The U.S. cannabinoids market size was valued at USD 4.25 billion in 2020 and is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the growing number of consumers adopting isolated cannabinoid products and increasing awareness about cannabinoid products.
In the U.S., the use of cannabinoids for different purposes has significantly increased due to various factors such as favorable regulations by the government and entrance of many new players in the market. Furthermore, the rising demand for both major and minor cannabinoids along with the expansion of confirmatory researches for claiming health benefits are key reasons that impact to increase the growing awareness about cannabinoid use among medical practitioners. According to a 2018 survey of dermatologists, around 90% of the total 530 respondents were agreeing for prescribing cannabidiol (CBD) based products to patients in the U.S. Moreover, approximately 55% patients asked dermatologists for the products. Besides that, the rising approval of cannabidiol-based products in many countries can be due to governments’ earning revenue through taxation.
Various growth opportunities of the market were possible due to the sanctioning of Farm Bill 2018, which prompted to the legalization of CBD and THC in some states of the U.S. In the country, the liberalization policies are permitting companies to enlarge their operations in the domain, which push to the rising adoption and acceptance of CBD treatments. Presently, Cannabinoid products are extensively used for treating chronic diseases such as cancer and arthritis although the products are specially designed for psychoactive drugs. Increasing awareness about health benefits given by cannabinoids and rising visibility of cannabinoid products through online and offline channel are aspects for the market growth. For instance, the American Society of Anaesthesiologists conducted a survey in 2019 and found that approximately 76% of people want to use cannabinoid compounds for pain management.
Market Segment Insights
Based on products, the U.S. cannabinoids market is segmented into cannabidiol, tetrahydrocannabinol, cannabinol, cannabidiolic acid, and others. The cannabidiol segment is expected to hold a key share of the market during the forecast period owing to increasing adoption of isolated cannabinoid products and growing awareness about cannabinoid products in the U.S. The legalization of cannabinoid products are offering significant opportunity for the segment expansion. Increasing investments by companies, rising number of research activities, and growing awareness about synthetic CBD are estimated to propel the segment growth over the forecast period.
Meanwhile, the tetrahydrocannabinol segment is anticipated to register a moderate growth rate in the coming years owing to the rising demand for tetrahydrocannabinol productsdue to factors such as growing awareness about health benefits of THC, positive results of clinical studies, legalization of THC products, and strategic investments by corporations.
On the other hand, the cannabidiolic acid segment is expected to expand at a rapid pace during the forecast period due to high efficiency for managing health conditions and health benefits. The growing number of market players along with rising awareness about health benefits given by cannabidiolic acid-related products such as reducing inflammation, pain relieving, and reducing serotonin levels are estimated to boost the segment growth. For instance, GreenWay Herbal Products LLC, in 2019, launched their cannabinoid product range containing CBDa-CBD formula.
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Key Players Covered in the Report
Mile High Labs International, Global Cannabinoids, GenCanna, CBD, Inc. Group,
Spark CBD, Rhozo Sciences, and Maricann, Inc.
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