heart of this product lineup is the Step 1 Cleaner, which is designed with a buffering agent to ensure a gentle pH-neutral action suitable for a wide range of surfaces. This cleaning solution effectively emulsifies, absorbs, and removes greases, resins, organics, and oils. It can also penetrate dyes and gums, even those typically resistant to caustic substances and hazardous solvents found in other cleaning agents. Notably, this cleaner produces no strong fumes or odors, making it safe for use in manufacturing and processing facilities and leaving surfaces completely residue-free after rinsing.

In June 2021, Canopy Growth, a Canada-based, cannabis company, acquired Supreme Cannabis Company Inc for a deal amount of $435 million. With this acquisition, Canopy Growth aims to strengthen its position in the Canadian market, by providing premium differentiated products to the consumers. Supreme Cannabis Company, Inc is a Canada-based company involved in the production and sale of medical and recreational cannabis.

Major companies operating in the in the cannabis cultivation market report are Pacific Cannabis Growers Inc., Atlas Growers Ltd., Canntrust Holdings Inc, The Hydropothecary Corporation, Better Holdings Inc., Canopy Growth Corporation, Aurora Cannabis Inc., Aphria Inc., Cronos Group Inc., Tilray Inc., GW Pharmaceuticals plc, Organigram Holdings Inc., Harvest Health & Recreation Inc., Green Thumb Industries Inc., Trulieve Cannabis Corp., Curaleaf Holdings Inc., Cresco Labs Inc., TerrAscend Corp., MedMen Enterprises Inc., Acreage Holdings Inc., Columbia Care Inc., Vireo Health International Inc., Liberty Health Sciences Inc., Harvest One Cannabis Inc., Emerald Health Therapeutics Inc., Aleafia Health Inc., The Green Organic Dutchman Holdings Ltd., Supreme Cannabis Company Inc., CannTrust Holdings Inc., Cannara Biotech Inc., Auxly Cannabis Group Inc., MediPharm Labs Corp., Neptune Wellness Solutions Inc., Zenabis Global Inc.

Asia-Pacific was the largest region in the cannabis cultivation market in 2023. The regions covered in the cannabis cultivation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the cannabis cultivation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The cannabis cultivation market includes revenues earned by entities by hemp and marijuana. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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