Cannabis Plant Nutrients Market is predicted to reach USD 1402.8 million at a CAGR of 29.05% during the forecast period 2023-2030

Market Research Future (MRFR) has published on the “Global Cannabis Plant Nutrients Market”.

Global Cannabis Plant Nutrients Market

The global cannabis plant nutrients market is projected to witness significant growth during the review period, exhibiting a CAGR of 29.05%. The market was estimated to be USD 201.86 million in 2022 and is expected to reach a value of USD 1402.8 million by the end of the forecast period (2023-2030).

The global cannabis plant nutrients market is expected to grow at a rapid pace during the forecast period. The legalization of cannabis in several countries across the globe is mainly driving market growth. Also, the increasing application of cannabis in the medical industry is boosting the market's growth during the review period. Moreover, the improving status of cannabis in Asian countries followed by increasing research and development for cannabis is creating scope for market growth during the review period. However, stringent government policies regarding cannabis are hampering the market growth. Also, the production of cannabis compounds through synthetic methods poses a challenge to the growth of the market.

Market Synopsis

According to the MRFR analysis, the global cannabis plant nutrients market size is projected to reach USD 1402.8 million by 2030 at a CAGR of 29.05%.

There are many private and government organizations supporting the research and development of cannabis for medical purposes. Cannabis has numerous medicinal properties by which it can cure various diseases. According to the National Institute of Drug Abuse, May 2018 publication, in 2017, the National Institute of Health (NIH) supported 330 projects and spent USD 140 million on cannabis research and development. During this, USD 36 million was spent on 70 projects to examine the therapeutic properties of cannabis and USD 15 million on 26 projects centered on cannabinoids (CBD). In 2016, the NIH spent USD 21 million on studying the therapeutic properties of cannabis.

Singapore known for the world's most stringent drug laws is also funding research projects on medical treatments containing synthetically derived compounds of the cannabis plant. In 2017, the government-run National Research Foundation launched a program to research the therapeutic potential of cannabis. The increasing R&D in favor of cannabis is expected to increase the demand for cannabis and cannabis-derived products, resulting in an increase in production to meet the high demand. Thus, the increasing research and development for cannabis is also expected to create immense growth opportunities for the players operating in the global plant nutrients market during the forecast period.

COVID-19 Impact on Cannabis Plant Nutrients Market

The COVID-19 pandemic has disrupted and caused volatility in the global capital market which authored a slowdown in the global economy during the initial phase of the pandemic. Countries across the world have issued different stages of lockdown to curb the infection spread that subsequently lead closure of various industries’ production and operations. In addition, cross-border movement was restricted, international tourism was witnessing a downward trend, and the shipment of goods between nations was facing obstacles that resulted in supply chain delays.

The rapid proliferation of the COVID-19 pandemic has resulted in a global crisis. Impacting over 195 countries, the pandemic has already created an economic downfall worldwide. The global pandemic is deemed to create a chaotic environment, resulting in a global recession. With the rapidly increasing number of cases, the global cannabis plant nutrients market is getting affected in many ways.

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Competitive Landscape

The global cannabis plant nutrients market is projected to witness significant growth during the forecast period, exhibiting a CAGR of 29.05%. The legalization of cannabis in several countries across the globe is mainly driving market growth. The increasing application of cannabis in the medical industry boosts the market growth during the review period. The improving status of cannabis in Asian countries is creating scope for market growth. Market players are expected to witness profitable growth opportunities in the global market due to increasing investments in the cannabis industry. The global cannabis plant nutrients market is highly competitive, with key industry players adopting various strategies such as expansions, acquisitions, and product launches to strengthen their market positions. Most companies in the market focus on expanding operations across regions, augmenting their capabilities, and building strong partnerships. The growth of market players is dependent on market conditions, government support, and industry development.

Segmentation

By Nutrient Type

• Macronutrient: Macronutrients are the essential nutrients added to the plant for proper growth and health. Nitrogen, phosphorus, and potassium (NPK) are the most common macronutrients in photosynthesizing plants, especially cannabis plants. These macronutrients account for 10% or more, by volume and are applied in a ratio of 1:2:1, with 15% nitrogen, 30% phosphorus, and 15% potassium.


• Micronutrient: Micronutrients play a critical role in overall plant health and development, although they are used in small quantities, accounting for as low as 0.01% of the total nutrient volume. The main micronutrients required for the better growth and health of the cannabis plant are iron, manganese, and boron.

By Category

• Conventional: The conventional segment encompasses cannabis grown naturally in forests or any land without much human intervention, along with private plantations. The segment accounts for the maximum market share as the use of the plant has increased in various modes of applications.


• Organic: The organic segment includes the cannabis plantations of private landowners that do not use chemicals during cultivation. The number of private landowners cultivating organic cannabis is comparatively low due to which the segment accounts for a smaller market share.

By Mode of Application

• Drenching: Drenching is a specific technique used to apply a diluted fertilizer or other nutrients to a particular plant or tree or a specific group of plants as opposed to the entire field.


• Fertigation: Fertigation is a technique in which water-soluble fertilizers are injected into the irrigation system for soil and water amendment, and water.


• Foliar: Foliar, also known as foliar feeding, of applying liquid fertilizers directly to the leaves of the plant. This process helps the plant absorb essential nutrients through the leaf stomata and the epidermis.

By Region

• North America: The cannabis plant nutrients market in the region is mainly driven by surging demand from consumers of all age groups. Cannabis is increasingly used in the cosmetics and pharmaceutical industries with the passage of the US Farm Bill, which plays a vital role in the growth of the regional market. The manufacturers have started developing strategies to tap the potential of cannabis.


• Europe: The UK, Germany, France, Italy, Spain, and Rest of the Europe are the major countries that have been considered for the analysis of the Europe cannabis plant nutrients The increasing demand for cannabis in the pharmaceutical industry in France has increased the cultivation of cannabis in the country and consequently, the demand for cannabis plant nutrients. Moreover, the growing use of organic ingredients in the region has increased organic farming, which is also driving the growth of the cannabis plant nutrients market in the region.


• Asia-Pacific: The region is the highest populated nation across the globe and has several growing economies at a rapid pace. China, Australia, and New Zealand are the major cultivators of hemp, which is contributing to the growth of the cannabis plant nutrients market in Asia-Pacific. The cannabis plant nutrients market in India is expected to register the highest CAGR, followed by China, during the forecast period. The increasing adoption of organic farming is the primary factor driving the growth of the markets in these countries.


• Rest of the World: Middle East, Africa, and South America are the major demographic based on the rest of the world cannabis plant nutrients market analyzed. The increasing awareness regarding the medicinal benefits of cannabis in various applications has increased its cultivation in Chile, which is expected to boost the growth of the regional market. In the Middle East, Lebanon became the first Arab country to legalize cannabis for medical and industrial use recently in 2020.