Cannabinoids Market – Overview
Cannabinoids are active chemicals found in marijuana. The most prominent, most potent, and safest of these is THC or tetrahydrocannabinolic acid. The other major component of the cannabis plant, Cannabidiol, is also a powerful ingredient. At least113 different cannabinoids have been identified in the plants. Most of these compounds are known to be responsible for the euphoric and calming effects of marijuana. However, many other compounds may contribute to the benefits that smoking the cannabis plant has to offer users. The global cannabinoids market focuses on six regions namely North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The global cannabinoids market is expected to witness significant growth during the forecast period, owing to active research and development activities in the field of cannabis.
“The global Cannabinoids market size was valued at USD 2.5 billion in 2020 and is expected to expand at a CAGR of 20.8% from 2021 to 2028.”
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Cannabinoids Market – Drivers
Increasing legalization of cannabis is expected to drive the growth of the global cannabinoids market during the forecast period. Many countries, states, and provinces have started legalizing the sale, cultivation, and use of cannabis. For instance, in November 2016, the Government of California under Proposition 64- the Adult Use of Marijuana Act, legalized the use, sale, cultivation of recreational cannabis in California for adults aged 21 years and above. Similarly, in July 2021, the State of New York legalized recreational marijuana for adults aged 21 years and above. Hence, such factors are expected to drive the growth of the global cannabinoids market during the forecast period. Furthermore, active research and development activities in the field of cannabis are expected to propel the global cannabinoids market growth over the forecast period.
Cannabinoids Market – Restraint
Higher cost of cannabinoid products is expected to restrain the growth of the global cannabinoids market during the forecast period.
Cannabinoids Market – Regional Insights
Among regions, North America is expected to witness significant growth in the global cannabinoids market during the forecast period. This is owing to the extensive use of cannabis in both recreational and medicinal use. Furthermore, Asia Pacific is expected to register a robust growth rate, owing to increasing R&D activities in the field of cannabis.
Cannabinoids Market – Competitive Section
Major companies involved in the global cannabinoids market are Mile High Labs International, Maricann, Inc., Global Cannabinoids, Rhozo Sciences, GenCanna, SparkCBD, and CBD, Inc. Group.
For instance, in June 2021, Tilray Inc. launched Symbios, a new brand of medical cannabis.
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COVID-19 Impact:
The updated report, free extract available, comes with an option to access premium features that covers extensive past, current, and future data. Other valuable updates to the global Cannabinoids Market report include a reviewed and refined pricing model for manufacturing and launch prices. The report incorporates new content to help give decision-makers key knowledge about the market and offers up-to-date forecasts accounting for the economic situation and impact of COVID-19.
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2028. For the purpose of this study, Stratagem Market Insights has segmented the global Cannabinoids Market report on the basis of Types, Applications, and Regions.
By Product Type, the market is primarily segmented into: Cannabidiol (CBD), Tetrahydrocannabinol (THC), Cannabinol (CBN), Cannabidiolic acid (CBDa), Other Cannabinoids (CBG and CBC)
By Applications, the market is segmented into: Pharmaceutical industry, Hospital, Laboratory
By Region, the market is segmented into: North America (U.S., Canada, and others), Europe (U.K., France, Germany, Russia, and others), Asia-Pacific (China, Japan, India, Australia, and others), South America (Brazil, Argentina, and others), Middle East & Africa (South Africa, Saudi Arabia, and others).
Important Features and Key Highlights of the Market –
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- Porter’s Five Forces Analysis
- Competitive Landscape
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