U.S. Minor Cannabinoids Market Analysis

U.S. Minor Cannabinoids Market Analysis

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Based on type, the market is segmented into cannabigerol (CBG), cannabinol (CBN), cannabichromene (CBC), tetrahydrocannabivarin (THCV), cannabigerolic acid (CBGA), and other minor cannabinoids. The cannabigerol (CBG) segment dominated the market is 2023 and accounted for USD 74.2 million.
 

• Cannabigerol (CBG) is gaining traction for its role in supporting health and wellness, particularly in areas such as pain management, inflammation reduction, and mood regulation.
   
• With its non-psychoactive properties and promising medical applications, CBG has carved out a significant niche in various sectors, including pharmaceuticals, wellness products, and alternative medicine.
   
• Its market share is further bolstered by growing consumer awareness and the increasing availability of CBG-infused products.
   

Based on product, the U.S. minor cannabinoids market is divided into isolates and distillate. The isolates segment dominated the market with 65% of market share in 2023.
 

• Isolates are pure forms of individual cannabinoids extracted from the cannabis plant. They offer precise dosing and consistent quality, making them attractive for various applications, including pharmaceuticals, nutraceuticals, and research.
   
• Additionally, isolates are versatile and can be easily incorporated into different product formulations, such as oils, edibles, and topicals.
   
• Furthermore, growing consumer interest in minor cannabinoids for their potential health benefits, combined with increasing research and development activities, further propels the growth of the isolates segment.
   

Based on application, the U.S. minor cannabinoids market is categorized into pain management, neurological disorders, anxiety/stress, sleep disorders, joint pain & inflammation, skin care, and other applications. The pain management segment dominated the market in 2023 and is predicted to grow at a CAGR of 14.5% over the forecast period.
 

• Pain management holds a significant market share in the market, driven by the increasing acceptance and utilization of cannabinoids for pain relief.
   
• Minor cannabinoids have shown promise in alleviating various types of pain, including neuropathic, inflammatory, and cancer-related pain.
   
• Moreover, growing preference for natural and alternative remedies for pain management, coupled with the expanding legalization of cannabis-derived products in several states, is further propelling the growth of this segment.
   

Based on end-use, the U.S. minor cannabinoids market is categorized into pharmaceutical companies, cosmetic companies, and other end-users. The pharmaceutical companies segment dominated the market in 2023 and is predicted to reach USD 745.5 million by the end of forecast period.
 

• The pharmaceutical companies segment holds a significant market share in the market, driven by their expertise in drug development, research capabilities, and extensive distribution networks.
   
• These companies are actively engaged in developing novel formulations and drug delivery methods to enhance the efficacy and bioavailability of minor cannabinoids, thereby expanding their utility in various medical applications.
   
• Additionally, their focus on innovation, clinical trials, and regulatory compliance further strengthens their position in the market.
   

In 2023, Northeast zone held a significant share of 14.7% in the U.S. minor cannabinoids market.
 

• This region encompasses states like New York, Pennsylvania, New Jersey, and others, which have shown a growing acceptance and adoption of minor cannabinoids in various applications.
   
• Additionally, presence of prominent research institutions and medical centers in this region has led to increased awareness and research into the potential benefits of minor cannabinoids, further fueling market growth.
   
• Further, regulatory frameworks that are relatively favorable towards cannabinoids in some Northeast states have also contributed to the market's expansion in this region.
   

New York state held a substantial market size of USD 12.4 million.
 

• One key factor is the state's progressive stance on cannabis legalization, which has led to a robust market for both medical and recreational cannabis products.
   
• Additionally, the state's strong infrastructure and advanced regulatory framework provide a conducive environment for the growth of the minor cannabinoids market.
   
• These factors, combined with the state's position as a hub for healthcare and innovation, make New York a leading player in the U.S. minor cannabinoids market.
   

The South Atlantic zone is experiencing rapid market growth in the minor cannabinoids market.
 

• One key driver is the increasing consumer awareness and acceptance of minor cannabinoids' potential health benefits, leading to a surge in demand for products containing these compounds.
   
• Additionally, the South Atlantic zone has seen a proliferation of cannabis cultivation and processing facilities, supporting the production of minor cannabinoids.
   
• Furthermore, the presence of key market players and research institutions focused on cannabinoid research in this region contributes to its high market share.
   

The Pacific Central zone holds a significant share in the U.S. minor cannabinoids market.
 

• The region's progressive regulatory environment, including legalization and regulation of cannabis products, has created a favorable market landscape for the expansion of minor cannabinoids.
   
• Additionally, the region's progressive stance on cannabis has led to the emergence of numerous cannabis startups and established companies focusing on minor cannabinoids, further boosting market growth.