Cannabis Plant Nutrients Market to Touch USD 1402.8 Billion at 29.05% CAGR by 2030

 

In 2022, the cannabis plant nutrients market size was estimated to be worth USD 201.86 million. The Cannabis Plant Nutrients Market Industry is expected to expand at a compound annual growth rate (CAGR) of 29.05 percent from USD 256.85 million in 2023 to USD 1402.8 million by 2030. Some of the most important elements influencing the cannabis market's growth are the growing number of medical uses and the country-by-country legalisation of cannabis use.

Research indicates that chronic or high-dosage cannabis usage can result in addiction, changed brain chemistry, reduced life satisfaction, and cognitive impairment. It has also been discovered that those who start using cannabis-based products when they are teenagers experience negative side effects. For these reasons, the legality of cannabis is still up for debate in many places, and strict laws governing its usage have been placed in place in several nations.

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There are numerous laws governing cannabis clinical research. Researchers working with cannabis must go by the rules and obtain permission from various authorities. The Food and Drug Administration agency must receive an investigational new drug (IND) application from the scientists before they may begin study. A letter of authority (LOA) detailing the attributes of the cannabis product must be obtained from the National Institute on Drug Abuse (NIDA) by the investigator.

The Drug Enforcement Administration (DEA) and a licence are additional requirements for the researcher to apply in order to prevent cannabis use for non-research purposes. The research process is made laborious and time-consuming by the restrictions and policies, which reduces the likelihood of developing novel cannabis-based products for the treatment of different illnesses.

Segment Insights

The Cannabis Plant Nutrients Market segmentation, based on the nutrient type, includes  micronutrient and macronutrient. The Macronutrient segment held the majority share in 2022.

The Cannabis Plant Nutrients Market form data has been bifurcated by organic and conventional.

Based on mode of application, the global cannabis plant nutrients industry has been segmented into fertigation, drenching, and foliar.

The market is divided into four regions by the study: North America, Europe, Asia-Pacific, and the Rest of the World. In the cannabis plant nutrients market, the Asia-Pacific area is now a major participant. The main hemp-growing regions in Asia-Pacific are China, Australia, and New Zealand, which is fueling the expansion of the cannabis plant nutrients market in this region. India's cannabis plant nutrients market is anticipated to grow at the fastest rate during the forecast period, followed by China's. The main reason propelling the expansion of these countries' marketplaces is the growing inclination towards organic farming. The pharmaceutical industry's increasing demand for cannabis, particularly in China and India, is anticipated to fuel the regional market's expansion.

Key Companies in the 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)

Yara International ASA (Norway)

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COVID-19 Analysis 

The Covid-19 epidemic in 2020 increased demand for contact-free biometric services at airports because they provide identity and verification without any physical touch. Contactless biometric services provide quick and accurate identification while limiting exposure. Additionally, the pandemic has compelled airport management to implement contactless thermal checking biometric equipment to monitor passenger admission by measuring body temperature. Throughout the projected period, it is anticipated that the contactless airport biometric services industry will continue to rise. Airports all around the world are quickly implementing contactless biometric services including face recognition, voice recognition, & 3D advanced fingerprint recognition.

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