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Cannabis Cultivation Market to Reach $45.4 Billion by 2026 | Key Players – Cannabis Sativa, Inc.; Tikun Olam; Tilray, Maricann, Inc.; Aurora Cannabis; and Canopy Growth Corporation

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Cannabis Cultivation Market to Reach $45.4 Billion by 2026 | Key Players – Cannabis Sativa, Inc.; Tikun Olam; Tilray, Maricann, Inc.; Aurora Cannabis; and Canopy Growth Corporation

September 10
11:12 2019
Cannabis Cultivation Market to Reach $45.4 Billion by 2026 | Key Players - Cannabis Sativa, Inc.; Tikun Olam; Tilray, Maricann, Inc.; Aurora Cannabis; and Canopy Growth Corporation

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, The global cannabis cultivation market size was valued at USD 15.7 billion in 2018 and is anticipated to exhibit a CAGR of 13.5%

The global cannabis cultivation market size is expected to reach USD 45.4 billion by 2026, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 13.5% during the forecast period. Rising number of countries legalizing marijuana cultivation, increasing number of cultivators, and growing global marijuana trade are some of the leading factors contributing toward the rise in cultivation. In addition, rising production of marijuana derivatives such as oil, creams, and edibles due to increase in demand and geographical expansion of cannabis producing companies is expected to drive growth during the forecast period.

Buds dominated the market in 2018, owing to a high consumer pool already smoking buds. Moreover, it is a readily usable form and, hence, is considered as a primary product that has more potency as it contains the necessary levels of THC and CBD content. However, the ill effects of smoking buds are likely to impede growth over the forecast period and drive production of cannabis-based oils & tinctures as these products are safe to consume & have a faster onset of action.

North America dominated the marijuana cultivation market in 2018 owing to the presence of two largest marijuana markets-the U.S. and Canada. This is due to legalization of marijuana for recreational and medicinal purposes in Canada & several U.S. states, along with presence of leading cultivators such as Aphria, Tilray, Canopy Growth Corporation, & The Chronos Group in the region.

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Canada and the U.S. collectively produced the highest quantity of cannabis, accounting for almost the whole share of the total produce. This is due to high demand for medical & recreational cannabis, increase in pot tourism, and a steep growth in online sales channels. Europe is expected to be the fastest growing, owing to increasing legalization of indigenous cultivation and reducing focus on marijuana imports due to high costs. Moreover, other countries such as Sri Lanka and Thailand are expected to start cultivation after their expected/recent legalization.

Some of the major marijuana cultivators are Canopy Growth Corporation; Aurora Cannabis; Maricann Group, Inc.; Tilray; Aphria, Inc.; The Cronos Group; ABcann Medicinals, Inc.; GW Pharmaceuticals plc.; and Organigram Holding, Inc. Several new cultivators are expected to enter the market due to ongoing legalization in various countries, rising technological advancements in equipment, and growing funding for new startups.

U.S. cannabis cultivation market, by product, 2015 - 2026 (USD Billion)

Further key findings from the study suggest: 

  • North America dominated this market in 2018 with a revenue of USD 15.6 billion, owing to the presence of largest marijuana producing countries such as the U.S. and Canada, which have legalized medical & recreational use
  • Based on product type, the cannabis cultivation market is segmented into buds, oils, and tinctures.
  • Buds segment dominated in 2018 owing to buds being a readily usable form and an already existing high consumer pool that smokes buds
  • Some of the key players are Cannabis Sativa, Inc.; GW Pharmaceuticals plc; Tikun Olam; Tilray, Maricann, Inc.; Aurora Cannabis; Aphria, Inc.; and Canopy Growth Corporation
  • In December 2018, nearly 840 cultivators in Canada applied for a license, which was 30% higher than that recorded in August 2018.

Global cannabis cultivation market share, by region, 2018 (%)

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Grand View Research has segmented the global cannabis cultivation market on the basis of product and region:

Cannabis Cultivation Product Outlook (Volume [kg]; Revenue, USD Million, 2015 – 2026)

  • Buds
  • Oils
  • Tinctures

Cannabis Cultivation Regional Outlook (Volume [kg]; Revenue, USD Million, 2015 – 2026)

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • Italy
    • Netherlands
    • Croatia
  • Asia Pacific
    • Australia
  • Central & South America
    • Mexico
    • Colombia
    • Uruguay
    • Chile
    • Argentina
  • MEA
    • Israel

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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