Report ID: UCMIG35I2062
Report ID:
UCMIG35I2062 |
Region:
Global |
Published Date: Upcoming |
Pages:
165
| Tables: 55 | Figures: 60
The global market for cannabis cultivation was valued at USD 392.1 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 21.3% from 2023 to 2030. The market growth is primarily driven by the increasing legalization and use of cannabis for treating chronic diseases. The relaxation of laws related to cannabis cultivation, particularly for hemp cultivation due to its low THC content, has also contributed to its widespread adoption. Additionally, the legalization of marijuana in several regions and its growing adoption for medical purposes are also fueling the market for cannabis cultivation.
This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.
Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.
The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Pharmaceuticals by segment aggregation, the contribution of the Pharmaceuticals in Pharmaceuticals, Biotechnology & Life Sciences and vendor share.
To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.
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Report ID: UCMIG35I2062