CBD Plant Nutrients Market Share

CBD Plant Nutrients Market Share Analysis

In many Asian countries, cannabis and its derivatives remain illegal, presenting legal and cultural complexities. However, a notable shift is occurring in some nations, opening up potential markets for cannabidiol (CBD) products. Thailand, for instance, took a groundbreaking step in November 2018 when the Public Health Ministry initiated the reclassification of cannabis, transforming its status from a completely prohibited item. Thailand's parliament, appointed by the military junta, voted to amend the 1979 Narcotics Act, thereby legalizing cannabis for medicinal and research purposes. Similarly, South Korea's National Assembly approved an amendment to the Narcotics Control Act in November 2018, allowing the production of marijuana for medical applications. Despite cannabis use being illegal in Japan, research on cannabinoids is underway, with approximately 40 farmers licensed to cultivate a low-THC strain known as Tochigi Shiro. These progressive initiatives in Asian countries indicate a favorable shift toward CBD production, presenting lucrative opportunities for market players in the foreseeable future.

Legal Transformations in Asia:

Thailand and South Korea's legislative moves signify a departure from the stringent prohibition of cannabis in the region. The decriminalization for medicinal and research purposes suggests a changing perspective on the potential benefits of cannabinoids. While Japan maintains strict cannabis regulations, the authorization for limited cultivation for research purposes showcases a nuanced approach to exploring the therapeutic properties of cannabinoids.

Research and Development Initiatives:

The increasing acceptance of cannabinoids for medical applications is evident in the rising research and development (R&D) activities. Numerous private and government organizations are actively supporting cannabinoid research. According to the National Institute of Drug Abuse's May 2018 publication, the National Institute of Health (NIH) invested USD 140 million in 2017 across 330 projects related to cannabinoid R&D. Of this funding, USD 36 million was allocated to 70 projects focusing on exploring therapeutic properties, and an additional USD 15 million supported 26 projects centered on CBD. In 2016, the NIH dedicated USD 21 million to studying the therapeutic aspects of cannabinoids.

Singapore, known for its stringent drug laws, is also contributing to cannabinoid research. Despite its strict regulations, the government-run National Research Foundation launched a program in 2017 to investigate the therapeutic potential of cannabinoids. This demonstrates a global trend toward acknowledging the medicinal properties of cannabinoids, leading to increased demand for CBD and CBD-derived products.

Growth Opportunities in the Plant Nutrients Market:

The surge in R&D activities for CBD is expected to drive substantial growth in the demand for CBD products. This, in turn, will necessitate increased production to meet the rising market demand. As a result, players in the global plant nutrients market are poised to benefit significantly during the forecast period, capitalizing on the expanding opportunities presented by the growing acceptance and understanding of cannabinoids in medical research and application.