Cannabinoids Market Size, Restraints, Drivers, Trends And Analysis 2024-2033

Overview and Scope

Cannabinoids refer to a particular marijuana chemical that has effects similar to those of drugs across the immunological and central nervous systems. The cannabinoid is used to treat the side effects or symptoms of chronic diseases, like cancer treatment.

Sizing and Forecast

The cannabinoids market size has grown exponentially in recent years. It will grow from $33.1 billion in 2023 to $39.86 billion in 2024 at a compound annual growth rate (CAGR) of 20.4%. The growth in the historic period can be attributed to medical cannabis legalization, increasing acceptance of cannabis, research and development, regulatory changes, growing awareness of cannabinoid benefits, investments in cannabis industry, consumer trends toward natural products..

The cannabinoids market size is expected to see exponential growth in the next few years. It will grow to $84.38 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%. The growth in the forecast period can be attributed to wider legalization and decriminalization, research advancements, diverse product offerings, international market expansion, public health awareness initiatives.. Major trends in the forecast period include increasing acceptance and destigmatization, diversification of product offerings, innovation in delivery methods, quality and safety standards, social equity and inclusivity initiatives..

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Segmentation & Regional Insights

The cannabinoids market covered in this report is segmented –

1) By Product Type: Cannabidiol, Tetrahydrocannabinol, Cannabinol, Other Product Types

2) By Distribution: Hospital Pharmacies, Retail Pharmacies, Online Stores

3) By Application: Medical, Recreational, Industrial Hemp

North America was the largest region in the cannabinoids market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cannabinoids market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The rising prevalence of chronic diseases is expected to propel the cannabinoid market. Chronic diseases refer to illnesses that last a year or longer and require ongoing medical attention. The effectiveness of cannabinoids, such as smoked marijuana, oromucosal extracts of cannabis-based medication, nabilone, dronabinol, and a new THC analogue, in the treatment of chronic noncancer pain, was examined in a systematic review of randomized controlled trials. For instance, according to the McKinsey report, it is anticipated that the US illness burden will rise by almost 20% through 2040. Furthermore, according to the Center for Disease Control and Prevention, six in ten Americans live with at least one chronic disease. As a result, the rising prevalence of chronic diseases is driving the growth of the cannabinoid market.

Key Industry Players

Major companies operating in the cannabinoids market report are The Supreme Cannabis Company Inc., Elixinol Global Limited, GW Pharmaceuticals PLC., Tilray Inc., Aurora Cannabis Inc., Innovative Ind Props, Curaleaf Holdings Inc., Green Thumb Industries, Verano Holdings, Trulieve Cannabis Corp., Cresco Labs Inc., Cronos Group, TerrAscend Corp., Canopy Growth Corp., Sundial Growers Inc., Decibel Cannabis Company, Auxly Cannabis Group, Red White & Bloom Brands, BZAM Ltd, Delta 9 Cannabis Inc., Mylan N.V., Westleaf Cannabis Inc., GrowGeneration, The Scotts Miracle-Gro Company, Jazz Pharmaceuticals plc, Aphria Inc., Organigram Inc., Alkem labs, MediPharm Labs Corp., The Valens GroWorks Inc.

The cannabinoids market report table of contents includes: