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Cannabinoids Market Size

Report ID: GMI5320
Published Date: Sep 2022
Report Format: PDF

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Cannabinoids Market Size

Cannabinoids Market size was worth more than USD 11.5 billion in 2021 and is expected to grow at a CAGR of more than 20% through 2030. Increasing demand for CBD products due to their health benefits will push the overall market growth.

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The cannabinoids industry is expanding rapidly driven by the product’s incredible health benefits, including therapeutic capabilities and its use in veterinary medicines. The medicinal characteristics of Phytocannabinoids found in the cannabis plant in addition to the primary ingredient 9-Tetrahydrocannabinol (THC) have come to light recently; products such as cannabidiol (CBD), cannabigerol (CBG), and tetrahydrocannabivarin (THCV) are consequently receiving a lot of interest. Owing to the numerous uses of cannabinoids, the demand for personal care products such as body lotions, oils, and capsules has skyrocketed. Vaping items and their rising popularity among young people due to the latest trends have also contributed to the market revenue.

Cannabinoids Market Report Attributes
Report Attribute	Details
Base Year:	2021
Cannabinoids Market Size in 2021:	11.5 Billion (USD)
Forecast Period:	2022 to 2030
Forecast Period 2022 to 2030 CAGR:	20%
2030 Value Projection:	63 Billion (USD)
Historical Data for:	2017 to 2021
No. of Pages:	208
Tables, Charts & Figures:	321
Segments covered:	Type and Region
Growth Drivers:	Rising cannabinoid biosynthesis Growing medical applications Increasing product adoption and utilization owing to government approvals Changing regulatory landscape for approval
Pitfalls & Challenges:	Counterfeit & synthetic products penetrating the market Over complicated prescription process especially for cannabidiol products

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Authors: Mariam Faizullabhoy

Frequently Asked Questions (FAQ) :

In 2021, the global market for cannabinoids registered a valuation of over USD 11 billion and will expand at a CAGR of more than 20% during the forecast period of 2022-2030.

The cannabidiol (CBD) product segment was valued at over USD 9 billion in 2021 and is expected to show a considerable growth rate over the forecast period.

Europe cannabinoids market is anticipated to be worth over USD 17 billion by 2030, driven by the growing health consciousness and increasing presence of market players in the region.

The competitive landscape of the market includes companies such as Bedrocan, NuLeaf Naturals, LLC, Green Roads, Global Cannabinoids, Maricann Inc., Mile High Labs International Inc., Rhizo Sciences, Spark-CBD, and Folium Biosciences.