The global cannabinoids market is estimated to be USD 2.5 billion in 2021 and reach USD 8.44 billion in 2027, register a CAGR of 22.5% during the forecast period (2021-2027). It helps in various health conditions such as reducing anxiety inflammation, relieving pain, killing cancer cells, and controlling nausea and vomiting caused by chemotherapy. Rising incidence of medical coupled with the cannabis flower/bud segment has expected to push the demand for cannabinoids market over the forecasted period.
Factors Affecting the Cannabinoids Market over the Forecast Period
The rising prevalence of chronic diseases and growing awareness about cannabinoid use has expected to drive the cannabinoids market growth over the forecasted period. Favorable government regulation, the rising number of medical practitioners, and changing consumer preference for opting for cannabinoids treatment promote the growth of the cannabinoids market.
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High cost of cannabinoids products and their extraction processes are the reason which limits the growth of this market. Technological advancement and huge investments are done in research & development bring new opportunities for market demand in the near future.
Impact of COVID-19 on Cannabinoids Market
The COVID-19 pandemic is disrupting our health environment. Similarly, covid-19 arrival has anticipated to create a significant barrier for conducting research in the current situation. The supply chain has been disrupted due to several regulations imposed by the government on the major companies work in it, which becomes a major concern for cannabinoids has also impacted the market negatively, but soon the key players are recovering their loss of revenues with the opening of markets and reported to sees a positive demand again in the market.
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Scope of the Report
The report outlines the global cannabinoids market study based on type, product, application, and regions.
Based on the type, the cannabinoids market has been segmented into-
- Flowers/Buds
- Concentrates
Based on product, the cannabinoids market has been segmented into-
- Cannabidiol
- Tetrahydrocannabinol
- Cannabinol
- Cannabidiolic Acid
Based on application, the cannabinoids market has been segmented into-
- Medical
- Recreational
- Industrial Hemp
Cannabinoids Market Regional Outlook
Based on the region, the global cannabinoids market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East and Africa. In the global cannabinoids market, North America holds the largest market share in terms of value in 2020, followed by Europe and Asia-Pacific. Moreover, Asia-Pacific is the fastest-growing market and is expected to project the highest CAGR in the global cannabinoids market over the forecast period.
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Key Global Cannabinoids Market Competitors Includes
The global cannabinoids markets are highly fragmented, with the presence of a large number of small players across the globe. The cannabinoids market operating in the global market are–
- Aurora Cannabis
- Aphria Inc.
- Canopy Growth Corporation
- Medreleaf Corp.
- Cronos Group Inc.
- GW Pharmaceuticals, plc.
- CannTrust Holdings Inc.
- VIVO Cannabis Inc.
- Tilray
- Organi Gram Holdings
- Mile High Labs International
- Global Cannabinoids
- GenCanna
- CBD, Inc. Group
- SparkCBD
- Rhozo Sciences
- Maricann, Inc.
The cannabinoids market report provides a thorough analysis of macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market player’s presence in the respective segment and region/country. The information concluded in the report includes the inputs.
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