South Korea Cannabis Cultivation Market Size & Outlook
South Korea cannabis cultivation market, 2018-2030 (US$M)
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South Korea cannabis cultivation market highlights
- The South Korea cannabis cultivation market generated a revenue of USD 1,174.4 million in 2022 and is expected to reach USD 6,235.3 million by 2030.
- The South Korea market is expected to grow at a CAGR of 23.2% from 2023 to 2030.
- In terms of segment, hemp was the largest revenue generating biomass in 2022.
- Marijuana is the most lucrative biomass segment registering the fastest growth during the forecast period.
Cannabis cultivation market data book summary
| Market revenue in 2022 | USD 1,174.4 million |
| Market revenue in 2030 | USD 6,235.3 million |
| Growth rate | 23.2% (CAGR from 2022 to 2030) |
| Largest segment | Hemp |
| Fastest growing segment | Marijuana |
| Historical data | 2018 - 2021 |
| Base year | 2022 |
| Forecast period | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Hemp, Marijuana |
| Key market players worldwide | Canopy Growth Corp, Aurora Cannabis Inc, Tilray Brands Inc, The Cronos Group, OrganiGram Holdings Inc, Atlas Growers, CannTrust Holdings Inc, The Hydropothecary Corp, Cannabist Company Holdings Inc, Aurora Cannabis |
Other key industry trends
- In terms of revenue, South Korea accounted for 0.3% of the global cannabis cultivation market in 2022.
- Country-wise, South Africa is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China cannabis cultivation market is projected to lead the regional market in terms of revenue in 2030.
- China is the fastest growing regional market in Asia Pacific and is projected to reach USD 52,446.0 million by 2030.
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Cannabis Cultivation Market Scope
Cannabis Cultivation Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea cannabis cultivation market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to cannabis cultivation market will help companies and investors design strategic landscapes.
Hemp was the largest segment with a revenue share of 78.2% in 2022. Horizon Databook has segmented the South Korea cannabis cultivation market based on hemp, marijuana covering the revenue growth of each sub-segment from 2018 to 2030.
In November 2018, South Korea legalized medical cannabis to grant access to cannabis products for the increasing patient population in the country. However, the law came into effect on March 2019, when the government allowed the import of few cannabis drugs—Epidiolex, Marinol, Sativex, & Cesamet—for patients suffering from conditions such as multiple sclerosis, cancer, epilepsy, and HIV/AIDS.
However, the market growth has been slow in the country after legalization owing to limited access to products and pending decisions pertaining to cannabis production & cultivation in the country. Furthermore, South Korea imports medical cannabis products from other countries to control cultivation in the country.
This has proved to be an excellent and encouraging opportunity for international players, such as GW Pharmaceuticals, to expand their distribution networks in the country. This initiative is anticipated to drive the market in the country over the forecast period.
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Our clientele includes a mix of cannabis cultivation market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea cannabis cultivation market , including forecasts for subscribers. This country databook contains high-level insights into South Korea cannabis cultivation market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea cannabis cultivation market size, by biomass, 2018-2030 (US$M)
South Korea Cannabis Cultivation Market Outlook Share, 2022 & 2030 (US$M)
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