The China Cannabis market size stood at USD XX billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of XX% during the forecast period.
China is the world’s major cannabis planting area, accounting for about half of the world’s total area. According to statistics from the World Intellectual Property Organization, 306 of the 606 patents involving cannabis in the world are from Chinese companies and individuals. Two of China’s 34 regions are leading a boom in cultivating cannabis to produce cannabidiol, or CBD, which has become a consumer health and beauty craze in the United States and beyond.
In the domestic market, China’s Yunnan and Heilongjiang provinces have opened up the cultivation and processing of cannabis. Yunnan Province is the only province that has specified the requirements for industrial cannabis cultivation and processing and is also the earliest province for the development of the industrial cannabis industry. In addition, Jilin Province is expected to become the third province in China to open industrial cannabis cultivation and processing.
Increasing acceptance of medical cannabis, discretionary expenses, and expense towards healthcare are anticipated to propel the market growth. The growth in the demand for cannabis is propelled by the need to come up with better product delivery systems as well as sustainable product strains. This need has, in turn, led to many companies coming up with R&D, which extensively investigates several genetic improvement strategies for cannabis. The usage of cannabis in clinical studies to generate drugs for cancer treatment and pain management is additionally expected to favor the Chinese cannabis market growth.
Looking into this genetic improvement, companies have been extensively venturing into the development of wide yielding varieties, better harvestability and market quality, a reliable low THC content, and improved herbicide tolerance of the cannabis crop. The high yield potential of cannabis arises from several factors that are both genetic and agronomic in nature.