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U.S. Minor Cannabinoids Market Size

Report ID: GMI10036
Published Date: Jun 2024
Report Format: PDF

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U.S. Minor Cannabinoids Market Size

U.S. Minor Cannabinoids Market was valued at USD 278.2 million in 2023 and is anticipated to grow at a CAGR of 14.8% between 2024 and 2032. Increasing consumer awareness and interest in the therapeutic benefits of minor cannabinoids, such as cannabigerol (CBG), cannabinol (CBN), and tetrahydrocannabivarin (THCV), are significantly boosting market demand.

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Additionally, regulatory developments favoring the legalization and commercialization of cannabis-derived products also play a crucial role, as they provide a conducive environment for market expansion. Furthermore, growing body of scientific research supporting the health benefits of minor cannabinoids in managing conditions like anxiety, pain, inflammation, and sleep disorders is propelling market growth. Lastly, rising availability of a wide range of products, including supplements and skincare, further broadens the user base, thereby propelling the market growth.

U.S. Minor Cannabinoids Market Report Attributes
Report Attribute	Details
Base Year:	2023
U.S. Minor Cannabinoids Market Size in 2023:	USD 278.2 Million
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	14.8%
2032 Value Projection:	USD 958.5 Million
Historical Data for:	2021 - 2023
No. of Pages:	310
Tables, Charts & Figures:	531
Segments covered:	Type, Product, Application, End-use, & Zone
Growth Drivers:	Increased consumer awareness and demand Expansion of product offerings Legalization and regulatory changes
Pitfalls & Challenges:	High production costs Advertising and marketing restrictions

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Minor cannabinoids, such as cannabigerol (CBG), cannabinol (CBN), and tetrahydrocannabivarin (THCV), are non-psychoactive compounds found in cannabis plants. Unlike the more well-known cannabinoids, the minor cannabinoids are present in smaller quantities but offer unique therapeutic potential. As research on these compounds expands, the understanding of their distinct health benefits is driving their popularity in the wellness and medical markets.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

U.S. minor cannabinoids industry size was worth USD 278.2 million in 2023 and is projected to expand at 14.8% CAGR from 2024 to 2032, owing to the increasing consumer awareness and interest in the therapeutic benefits of minor cannabinoids.

The U.S. minor cannabinoids market share from the CBG type segment amassed USD 74.2 million in 2023 due to the crucial role of CBG minor cannabinoids in supporting health and wellness, particularly in areas such as pain management, inflammation reduction, and mood regulation.

The isolates product segment in the U.S. minor cannabinoids industry amassed 65% market share in 2023, on account of the growing consumer interest in minor cannabinoids for their potential health benefits.

Northeast zone minor cannabinoids industry accounted for 14.7% revenue share in 2023, led by the presence of prominent research institutions and medical centers in this region.