US Cannabis Plant Nutrients Market
ID: MRFR/F-B & N/11888-US | 100 Pages | Author: Garvit Vyas| December 2023
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ID: MRFR/F-B & N/11888-US | 100 Pages | Author: Garvit Vyas| December 2023
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The North American sector plays a substantial role in the global cannabis plant nutrients market, holding a significant share in terms of value. In 2020, this regional market comprised 28.56% of the global market share by value and is anticipated to exhibit the highest Compound Annual Growth Rate (CAGR) of 29.20% throughout the forecast period from 2021 to 2028. A key factor contributing to this growth is the increasing utilization of cannabis in the cosmetics and pharmaceutical industries, propelled by the enactment of the US Farm Bill. This legislation has become a catalyst for the expansion of the regional market.
The passage of the US Farm Bill has opened up new avenues for the cannabis industry, allowing manufacturers to formulate strategies to harness its potential. A noteworthy example is the initiative taken by Canopy Growth Corporation, a Canadian cannabis production company. In April 2019, the corporation announced a substantial investment of USD 150 million to establish a hemp facility in New York. The primary objective of this facility is to extract and market hemp-derived cannabis products, reflecting the strategic moves made by companies to capitalize on the growing demand.
Additionally, technological advancements have played a pivotal role in the growth of the North American market. Manufacturers have embraced innovation to develop specialized nutrients tailored for cannabis cultivation, aiming to enhance overall yield. This proactive approach aligns with the evolving landscape of the cannabis industry, where staying ahead in terms of technology is crucial for sustained success.
Moreover, the increasing trend towards organic farming has significantly influenced farmers to incorporate cannabis plant nutrients into their cultivation practices. One of the driving factors behind this adoption is the plant nutrients' effectiveness in combating fungi, which can have detrimental effects on plant growth. As farmers seek sustainable and organic solutions, the use of cannabis plant nutrients has become a practical and viable option in safeguarding crops against the adverse impact of fungi.
The North American market's prominence in the global cannabis plant nutrients sector is evident through its substantial market share by value and the projected high CAGR. The legislative support provided by the US Farm Bill has acted as a catalyst, prompting companies to formulate strategic plans to harness the potential of cannabis in various industries. Technological advancements and the introduction of specialized nutrients tailored for cannabis cultivation further contribute to the region's market growth. Additionally, the adoption of organic farming practices has led to an increased use of cannabis plant nutrients as an effective solution against fungi, fostering the overall expansion of the North American market.
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