Grand View Research: Marijuana Drying & Curing Equipment Market Worth $157.1 Million By 2025
The global marijuana drying and curing equipment market size is expected to reach USD 157.1 million by 2025, according to a new report by Grand View Research, Inc., registering a 10.4% CAGR during the forecast period. Increasing number of countries legalizing cannabis cultivation and consumption, growing cultivation capacity, rising cannabis preference by patients suffering from cancer pain, arthritis, and epilepsy, as well as for other relevant medical conditions are some of the factors driving demand for marijuana drying and curing equipment.
Stringent quality standards for cultivation and curing of medical marijuana is anticipated to boost demand for high quality and potent marijuana produced through organic methods due to their usage in treatment of various medical conditions. These newly developed machines help avoid contamination, prevent moisture variations, preserve active ingredients, and maintain optimum external conditions, all of which were difficult to maintain by traditional methods. Thus, higher product quality obtained through these equipment is expected to drive the market.
The number of weed cultivators has increased at a rapid rate with a rise in the number of countries legalizing marijuana. Globally, North America was the largest contributor in terms of number of marijuana cultivators in 2017. This has had a positive impact on demand for marijuana drying and curing equipment, as consumer demand shifts to high quality and potent products.
U.S. dominated this market in 2017, with a 55.0% revenue share, and is expected to maintain its dominance through 2025. This is attributed due to rapid legalization of cannabis in an increasing number of states in the country and growing consumption of medical cannabis for chronic pain, arthritis, cancer, and epilepsy. U.S. is anticipated to witness incremental opportunity of USD 17.6 million between 2018 and 2025, owing to potential legalization of cannabis in other states. Germany is expected to witness the second-highest incremental opportunity of USD 11.7 million between 2020 and 2025 as the country is expected to start distributing licenses for weed cultivation in early 2019. This, in turn, is expected to drive demand for marijuana drying and curing equipment over the forecast period.
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Further key findings from the report suggest:
- U.S. dominated the global market in 2017, owing to rising number of states legalizing the cultivation, sale, and consumption of marijuana; the incremental opportunity in the country is expected to be USD 17.6 million between 2018 to 2025
- Germany is anticipated to be the fastest growing market with a CAGR of 5.9 % between 2020 and 2025. The country is expected to start distributing licenses for weed cultivation in early 2019
- Some of the key market players in the market are Cann Systems, LLC; Darwin Chambers; Conviron; Autocure; Yofumo Technologies, Inc.; DHydra Technologies; EnWave Corporation; HARTER GmbH; and PROTEIN SOLUTIONS GROUP, LLC.
Grand View Research has segmented the global marijuana drying and curing equipment market on the basis of country:
Marijuana Drying and Curing Equipment Country Outlook (Revenue, USD Million, 2014 – 2025)