Cannabinoids Market Outlook 2031
- The global cannabinoids market was valued at US$ 22.1 Bn in 2021
- It is projected to expand at a CAGR of 22.2% from 2022 to 2031
- The global cannabinoids market is anticipated to reach US$ 154.2 Bn by the end of 2031
Overview of Global Cannabinoids Market
Cannabinoids are derived from phytocannabinoids, endocannabinoids, and synthetic cannabinoids; and are used for medical applications. Major cannabinoids and minor cannabinoids are the two types of cannabinoids. Major cannabinoids include tetrahydrocannabinol and cannabidiol. Minor cannabinoids include cannabinoids, cannabidivarin, and cannabigerol. Cannabinoid synthesis in plants in small amounts is termed as minor cannabinoids. Rise in interest in the potential usage of cannabis in various medical conditions as well as research on the adverse health effects from use of cannabis is encouraging governments of countries across the globe to support the sale of CBD oil at hospital pharmacies and physician offices. This is projected to drive the global cannabinoids market in the near future.
Technological advancements have led to the introduction of new plant cloning techniques in the market. GW Pharmaceuticals launched its lead cannabinoid product Epidiolex in 2018. It is a pharmaceutical formulation comprising highly purified plant derived cannabidiol, for which the company retains global commercial rights.
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Rise in Research & Development and Growth in Investment in Medical Cannabinoids to Drive Global Cannabinoids Market
The medical cannabis industry is expanding with advances in the use of cannabidiol (CBD). Usage of cannabidiol has increased due to rise in legalization of cannabidiol in various countries. Additionally, the FDA approval for CBD products for epilepsy treatment is promoting their usage in the pharmaceutical industry. Therefore, companies would continue to come up with medical solutions with improved CBD-based medicines. For instance, SanSal Wellness is working on the research & development of improved hemp genetics and innovation, providing uncompromising high quality hemp products to the global community. In 2019, the Government of Australia declared investment of US$ 3 Mn for research in medical cannabis. Thus, rise in research & development and investment in medical cannabinoids are likely to drive the global market.
Health Benefits of Medical Cannabis to Boost Demand for Cannabinoids
Medical hashish is a popular herbal treatment used to treat unusual ailments. Around 104 chemical compounds called cannabinoids have been discovered in a hashish or marijuana plant, which can play an important role in the remedy of one-of-a-kind diseases. Tetrahydrocannabinol (THC) is the leading psychoactive cannabinoid discovered in hashish, which offers greater alleviation from aches and different signs & symptoms without the mind-altering outcomes of marijuana. CBD is probably used to lessen persistent ache by means of impacting endocannabinoid receptor activity, decreasing inflammation, and interacting with neurotransmitters. For instance, Sativex, an oil spray, is an aggregate of tetrahydrocannabinol (THC) and cannabidiol (CBD); and is permitted in many countries to treat aches associated with multiple sclerosis.
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Growth in Usage of Cannabidiol (CBD) to Overcome Anxiety and Pain to Boost Market
In terms of product, the global cannabinoids market has been classified into cannabidiol, tetrahydrocannabinol, and others. The cannabidiol segment accounted for major share of the global market in 2021. The segment is expected to expand at a CAGR of around 22% from 2022 to 2031. Cannabidiol is less psychoactive to neutralize the reactive oxygen species, which makes it a crucial contributor to anti-inflammatory effects. Cannabidiol is derived from hemp and marijuana; hence, it helps patients overcome anxiety and pain. Cannabis-infused products are also popular among end-users across the globe. Companies in the global cannabinoid market are focusing on increasing the manufacture of cannabidiol products that are safe for consumption.
Non-medical Applications of Cannabinoids Creating Opportunities for Market Players
Based on application, the global cannabinoids market has been divided into medical
and non-medical use. The non-medical use segment accounted for the largest share of the global market in 2021. The segment is expected to expand at a CAGR of about 19% from 2022 to 2031 due to the increase in usage of cannabis in food, cosmetics, and textile industries. CBD edibles such as gummies and cannabis-infused chocolate bars are increasingly popular among end-users. They possess antioxidant properties and help relieve stress and depression.
Increase in Number of Retail Pharmacies & Stores Selling Cannabinoids Products to Drive Market
In terms of distribution channel, the global cannabinoids market has been divided into hospitals, retail pharmacies & stores, and online stores. The retail pharmacies & stores segment accounted for the largest share of the global market in 2021. The segment is expected to expand at a high CAGR of about 22% from 2022 to 2031. The number of retail pharmacies and stores selling cannabinoids products is increasing due to the legalization of cannabinoids in many countries. Companies in the cannabinoids market are developing innovative products to meet consumer demand. Hospital pharmacies and retail pharmacies are focusing on offering innovative cannabinoid products.
Regional Outlook of Cannabinoids Market
North America dominated the global market in 2021. The market in the region is projected to expand at a CAGR of about 18% from 2022 to 2031. The U.S. and Canada have legalized recreational cannabis, which is driving the market in the region. Rise in chronic diseases such as cancer, Alzheimer’s, and multiple sclerosis has boosted the demand for synthetic cannabinoids in surgeries and chemotherapies. Government support has encouraged local cannabis traders to invest in indoor facilities for cultivation. This is likely to boost the market in North America.
The market in Europe is anticipated to expand at a CAGR of about 37% during the forecast period. Large economies in Europe are moving toward liberalization of cannabinoids. The Netherlands is the most mature medical cannabis market in the region. Germany is the economic powerhouse of Europe, with a geriatric population of over 19 million; of this, 80% to 90% is covered under statutory health insurance, which makes up for the cost of medical cannabis.
Analysis of Key Players in Global Cannabinoids Market
The global cannabinoids market is consolidated with a small number of large companies accounting for majority of the share. Most of the firms are making significant investments in research and development activities. Expansion of product portfolios and mergers & acquisitions are the key strategies adopted by key players. Prominent players operating in the market include Mylan N.V. (Viatris Inc.), Alkem Labs, GW Pharmaceuticals plc, Tilray, Inc., Aurora Cannabis, Inc., Canopy Growth Corporation, and The Cronos Group.
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