Cannabinoids Market Expansion 2024-2033: Growth Drivers and Dynamics

The cannabinoids global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Cannabinoids Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size –
The cannabinoids market size has grown exponentially in recent years. It will grow from <b>$33.1 billion in 2023 to $39.86 billion in 2024 at a compound annual growth rate (CAGR) of 20.4%. </b> 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 <b>$84.38 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%. </b> 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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Scope Of Cannabinoids Market
The Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Cannabinoids Market Overview

Market Drivers –
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.

Market Trends –
Major companies operating in the cannabinoids market are focused on introducing advanced cannabis-based cosmetic solutions, such as CBG and CBD rescue cream, to gain a competitive edge in the market. Cannabis-based cosmetic solutions are cosmetic products that contain cannabis or its derivatives, such as CBD or CBG, as an active ingredient. These products are used in the cosmetic industry for various purposes, such as skin moisturizing, anti-aging, and anti-inflammatory effects. For instance, in November 2022, British Cannabis, a UK-based producer of cannabis, launched the Synergy CBG and CBD Rescue Cream. It is the UK’s first cannabis cosmetic to undertake clinical trials, and it is now all the better from having an extra-active ingredient, CBG, in its formula. Together with two natural, legal cannabis plant extracts, cannabidiol (CBD) and cannabigerol (CBG), Synergy CBD Rescue Cream is a gentle, natural cream that makes up one of the most comprehensive skin care products on the market.

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

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Regional Insights –
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.

Key Companies –
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.

Table of Contents

1. Executive Summary
2. Cannabinoids Market Report Structure
3. Cannabinoids Market Trends And Strategies
4. Cannabinoids Market – Macro Economic Scenario
5. Global Cannabinoids Market Size and Growth
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31. Global Cannabinoids Market Competitive Benchmarking
32. Global Cannabinoids Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Cannabinoids Market
34. Cannabinoids Market Future Outlook and Potential Analysis
35. Appendix

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