Cannabis cultivators are expected to reap what they sow on a monumental scale, what with market demand soaring.

Based on a recent report by Grand View Research, Inc., the global market size for cultivation will top $45.4 billion by 2026. This figure suggests that the global cannabis cultivation market will inflate at a Compound Annual Growth Rate (CAGR) of 13.5 percent during the forecast period.

Medical cannabis patient demand, combined with rising demand for adult-use cannabis products, is prompting more cultivators to enter the legal space. Some of the top global cannabis cultivators include ABcann Medicinals, Aurora Cannabis, GW Pharmaceuticals, Maricann Group, Inc. and Organigram Holding, Inc.

Moreover, with legalization unfurling across countries like the United States, Canada, South Africa, the United Kingdom, and Germany, the trade is booming.

As the market continues to flourish at lightning-fast speeds, more consumers are dabbling in various segments of the retail industry; skincare, health and wellness, edibles and concentrates, e.g. CBD and THC oils. In turn, this is fueling cannabis production, which cannot be accomplished without the help of cultivators.

Cannabis cultivation report: North America dominated the market in 2018

Based on the details of Grandview’s report on the size of the global cannabis cultivation market, North America is big strides ahead of anywhere else on the world map. In 2018, North American cannabis cultivation pulled in revenue to the amount of $15.6 billion. The colossal figure is a direct effect of legalization spreading across the U.S. and Canada, both of which have enacted medical and adult-use cannabis.

Most of the world’s cannabis supply was harvested in North America last year, Grandview’s team of analysts confirmed. Colossal levels of production have been attributed to growing cannabis tourism and consumer demand. Some of the world’s biggest cannabis cultivators are speckled around the U.S. and Canada, including Aphria, Canopy Growth Corporation, The Cronos Group, and Tilray.

The convenience of online shopping and browsing licensed dispensaries via platforms – such as Weedmaps – is also a contributing factor for the size of North America’s cannabis cultivation market. Europe is following in North America’s footsteps and is anticipated to become the fastest-growing cannabis cultivation market.

Cannabis cultivation report: Buds stole the market in 2018

in addition to spotlighting the size of the global cannabis cultivation market, Grandview reported on the most popular product type. The cannabis cultivation market is separated into three categories; buds, oils, and tinctures. Last year, buds were most popular.

Cannabis in its raw, natural form is highly appealing to consumers who want to smoke buds or bake them into edibles. A downside, however, is that smoking dry bud may contribute to asthma, bronchitis and sore throat. Considering the potential health effects of smoking dry cannabis flower, the production of safer and faster-acting products – like oils and tinctures – are expected to drive future growth in cultivation.

Grandview’s global cannabis cultivation market report concluded that the industry’s key players to look out for include Aurora Cannabis, Aphria, Inc., Canopy Growth Corporation, Cannabis Sativa, Inc., GW Pharmaceuticals plc, Maricann, Inc., Tikun Olam and Tilray.