Cannabis Plant Nutrients Market Industry Overview’s by Report Trends by Forecast 2020-2028.
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.
The Global Cannabis Plant Nutrients
Market Size is
projected to register a CAGR of 28.97% and reach a value of USD 9,45,697.3
million by 2028.
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.
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 market trends 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 market report
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 Cannabis Plant
Nutrients Market Overview’s 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).
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