(MENAFN- GlobeNewsWire - Nasdaq) Wilmington, Delaware, United States, Aug. 18, 2023 (GLOBE NEWSWIRE) -- Transparency market Research Inc. - Legalization of medical marijuana (cannabis-based medicines) in several countries around the globe is anticipated to propel cannabinoids market development over the next few years.
Drug developers and biotechnology companies are focusing on clinical trials and production of cannabinoid-based products due to several therapeutic advantages. They are making significant R&D investments in the development of propriety cannabis ingredients to cater to demand for novel cannabinoids.
The biotech company Glow LifeTech Corp., for instance, has recently added water-soluble cannabis ingredients to its product portfolio in the cannabinoids market, which it hopes would help in expanding its geographical presence in Canada.
Surge in worldwide awareness about the health and wellness benefits of hemp-derived cannabidiol (CBD) is a key trend expected to augment the market outlook. The global cannabinoids market was valued at US$ 22.1 Bn in 2021 and is projected to advance at a CAGR of 22.2% from 2022 to 2031.
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Market Snapshot:
| Report Coverage | Details |
| Market Revenue | US$ 22.1 Bn |
| Estimated Value | US$ 154.2 Bn |
| Growth Rate - CAGR | 22.2% | |
| Forecast Period | 2023-2031 |
| No. of Pages | 190 Pages |
| Market Segmentation | Product Type, Application, Distribution Channel |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America |
| Companies Covered | Mylan N.V. (Viatris, Inc.), Alkem Labs, GW Pharmaceuticals plc, Tilray, Inc., Aurora Cannabis, Inc., Canopy Growth Corporation, The Cronos GroupRainwear USA, Aashi Group, Other Key Players |
Key Findings of Study
Considerable Usage of Medical Cannabidiol (CBD) Products for Treatment of Pain
Recent market trends indicate that the usage of CBD in the medical cannabis industry is growing rapidly. Research on medical usage of cannabis for the treatment of multiple sclerosis, certain cases of treatment-resistant epilepsy, and chronic pain is fueling market development.
Demand for CBD products in the cannabinoids market stems from increase in awareness about the anti-inflammatory and anti-spasmodic benefits among the prospective consumer.
Ongoing animal studies on utilizing novel CBD formulations for the treatment of neuropathic and inflammatory pain presents lucrative growth opportunities for companies in the cannabinoids industry. In this regard, they are conducting studies on assessing pharmacokinetics and pharmacodynamic interactions of many cannabinoids in order to develop products with good safety profile in the patient population.
The cannabidiol product type segment accounted for the leading market share in 2021. Increase in availability of cannabidiol products over-the-counter is anticipated to strengthen the segment in the next few years. Approvals of a number of drugs containing individual CBDs by the U.S. FDA is broadening the market outlook.
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Rise in Demand for Non-medical CBD
The non-medical use application segment accounted for the leading market share in 2021. Significant demand for CBD edibles, comprising gummies, drinks, mints, and (cooking) oil, is offering considerable revenue opportunities to companies in the cannabinoids market. Rapid utilization of hemp extracts in a range of industries, such as food, agriculture, cosmetics, and textile, is anticipated to accelerate market development in the near future.
Significant Availability of Cannabinoid Products in Retail Pharmacies & Stores
Based on distribution channel, the retail pharmacies segment accounted for the major share of the global cannabinoids market in 2021. The segment is anticipated to advance at a CAGR of around 22.2% from 2022 to 2031. Rise in number of retail pharmacies & stores that sell CBD products is expected to create significant opportunities for market players. Rise in demand for cannabis-based products and cannabinoids that are used off license for a range of medicinal purposes is expected to augment the market size.
Key Growth Drivers of Cannabinoids Market
Rapid increase in awareness about health benefits of cannabis is a key driver of the global cannabinoids market
Ease of access of CBD products through online channels is a key factor anticipated to propel the market
Regional Landscape
North America accounted for the leading market share in 2021 and is anticipated to expand at a CAGR of 18% from 2022 to 2031. Substantial demand for medical cannabis for the treatment of chronic conditions, such as chronic bronchitis, multiple sclerosis, and chronic pain, in the U.S. and Canada is anticipated to bolster the market in North America. Ongoing R&D activities in CBD-based medicines is likely to augment the market development.
The market in Europe is anticipated to advance at a CAGR of 37% from 2022 to 2031. Increase in legalization of possession and cultivation of cannabis in Europe is anticipated to augment the market value in the region. Legislations that promote recreational usage of cannabis are expected to favor the market development. Companies in the region are focusing on commercialization of non-medicinal CBD products.
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Competition Landscape
Leading companies are focusing on R&D activities to stay ahead of their competitors. Key players operating in the market are
Mylan N.V. Alkem Labs GW Pharmaceuticals plc Tilray, Inc. Aurora Cannabis, Inc. Canopy Growth Corporation The Cronos Group
Segmentation
The global cannabinoids market is segmented based on
Product Type
Cannabidiol Cannabinol Tetrahydrocannabinol (THC) Others
Application
Medicinal Use Chronic Pain Neurological Disorders Management Oncology Others
Non-medical Use
Distribution Channel
Hospital Pharmacies Retail Pharmacies Online Stores
Region
North America Latin America Europe Asia Pacific Middle East & Africa
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