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U.S. Minor Cannabinoids Market Trends

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

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U.S. Minor Cannabinoids Market Trends

Legalization and regulatory changes play a crucial role in driving the market.
With the legalization of hemp-derived products under the 2018 Farm Bill, there has been a significant increase in the availability of cannabinoids like cannabigerol (CBG), cannabinol (CBN), cannabichromene (CBC), and others in various states. This legal framework has opened opportunities for farmers to cultivate hemp for cannabinoid extraction, leading to a surge in the supply of minor cannabinoids.
Moreover, regulatory changes that clarify the legal status of these cannabinoids and establish guidelines for their production, labeling, and sale have also contributed to market growth by providing a more stable and predictable operating environment for businesses.
As a result, more companies are entering the market, leading to increased competition and product innovation, which further drives market expansion.

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.