CBD Plant Nutrients Market Outlook
The Global CBD Plant Nutrients Market is estimated to be valued at USD 4857.8 Million by 2030 and is expected to register a CAGR of 48.46% during the forecast period. CBD plant nutrients are macronutrients and micronutrients provided to the plants. These nutrients include primary nutrients such as nitrogen, phosphorous, and potassium; secondary macronutrients such as calcium and sulfur; and micronutrients such as zinc, boron, and iron.
CBD plant nutrients are high in demand in the pharmaceutical industry as they have proved to be beneficial in the treatment of various chronic diseases. They are also increasingly used in the cosmetic industry. The legalization of hemp cultivation in most of the countries across the world is projected to contribute to the growth of the global market. Moreover, the continuous research on cannabinoids and improving status of cannabis in Asian countries are expected to create lucrative growth opportunities for the cultivators of CBD. However, the stringent regulations regarding the production of CBD through synthetic methods are expected to restrain the growth of the global market 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 analyzed 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.
Key Findings of the Study:
- The global CBD plant nutrients market is expected to register a growth rate of 48.46% from 2022 to 2030. The legalization of CBD in various countries is projected to propel the growth of the global CBD plant nutrients market.
- The macronutrients segment is estimated to maintain its prominent share, registering a substantial growth rate of 25% during the forecast period.
- On the basis of mode of application, the drenching segment is expected to hold the largest market share during the forecast period and is projected to register a growth rate of 28.29%.
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