Cannabis Plant Nutrients Market Dynamics
Many types of fertilizers, both organic and conventional, are employed in the cannabis plant nutrients industry. The widespread trend toward cannabis legalization across the world is the primary factor fueling the industry’s expansion. During the assessment period, the market has also been helped by the expanding use of cannabis in the healthcare sector. As the legality of cannabis continues to rise in many Asian nations, as well as the number of studies conducted on the plant, the market stands to expand during the assessment period.
There has been a worldwide rise in the incidence of chronic disorders like chemo brain, epilepsy, spasticity due to MS or spinal cord injury, fibromyalgia, glaucoma, and many more. Due to the extensive data showing cannabis to be a useful element in medicines used to treat many disorders, the demand for medicines produced from cannabis has increased. In addition to enhancing quality of life, medical cannabis use reduces opiate drug use and lessens the likelihood of negative effects. An article from the Journal of Pain Home Page reports that in 2016, the number of prescriptions for opioids dropped by 64 percent because of the growing popularity of cannabis-based treatments.
However, the expansion of the business is being stymied by the government’s tough stance on cannabis. The market could also be stunted by the increased use of synthetic methods for producing cannabis chemicals.
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.
Market Segmentation
The global macronutrientss and micronutrientss for cannabis plant nutrient markets are the two main divisions of the market. With a market share of 70.20 percent, macronutrients dominated the industry, but micronutrients are expected to grow at a faster clip.
The global market for cannabis plant nutrients has been divided into two categories, conventional and organic, based on category. 70.49% of the market was captured by the conventional segment, while the organic segment is expected to grow at a faster clip (29.31%) in the future.
The global market for cannabis plant nutrients is divided into the drenching, fertigation, and foliar segments, according on the method of application. In 2020, 70.71% of the market was captured by the drenching segment, but the foliar segment is forecast to grow at a CAGR of 29.44% over the study period.
Regional Analysis
The market for fertilizers used by cannabis plants is projected to grow at the highest rate in Asia and the Pacific. In 2020, the regional market was responsible for 40.50 percent of the worldwide cannabis plant nutrients market and was expected to increase at a considerable rate of 29.09 percent over the course of the forecast period. The expansion of the cannabis plant nutrients market in Asia-Pacific can be attributed to the increasing number of hemp farms in China, Australia, and New Zealand. During the projection period, the market for cannabis plant nutrients in India is anticipated to grow at the fastest rate, followed by the market in China. Growth in these economies is being driven mostly by the trend toward organic farming. The region’s market is predicted to expand in part due to the growing demand for cannabis in the pharmaceutical industry, particularly in China and India. The leading companies in the regional market are also investing heavily to expand their output.
The North American market accounted for a sizable portion of the total value of the international cannabis plant nutrients industry. In 2020, the regional market was responsible for 28.56 percent of the value of the worldwide market, and it is expected to have the highest CAGR of 29.20 percent from 2021 to 2028. The legalization of cannabis in the United States has led to its widespread incorporation into the beauty and pharmaceutical businesses, both of which contribute significantly to the expansion of the local market. Manufacturing companies have begun planning how to best use cannabis’s potential.
Competitive Landscape
Prominent players in the Key Cannabis Plant Nutrients Market Players 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).
