According to the most recent analysis by Emergen Research, the cannabis cultivation market had a value of USD 322.50 billion in 2021 and is projected to grow at a rate of 21.9% during the forecast period. The market is expanding as a result of growing cannabis legalisation around the world and rising consumer demand for products flavoured with hemp. Hemp-based beverages, sweets, and chocolates are still in high demand on the market. The euphoric "high" from such edibles takes one to two hours to begin, but it lasts longer than when smoke or vapour is consumed. Due to advancements in scientific research and business innovation, the drawbacks of edibles, such as the unpredictable effects of marijuana after consumption, are beginning to be solved.
The report analyzes the leading players The report analyzes the leading players of the global Cannabis Cultivation market drivers and restraints market by inspecting their market share, recent developments, new product launches, partnerships, mergers, or acquisitions, and their target markets. This report also includes an exhaustive analysis of their product profiles to explore the products and applications their operations are concentrated on in the global Cannabis Cultivation market drivers and restraints market.
A marketplace for hemp goods called Cannazon recorded sales worth around USD 5.04 million between January and March 2020, which corresponds to a volume of 1.6 metric tonnes. Similar increases in sales were seen in the US as consumers stocked up in anticipation of mandatory shelter requirements. As a result, it is anticipated that the market will continue to expand over the course of the projection period due to rising inventories, robust consumer demand, and an increase in regions that view the product as an essential commodity for both recreational and medical uses.
In 2021, the hemp sector led the market in terms of biomass. The expanding popularity of hemp and goods produced from it, as well as its growing acceptance among consumers due to its low THC concentration, are factors that are driving up demand. People who want to benefit from the plant's medicinal properties without getting inebriated are the main users of this method. The business is also expanding as a result of favourable government regulations allowing the use of hemp in several nations.
Some major companies operating in the market include Panasonic Corporation, Wahl Clipper Corporation, Spectrum Brands Holdings, Xiaomi Corp-W, Koninklijke Philips N.V, The Procter Gamble Company, Conair Corporation, Havells Limited, Harry’s Inc., and Edgewell Personal Care.
Highlights of the Cannabis Cultivation Market Report
- Due to the increasing legalisation and use of hemp and marijuana for the treatment of chronic ailments, the industry is expected to experience significant expansion.
- Due to growing consumer demand and the low THC concentration of hemp and its derivative products, the hemp category dominated the market in 2021.
- Due to the increasing use of marijuana and hemp in numerous industries, the industrial consumption category took the lead in the market in 2021.
- Aurora Cannabis Inc. completed the acquisition of TerraFarma Inc. in May 2022, which will strengthen their Canadian recreational cannabis business and Aurora's global cannabis industry experience.
- Two leaders in the Canadian cannabis industry, HEXO and Tilray Brands, collaborate to form a strategic alliance in March 2022.
- As part of its strategy for ongoing growth, the company acquired Laurentian Holdings Inc. in December 2021, expanding its reach into the second-most populous province of Quebec.
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Emergen Research has segmented the shavers market based on type, product nature, end-user, and region:
- Type (Revenue, USD Billion; 2019–2030)
- Foil
- Rotary
- Product Nature Outlook (Revenue, USD Billion; 2019–2030)
- Cordless
- Corded
- End-User Outlook (Revenue, USD Billion; 2019–2030)
- Male
- Female
- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle east Africa
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