Cannabidiol (CBD) plants are hemp or marijuana plants from which CBD is extracted. The legalization of marijuana cultivation has led to a rush of procurement of CBD plants. The high demand of marijuana for therapeutic and recreational purposes is assured to encourage the large scale growth of these plants. The global CBD Plant Nutrients Industry Share report by Market Research Future (MRFR) considers the impact of the legalization of CBD and the nutrients ensured to maintain its quality. The drivers, opportunities, and challenges for the forecast period are explained in detail with respect to the various regions.
Market Outlook
The global CBD Plant Nutrients Industry size can inflate to USD 453,208.5 thousand by 2025. It can display a CAGR of 28.36% over the forecast period. The changing attitude of farmers, hemp growers, and producers towards hemp nutrition is the major driver of the market. Application of CBD in commercial, industrial, and animal feed will work in favor of the market. Legalization of hemp cultivation will also be an important catalyst in the demand for essential plant nutrients for growing plants with only 0.3% THC concentration levels.
The increased funding for research on cannabidiol for application in personal care products, protein supplements, and others will drive the need for nutrient-rich fertilizers. Huge prevalence of chronic diseases is driving the need for CBD in pain alleviating medicines. The dash between organic and synthetic nutrient producers will be pivotal in the coming years.
Segmentation Analysis
The global CBD Plant Nutrients Industry Share is segmented by type, category, and mode of application.
By type, it is segmented into micronutrients and macronutrients. The former is further segmented into boron, iron, manganese, and others, while the latter is segmented into potassium, nitrogen, phosphorus, and others. The macronutrients segment is expected to garner high revenues for the market owing to NPK being pivotal in the healthy growth of hemp. The quality of the soil can influence the level of macronutrients required by the plant. It can reach a value of USD 316,012.4 thousand by 2025.
By category, it is segmented into organic and conventional.
By mode of application, it is segmented into foliar, fertigation, and drenching.
Regional Analysis
Geographically the chemotherapy market is divided into Europe, North America, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is expected to control a major share of the global Plant Nutrients industry owing to the legalization of cultivation of marijuana made possible by the passing of the 2018 farm bill. In addition, its wide application has led to hemp industry leaders expanding their facilities for developing hemp buds. Recently, Hemp Inc. announced the sale of 10,000 hemp buds. In addition, fertilizer experts are developing nutrient formulations based on moisture levels, soil quality, and efficient irrigation methods for successful yields. The region is deemed to score 28.52% CAGR during the forecast period.
APAC accounted for 40.44% market share in 2018. New Zealand, China, and Australia were the biggest revenue generators of the region. The legalization of cannabis cultivation in Thailand has opened up the region for investment.
Competition Outlook
ZuariAgroChemicals Ltd, The Mosaic Company, CF Industries Holdings, Inc, Nutrien Ltd, PhosAgro, Sociedad Química y Minera de Chile, Israel Chemicals Limited, EuroChem Group, Yara International ASA, and Haifa Chemicals Ltd are key players of the global CBD Plant Nutrients Industry.
Industry News
Netafim Ltd. has launched PioneerLine, a dripline designed to be used in the cultivation of hemp. The cultivation of hemp for seed, oil, or fiber can allow hemp growers to control the water flow and cater to the plant’s needs.
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