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Cannabi*s Cultivation 2024: Market Growth and Global Opportunities
Cannabi*s Cultivation Market Trends
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According to The Business Research Company's, The cannabi*s 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 cannabi*s 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.
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Market Drivers and Trends:
Adoption of cannabi*s for the treatment of chronic diseases is expected to propel the growth of the cannabi*s 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 cannabi*s for the treatment of chronic diseases helps cannabi*s 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 cannabi*s for the treatment of chronic diseases is driving the cannabi*s cultivation market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Pacific Cannabi*s Growers Inc., Atlas Growers Ltd., Canntrust Holdings Inc, The Hydropothecary Corporation, Better Holdings Inc., Canopy Growth Corporation, Aurora Cannabi*s Inc., Aphria Inc., Cronos Group Inc., Tilray Inc., GW Pharmaceuticals plc, Organigram Holdings Inc., Harvest Health & Recreation Inc., Green Thumb Industries Inc., Trulieve Cannabi*s 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 Cannabi*s Inc., Emerald Health Therapeutics Inc., Aleafia Health Inc., The Green Organic Dutchman Holdings Ltd., Supreme Cannabi*s Company Inc., CannTrust Holdings Inc., Cannara Biotech Inc., Auxly Cannabi*s Group Inc., MediPharm Labs Corp., Neptune Wellness Solutions Inc., Zenabis Global Inc.
Cannabi*s Cultivation Market 2024 Key Insights:
• The cannabi*s 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%.
• Medical Cannabi*s Gains Momentum In Treating Chronic Diseases, Fueling Cannabi*s Cultivation Market Growth
• Innovative Product Developments Transform The Cannabi*s Cultivation Market
• Asia-Pacific was the largest region in the cannabi*s cultivation market in 2023
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