The CBD plant nutrients are highly essential for the plant’s healthy growth and further result in higher yield. The nutrients responsibly the CBD plant growth. The CBD Plant Nutrients Market is showing massive growth in the forecast period due to CBD legalization in most countries around the world. The need for CBD nutrients has highly increased in the past years.
The main driving factor is nutrients for the plant’s growth. Therefore, the nutrients are provided to the plants, which drive the production and result in higher yielding. The pharmaceutical sector is also driving the market as it treats chronic disorders patients. This is also used in the cosmetic field. These growth factors are chiefly driving the CBD Plant Nutrients Market.
The pharmaceutical industry will let the market acquire the highest share. The rise in chronic illnesses and disorders is driving the market. The market growth is gradually growing in the cosmetic industry. The legalization of hemp cultivation is now permitted in most countries, contributing to the market’s growth. Also, the continuous research and developmental activities on cannabinoids and improvement of the status of cannabis in Asian countries are about to set wide opportunities for the market in the forecast period.
The CBD Plant Nutrients Market will reach a CAGR of 48.46 % and a market valuation of USD 4857.8 million by 2022 to 2030.
The CBD Plant Nutrients Market is segmented into product, application type, and application channel.
The product type segment is categorized into macronutrients and micronutrients.
The macronutrients consist of Nitrogen, Phosphorous, Potassium, and Others. The micronutrients are Iron, Magnesium, Boron, and Others.
The application type segment is segregated into Conventional and Organic.
The application channel of the market is divided into Drenching, Fertigation, and Foliar.
EuroChem Group, Sociedad Química y Minera de Chile, Nutrien Ltd., CF Industries Holdings, Inc., ZuariAgroChemicals Ltd., PhosAgro, Haifa Chemicals Ltd., The Mosaic Company, Israel Chemicals Limited, Yara International ASA, and HEXGRO are some of the major key CBD plant nutrients market players.
The regional growth of the CBD Plant Nutrients Market shows its major distribution in areas such as North America, Asia Pacific, Europe, the Middle East, and Africa.
North America is the dominating region for the sale of macronutrients. The North American regions include prominent countries US, Canada, and Mexico. The macronutrient will reach a significant CAGR. The macronutrient is rapidly growing in this region.
The Asia Pacific region is the largest growing region like China, India, Australia, and New Zealand. The region captures a higher market share in the forecast period.
The rest of the regions around the world, such as Europe and the Middle East, and Africa, capture the least amount of share than other regions. The market in this region will later notice a higher growth rate in the forecast period.
CV Sciences, Inc., a manufacturer of hemp cannabidiol (CBD) products, announced its financial results for the quarter. Revenue of USD 4.4 million was acquired in the first quarter of 2022, compared to USD 4.8 million in 2021. The Gross margin of 26.0 % for the first quarter of 2022, then 32.4 % for the fourth quarter of 2021. The overall cash balance of USD 2.4 million at quarter-end, than $1.4 million at year-end. It has launched PlusCBDTM Relief softgels CBD products joining the successful PlusCBDTM Sleep and Calm gummies.
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