Cannabis Plant Nutrients Market Worth USD 9,45,697.3 Million by 2028 at a CAGR of 28.97% – Report by Market Research Future (MRFR)

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New York, US, Nov. 22, 2022 (GLOBE NEWSWIRE) — Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Cannabis Plant Nutrients Market Information by Nutrient Type, Category, Mode of Application, and Region – Forecast till 2028“, the market could anticipate achieving a CAGR of 28.97% between 2021 and 2028 and reach a value of USD 9,45,697.3 Million by 2028.

Market Scope:

The macro- and micronutrients called cannabis plant nutrients are necessary for a plant’s healthy growth and great yield. These elements contribute to the cannabis plant’s overall growth. Fertilizers, both organic and conventional, are a common component of the cannabis plant nutrients market and are widely utilized in cannabis plant growth. The expansion of the market is primarily driven by the legalization of cannabis in numerous nations throughout the world. The market is expanding over the review period in part due to the growing use of cannabis in the medical sector. Additionally, during the study period, there is potential for market expansion due to the rising research and development for cannabis and the developing legal status of cannabis in Asian nations.

Cannabis plants are sensitive when it comes to nutrition, and there is a fine line between feeding them correctly and poisoning them. For a plant to grow healthily and produce well, CBD plant nutrients are crucial macro- and micronutrients. These nutrients aid in the general growth of the plant. The primary nutrients are calcium and sulfur, whereas the secondary nutrients are nitrogen, phosphorus, and potassium. Zinc, boron, and iron are some of the micronutrients. These CBD plants are used by the pharmaceutical sector to treat chronic illnesses. In the cosmetics industry, even these nutrients are used.

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Report Scope:

Report Attribute Details
Market Size in 2028 USD 9,45,697.3 Million
CAGR 28.97%
Base Year 2020
Forecast Period 2021-2028
Historical Data 2019
Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered by Nutrient Type, Category, Mode of Application, and Region
Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers Legalization Of Cannabis In Several Countries Across The Globe
Increasing Application Of Cannabis In The Medical Industry

Competitive Landscape:

Some of the companies in the cannabis plant nutrients market are:

  • 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)

Major corporations are concentrating on expanding their global reach and introducing newer, more sophisticated solutions through a variety of techniques, including product launches, collaborations, and partnerships. 

October 2022

High Tide Inc., a top cannabis retailer with physical stores and a global e-commerce presence, is happy to announce that its Colorado-based subsidiary, NuLeaf Naturals (“NuLeaf”), has listed its Full Spectrum Multicannabinoid oil and plant-based softgels containing cannabichromene (“CBC”), delta-9 tetrahydrocannabinol (“Delta 9”), cann (“MBLL”) and cannabidiol (“CBD”).

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Market USP Covered:

Top Drivers:

Due to CBD’s legal status in the majority of countries, the market for CBD plant nutrients is growing quickly. As a result, the market for CBD food products has grown dramatically in recent years. CBD has nutritional requirements similar to those of maize, with a high demand for potassium and nitrogen across different stages of their life cycle. As a result, cannabis farmers now require these minerals more than ever. The main force driving the market is farmers’, hemp growers’, and producers’ shifting perspective on hemp nutrition. The market will profit from CBD’s inclusion in commercial, industrial, and animal feed.

Due to their proven effectiveness in treating a variety of chronic illnesses, CBD plant nutrients are in great demand in the pharmaceutical industry. They are also employed in the cosmetics industry. It is projected that the legalization of hemp cultivation in the majority of the world’s countries will contribute to the growth of the worldwide market. Additionally, it is projected that continued research on cannabinoids and the rise of cannabis use in Asian countries would present CBD growers with appealing growth opportunities.

The soaring popularity of cannabis in many Asian nations along with ongoing research and development on cannabinoids have opened up new opportunities for industry players. A rising body of evidence indicates that macro- and micronutrients play a role in secondary metabolism. Growing cannabis plants requires using the right nutritional strategies, such as organic fertilizers, vitamins, and biostimulants.

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Market Restraints:

It is projected that stringent legal restrictions on CBD produced synthetically will impede the growth of the global industry in the future. Little is known about how nutritional supplements affect the physiological and chemical properties of cannabis and their potential role in standardizing the active compounds in the plant material administered to patients due to regulatory constraints on cannabis research.

COVID 19 Analysis

The COVID outbreak has caused a sharp increase in demand for nutrients. The production of CBD plant nutrients was driven by the significant demand for CBD and its usage in the pharmaceutical sector. There was a need for vitamins to treat the sickness because this is used to treat chronic illnesses. However, the shipping disruption and lockout restrictions triggered the pharmaceutical company’s demand. The market value of CBD plant nutrients has expanded as a result of the CBD industry’s demand.

Market Segmentation

By Nutrient Type

The market for cannabis plant nutrients can be divided into macronutrients as well as micronutrients. While the micronutrients segment can witness a higher CAGR of 29.27%, the macronutrients segment should capture a greater share of 70.20% in the market in the years to come.

By Category

The market for cannabis plant nutrition has been segregated into conventional along with organic products based on category. The conventional category held a bigger market share (70.49%), but the organic segment is expected to grow at a faster rate (29.31% CAGR).

By Mode of Application

Cannabis plant nutrients have applications in fertigation, foliar, and soaking. In 2020, the drenching market sector held the biggest market share (70.71%).

Regional Insights

During the assessment period, the Asia Pacific market for cannabis plant nutrients will emerge as the worldwide leader. In 2020, the region occupied the biggest share of the worldwide market, accounting for 40.40%, with MRFR expecting it to retain its leadership throughout the given period.  The APAC market will also be garnering a considerable growth rate of 29.09%. Hemp is mostly grown in China, Australia, and New Zealand, which is encouraging the expansion of the cannabis plant nutrients industry in the region. India is anticipated to have the greatest CAGR in the cannabis plant nutrients market over the conjectured period, followed by China. The market expansion in these nations is mostly bolstered by the surging popularity of organic farming.

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