Cannabis Plant Nutrients Market Share

Global Cannabis Plant Nutrients Market Overview

Cannabis Plant Nutrients Market Size was valued at USD 201.86 million in 2022. The Cannabis Plant Nutrients Industry is projected to grow from USD 256.85 million in 2024 to USD 1402.8 million by 2030, exhibiting a compound annual growth rate (CAGR) of 29.05 % during the forecast period (2024 - 2030). The key factors driving the, increasing applications of cannabis in the medical industry and legalization of cannabis in several countries across the globe are some of the vital factors contributing to its market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Cannabis Plant Nutrients Market Trends

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  Stringent Government Policies Regarding Cannabis

  
  

Despite the medical advantages of cannabis, they exhibit harmful effects on human health. As per studies, heavy dosage or long-term use of cannabis can lead to addiction, altered brain development, diminished life satisfaction, and cognitive impairment. It is also found that the effects are adverse in individuals who begin using cannabis-based products as adolescents. Due to these reasons, cannabis remains under a dispute of legality in various regions, and stringent regulations regarding the use of the product have been imposed in many countries.

There are many regulations on the clinical research of cannabis. Scientists are required to follow the regulations and need to take approvals from different agents to perform research on cannabis. To initiate research, the scientists are required to submit an investigational new drug (IND) application to the Food and Drug Administration agency. The investigator further needs to contact the National Institute on Drug Abuse (NIDA) to get an organizational letter of authorization (LOA), which describes the characteristics of the cannabis product (e.g., quality, strains, strength, toxicology, and pharmacology). The researcher also needs to apply for the Drug Enforcement Administration (DEA) and license to defend against the use of cannabis for non-research purposes. The regulations and policies make the research process tedious and time-consuming, which decreases the probabilities of innovating new cannabis-based products for the treatment of various diseases.

Cannabis Plant Nutrients Market Segment Insights

Cannabis Plant Nutrients Type of Cover Insights

The Cannabis Plant Nutrients Market segmentation, based on the nutrient type, includes macronutrient and micronutrient. The Macronutrient segment held the majority share in 2022 contributing concerning the Cannabis Plant Nutrients Market revenue. Macronutrients are important at each stage of the cannabis plant’s growth. Different phases, however, require different combinations of the NPK ratio. For instance, during flowering, the cannabis plant requires less nitrogen, but still requires high amounts of potassium and phosphorus. The other macronutrients used for the plant are sulfur, calcium, and magnesium. Sulfur is one of the ingredients in amino acids and plant proteins; it is also used in the production of vitamins and hormones and in the flavor of flowers and fruits. It is vital for chlorophyll production and enhances the development of the root system. Magnesium is important for chlorophyll, whereas calcium is used at the vegetative stage for better yield.

Figure 2: Cannabis Plant Nutrients Market, by Nutrients Type, 2022 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Cannabis Plant Nutrients Category Insights

The Cannabis Plant Nutrients Market form data has been bifurcated by conventional and organic. 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. It has long been used for fiber, seeds, and its oils, while the leaves are used as vegetables and for juicing, medicinal purposes, and as a recreational drug. In December 2018, the US Farm Bill Law legalized the use of cannabis and addressed issues such as nutrition, trade, conservation, energy, and forestry. Thus, the conventional segment is expected to account for a larger market share during the forecast period. This has further broadened the growth opportunity for the cannabis plant nutrients industry.

Figure 2: Cannabis Plant Nutrients Market, by Category, 2022 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Cannabis Plant Nutrients Mode of Application Insights

Based on mode of application, the global cannabis plant nutrients industry has been segmented into drenching, fertigation, and foliar. The drenching is holding a highest market share. Drenching is a specific technique used to apply a diluted fertilizer or other nutrients to a particular plant or tree or to a specific group of plants as opposed to the entire field. Rather than spraying fertilizer on all the plants, nutrients are applied directly to the plant roots. As the cannabis plant is small stemmed, this technique is used to apply nutrients directly at the base of the stem.

Cannabis Plant Nutrients Regional Market Insights

By Region, the study segments the market into North America, Europe, Asia-Pacific and the Rest of the World. The Asia-Pacific region has become a significant player in the Cannabis Plant Nutrients Market. 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. Further, the major countries studied are U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, and Australia.

Figure 3: CANNABIS PLANT NUTRIENTS MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The North America cannabis plant nutrients market is second of the largest regions in the Cannabis Plant Nutrients Market. 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. Furthermore, technological advancements and introduction of various specialized nutrients for cannabis to enhance the yield are also contributing to the growth of the North American market. Moreover, the growing adoption of organic farming has influenced farmers to use cannabis plant nutrients to combat fungi that adversely affect plant growth.

Cannabis Plant Nutrients Key Players & Market Competitive Landscape

Major market participants are spending a lot of money on R&D to increase the range of their products, which will drive the cannabis plant nutrients market's future expansion. Market participants are also introducing new products, signing agreements, buying businesses, raising investments, and working with other organizations to broaden their worldwide reach. To grow and survive in a more cutthroat and competitive market climate, cannabis plant nutrients business competitors must provide affordable product. The key factors driving the growth in the market are the increasing consumption of cannabis plant nutrients in various regions and growing demand for immunity-boosting products among consumers. However, the increasing supply of counterfeit and fake product in the market is hampering the growth of the market during the forecast period. Nevertheless, the significant growth of the geriatric population and the rising e-commerce sales in the cannabis plant nutrients industry are expected to create lucrative opportunities for the players in the global market.

One of the primary business strategies adopted by manufacturers in the global cannabis plant nutrients industry to benefit clients and expand the cannabis plant nutrients market sector is to manufacture locally to reduce operating costs. In recent years, cannabis plant nutrients have provided enormous benefits to its consumers.

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)

Cannabis Plant Nutrients Industry: Market Developments

January 2022: Yara signed an agreement with Lantmännen for the development of fertilizers with 80 to 90 percent lower carbon footprint. The agreement is expected to increase the company's portfolio.

December 2020: Haifa Chemicals Ltd signed an agreement with Saipem for building a new ammonia plant in Mishor Rotem. The facility will have a capacity of 100,000 tons of ammonia a year. The facility and production will strengthen the company's position in the nutrients market

December 2021: EuroChem Group acquired Fertilizantes Heringer S.A. The acquisition strengthens the company's presence in South America and significantly increases the company's foothold in the region.

Cannabis Plant Nutrients Market Segmentation

Cannabis Plant Nutrients Type of Cover Outlook

• Macronutrients


• Micronutrients

Cannabis Plant Nutrients Category Outlook

• Conventional


• Organic

Cannabis Plant Nutrients Mode of Application Outlook

• Drenching


• Fertigation


• Foliar

Cannabis Plant Nutrients Supplement Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  • Mexico
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • Estonia
  
  
  • France
  
  
  • Spain
  
  
  • Italy
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia & New Zealand
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • South America
  
  
  • Middle East & Africa