CBD Plant Nutrients Market Outlook
In 2022, the CBD Plant Nutrients Market Size reached USD 0.15 Billion. Projections for the CBD Plant Nutrients industry indicate significant growth, with the market expected to climb from USD 0.22 Billion in 2023 to a substantial USD 5.25 Billion by 2032. This remarkable expansion reflects a compelling compound annual growth rate (CAGR) of 48.46% during the forecast period from 2023 to 2032. The surge in market value is attributed to the increasing adoption of CBD (cannabidiol) across various applications, including clinical, beverages, skin improvement, and others. Key factors driving market growth include the incorporation of essential nutrients such as nitrogen, phosphorous, and potassium as primary nutrients, along with secondary macronutrients like calcium and sulfur, and micronutrients such as zinc, boron, and iron.
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The pharmaceutical sector is witnessing a surge in demand for CBD plant nutrients, driven by their demonstrated efficacy in treating various chronic diseases. Additionally, these nutrients are finding increasing applications in the cosmetic industry. The global market is poised for growth, fueled by the legalization of hemp cultivation in numerous countries worldwide. Ongoing research on cannabinoids and the evolving status of cannabis in Asian countries are anticipated to open lucrative avenues for CBD cultivators. However, stringent regulations pertaining to the synthetic production of CBD are expected to act as a restraining factor for the global market’s growth during the review period.
Segmental Analysis
The global CBD plant nutrients market has been segmented on the basis of type, category, mode of application, and region.
The types of CBD plant nutrients covered under the scope of the report are macronutrients and micronutrients. The macronutrient segment accounted for the prominent market share in 2021. The high requirement for nitrogen and potassium for growth and high yield of hemp is the major driving factor driving the demand for macronutrients. However, the micronutrients segment is projected to exhibit a higher CAGR during the forecast period. The growing awareness regarding the benefits of micronutrients on the yield is expected to contribute to the growth of the segment.
On the basis of category, the global CBD plant nutrients market has been segmented into organic and conventional. The conventional segment accounted for a larger market share in 2021, owing to conventional farming practices. However, the organic segment is projected to exhibit a higher CAGR owing to the increasing preference for organic food and ingredients.
The application segments analysed for CBD plant nutrients market are drenching, fertigation, and foliar. The drenching segment accounted for the largest market share in 2021. As the CBD plant is small stemmed, the technique is used to apply nutrients directly to the base of the stem. However, the growing awareness regarding the benefits of the use of foliar among farmers has resulted in the growth of the segment. Thus, the segment is expected to register the highest CAGR during the forecast period.
Regional Analysis
North America, Europe, Asia-Pacific, and the rest of the world are the regions studied under the scope of the report. As per MRFR analysis, Asia-Pacific was the dominant market accounting for the largest share in 2021. Moreover, the market in North America is expected to register the highest CAGR of 28.52% during the assessment period. The North American market accounted for the second-largest market share in 2021.
Market Players
Market Research Future recognizes The Mosaic Company (US), Israel Chemicals Limited (Israel), Sociedad Química y Minera de Chile (Chile), EuroChem Group (Switzerland), Nutrien Ltd (Canada), ZuariAgroChemicals Ltd (India), PhosAgro (Russia), Haifa Chemicals Ltd (Israel), CF Industries Holdings, Inc (US), and Yara International ASA (Norway) as the key players operating in the global CBD plant nutrients market.
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