ID: MRFR/F-B & N/9479-CR | 110 Pages | Author: Snehal Singh | October 2022
The Global Cannabis Plant Nutrients Market is projected to register a CAGR of 28.97% and reach a value of USD 9,45,697.3 million by 2028. Cannabis plant nutrients are macro- and micro-nutrients required for the healthy growth of a plant and gain high yield. These nutrients enhance the overall growth of the cannabis plant. The cannabis plant nutrients market includes organic and conventional fertilizers, which are extensively used in cannabis plant cultivation. Legalization of cannabis in several countries across the globe is mainly driving the market growth. Also, increasing application of cannabis in the medical industry is also boosting the market's growth during the review period. Moreover, 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 is hampering the market growth. Also, production of cannabis compounds through synthetic methods poses a challenge for the growth of the market.
COVID-19 Impact Analysis
The COVID-19 pandemic has adversely affected and is expected to continue to pose risks to the cannabis plant nutrients business. There are numerous risks related to the outbreak of the COVID-19. The pandemic spread across the globe during 2020 and continues to impact economic activity around the globe. COVID-19 caused disruption and volatility in the global capital markets, resulting in an economic slowdown in 2020. The COVID-19 pandemic and its associated economic uncertainty negatively impacted the cannabis plant nutrients market in most regions and across a variety of customers.
The global cannabis plant nutrients market is projected to record a CAGR of 28.97% during the forecast period. Legalization of cannabis in several countries across the globe is mainly driving the market growth. Increasing application of cannabis in the medical industry is also boosting the market's growth during the review period. However, stringent government policies regarding cannabis is hampering the market growth. Also, production of cannabis compounds through synthetic methods poses a challenge for the growth of the market. Nevertheless, improving status of cannabis in Asian countries is creating scope for market growth. Moreover, increasing research and development for cannabis is also projected to propel market growth in the coming years.
Drivers:
The prevalence of chronic diseases such as chemotherapy-induced nausea and vomiting, epilepsy, spasticity-associated with multiple sclerosis or spinal cord injury, fibromyalgia, glaucoma, and many more is increasing across the globe. The increasing prevalence has surged the demand for medicines derived from cannabis, as there is substantial evidence that proves cannabis is an effective ingredient in the medicines used to treat various diseases.Moreover, the use of medical cannabis also decreases the use of opiate medication and reduces the chances of side-effects resulting in an improved quality of life. According to a study published in the Journal of Pain Home Page, a decline of 64% in the use of opioids was reported in 2016 due to the increasing adoption of cannabis-based medicines.
According to a web-based survey conducted in 2020 among the Australian population with epilepsy, 137 of the 976 respondents reported being using cannabis products for the treatment of their seizures. According to a report published by the Australian Institute of Health and Welfare, 87% of Australians preferred the use of cannabis for medicinal purposes, which has increased from 74% in 2019. Thus, the increasing application of cannabis in the healthcare industry is expected to fuel the growth of the global cannabis plant nutrients market during the forecast period.
Restraint:
With the increase in R&D in pharmaceutical companies, it is possible to develop cannabis compounds through synthetic methods in labs without growing the cannabis plant. For instance, STI Pharmaceuticals, a UK-based company, is engaged in cannabinoid research and develops synthetic cannabis compound in collaboration with its partners. Also, Zynerba Pharmaceuticals, Inc a pharmaceutical company is involved in the development of synthetic transdermal cannabidiol Zygel (ZYN002 CBD Gel) for the treatment of focal epilepsy in adults. Thus, the adoption of synthetic methods for the procurement of cannabis compounds is expected to be a major threat to the growth of the global cannabis plant nutrients market in the long run.
Opportunities:
Cannabis and its derivative products are illegal in most of the Asian countries, but the legal landscape is shifting in several countries. Despite the legal and cultural complications, some countries in Asia are potential markets for cannabis products. For instance, in November 2018, the Public Health Ministry took the initiative to reclassify cannabis and change its status from a completely prohibited item in Thailand. Thailand’s military junta-appointed parliament voted to amend the 1979 Narcotics Act, legalizing cannabis for medicinal and research uses. Moreover, South Korea’s National Assembly approved the Amendment to the Narcotics Control Act in November 2018 to allow the production of marijuana for medical purposes. The use of cannabis is illegal in Japan, but research for cannabinoids is being undertaken with about 40 farmers given licenses to grow a low-THC strain of Cannabis called Tochigi Shiro. Thus, these initiatives in Asian countries are shifting in favor of cannabis production, which is expected to create lucrative opportunities for market players in the coming years.
Based on product type, the global cannabis plant nutrients market has been segmented into macronutrientss and micronutrients. The macronutrients segment accounted for the larger market share of 70.20%, whereas the micronutrients segment is projected to exhibit the higher CAGR of 29.27%.
Based on Category, the global cannabis plant nutrients market has been segmented into conventional and organic. The conventional segment accounted for the larger market share of 70.49%, whereas the organic segment is projected to exhibit the higher CAGR of 29.31%.
Based on mode of application, , the global cannabis plant nutrients market has been segmented into drenching, fertigation and foliar. The drenching segment accounted for the largest market share of 70.71% in 2020, while the foliar segment is expected to exhibit the highest CAGR of 29.44% during the review period.
Cannabis Plant Nutrients Market Share, by Region, 2020 (%)
Sources: MRFR Analysis
By region, the global cannabis plant nutrients market has been divided into North America, Europe, Asia-Pacific and Rest of World. Asia-Pacific accounted for the largest market share of 40.40% in 2020. North America was the second-largest market in 2020 and is projected to exhibit the highest CAGR of 29.20% during the review period.
Asia-Pacific
The Asia-Pacific Cannabis plant nutrients market is expected to be the largest market during the review period. The regional market accounted for the highest market share of 40.40% of the global cannabis plant nutrients market in 2020 and is projected to exhibit a significant growth rate of 29.09% during the forecast period. 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. The high demand for cannabis in the pharmaceutical industry, especially in China and India, is expected to contribute to the growth of the regional market. Moreover, the key players operating in the regional market are making high investments to increase production capacities.
North Ameica
The North American market held a significant share of the global cannabis plant nutrients market in terms of value. The regional market accounted for 28.56% of the global market share, in terms of value, in 2020 and is projected to register the highest CAGR of 29.20% during the forecast period, 2021–2028. 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. For instance, in April 2019, Canopy Growth Corporation of Canada, a cannabis producing company, announced that it will spend USD 150 million to set up a hemp facility in New York, where the company plans to extract and sell hemp-derived cannabis products.
The market comprises tier-1, tier-2, and local players. The tier-1 and tier-2 players have a global reach and diverse product portfolios. Companies such EuroChem Group (Switzerland), Yara International ASA (Norway), The Mosaic Company (US), CF Industries Holdings, Inc. (US), and Nutrien Ltd (Canada) dominate the global market due to brand reputation, product differentiation, financial stability, and diversified regional presence.
Prominent players in the Global Cannabis Plant Nutrients Market include CF Industries Holdings, Inc. (US), Sociedad Química y Minera de Chile (Chile), Nutrien Ltd (Canada), EuroChem Group (Switzerland), Zuari Agro Chemicals Ltd (India), PJSC PhosAgro (Russia), Haifa Chemicals Ltd (Israel), The Mosaic Company (US), Israel Chemicals Limited (Israel), and Yara International ASA (Norway).
Recent Developments
Few developments that occurred in recent times influencing the market growth of gardening tools are listed below:
Intended Audience
Report Attribute/Metric | Details |
---|---|
Market Size | USD 9,45,697.3 million |
CAGR | 28.97% |
Base Year | 2019 |
Forecast Period | 2020-2028 |
Historical Data | 2018 |
Forecast Units | Value (USD million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | by Nutrient Type, Category, Mode of Application, and Region |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | CF Industries Holdings, Inc. (US), Sociedad QuĂmica y Minera de Chile (Chile), Nutrien Ltd (Canada), EuroChem Group (Switzerland), Zuari Agro Chemicals Ltd (India), PJSC PhosAgro (Russia), Haifa Chemicals Ltd (Israel), The Mosaic Company (US), Israel Chemicals Limited (Israel), and Yara International ASA (Norway). |
Key Market Opportunities |
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Key Market Drivers |
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Cannabis Plant Nutrients Market is projected to grow at a 28.97% CAGR between 2021-2028.
Prominent players in the Global Cannabis Plant Nutrients Market include CF Industries Holdings, Inc. (US), Sociedad QuĂmica y Minera de Chile (Chile), Nutrien Ltd (Canada), EuroChem Group (Switzerland), Zuari Agro Chemicals Ltd (India), PJSC PhosAgro (Russia), Haifa Chemicals Ltd (Israel), The Mosaic Company (US), Israel Chemicals Limited (Israel), and Yara International ASA (Norway).
The Asia-Pacific Cannabis plant nutrients market is expected to be the largest market during the review period
The legalisation of cannabis in several countries around the world, as well as the increasing use of cannabis in the medical industry, are the primary factors driving the global Cannabis Plant Nutrients Market.
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