The primary driver propelling market revenue growth is the rising legalisation of cannabis for both medicinal and recreational use in a number of nations throughout the world. Cannabis is becoming more widely accepted as a supplemental medicine for a variety of ailments, which in turn is driving demand for its cultivation.
The global cannabis cultivation market size was USD 12.76 Billion in 2022 and is expected to register a revenue CAGR of 16% over the forecast period, according to the latest report by Reports and Data.
The increased demand for cannabis has resulted in the development of commercial production methods, especially in nations where it is legal. The cannabis market has grown significantly, with producers becoming increasingly reliant on sales. Use of modern production techniques such as hydroponics and vertical farming, which have resulted in higher crop yields and higher quality cannabis plants, is one element fueling this expansion.
Increasing public awareness of cannabis’ potential medicinal benefits in the treatment of conditions including as chronic pain, anxiety, and insomnia is also driving revenue growth in the cannabis cultivation business. It is projected that expanding medicinal cannabis usage and increasing approval of cannabis use for recreational purposes will drive market revenue growth in the coming years.
Investments in the cannabis growing business have surged as a result of cannabis legalisation in many countries. The enormous potential of the cannabis sector is drawing significant funds from investors searching for new opportunities. The development of innovative cannabis growing technologies and techniques is driving industry revenue growth.
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Top Lading Players: Aurora Cannabis Inc., Canopy Growth Corporation, Aphria Inc., Tilray, Inc., The Cronos Group Inc., Hexo Corp., Curaleaf Holdings, Inc., Green Thumb Industries Inc., Trulieve Cannabis Corp., Cresco Labs Inc., and TerrAscend Corp.
Some Key Highlights from the Report:
Segments covered in the report:
Cultivation Type Outlook (Revenue, USD Billion; 2022 – 2032)
Biomass Outlook (Revenue, USD Billion; 2022 – 2032)
Application Outlook (Revenue, USD Billion; 2022 – 2032)
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Regional Outlook:
Key Questions Addressed in the Report:
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The post Cannabis Cultivation Market Size to Reach USD 48.53 Billion at a CAGR of 16% by 2032 | Reports and Data appeared first on Market O Graphics.