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What fueled the previous growth in the cannabinoids market?

The market size for cannabinoids has experienced rapid expansion in the recent past. Expectations are that it will surge from $39.45 billion in 2024 to $47.43 billion by 2025, with a compound annual growth rate (CAGR) of 20.2%. The remarkable growth during the historic period was driven by factors such as the legalization of medical cannabis, the rising acceptance of cannabis usage, ongoing research and development, amendments in regulations, increasing knowledge about the advantages of cannabinoids, investments flowing into the cannabis industry, and consumer inclinations towards natural products.

What will be the cannabinoids market size in the future?

The market size for cannabinoids is anticipated to witness rapid surge in the coming years, reaching a value of $101.9 billion by 2029 with a compound annual growth rate (CAGR) of 21.1%. Factors contributing to this projected growth during the forecast period include the broadening decriminalization and legalization, advancements in research, a variety of product choices, growth in international markets and public health education initiatives. Dominant trends expected during the forecast period involve increasing normalization and less stigmatization, expansion of product varieties, innovation in delivery systems, heightened standards for quality and safety, alongside initiatives for social equity and inclusiveness.

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What main drivers are fueling expansion in the cannabinoids market?

The escalating occurrence of long-term ailments is projected to fuel the growth of the cannabinoid market. Chronic diseases denote conditions that persist for over a year and necessitate sustained medical care. A systematic review of randomized controlled trials investigated the efficacy of cannabinoids such as smoked marijuana, cannabis-based medication’s oromucosal extracts, nabilone, dronabinol, and a fresh THC analogue in the management of constant noncancer pain. For example, the World Health Organization, a specialized agency of the United Nations based in Switzerland, reported 41 million deaths or 74% of deaths globally due to non-communicable diseases (NCDs) or chronic diseases every year in September 2023. Consequently, the escalating occurrence of long-lasting diseases is a significant driver for the expansion of the cannabinoid market.

What key areas define the segmentation of the global cannabinoids market?

The cannabinoids market covered in this report is segmented –

1) By Product Type: Cannabidiol, Tetrahydrocannabinol, Cannabinol, Other Product Types

2) By Distribution: Hospital Pharmacies, Retail Pharmacies, Online Stores

3) By Application: Medical, Recreational, Industrial Hemp

Subsegments:

1) By Cannabidiol (CBD): Full-Spectrum CBD, Broad-Spectrum CBD, CBD Isolate

2) By Tetrahydrocannabinol (THC): Delta-9 THC, Delta-8 THC

3) By Cannabinol (CBN): CBN Isolate, CBN Oil

4) By Other Product Types: Cannabigerol (CBG), Cannabichromene (CBC), Terpenes And Other Phytocannabinoids

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Who are the dominant players expanding their reach in the cannabinoids market?

Major companies operating in the cannabinoids market are The Supreme Cannabis Company Inc., Elixinol Global Limited, GW Pharmaceuticals PLC., Tilray Inc., Aurora Cannabis Inc., Innovative Ind Props, Curaleaf Holdings Inc., Green Thumb Industries, Verano Holdings, Trulieve Cannabis Corp., Cresco Labs Inc., Cronos Group, TerrAscend Corp., Canopy Growth Corp., Sundial Growers Inc., Decibel Cannabis Company, Auxly Cannabis Group, Red White & Bloom Brands, BZAM Ltd, Delta 9 Cannabis Inc., Mylan N.V., Westleaf Cannabis Inc., GrowGeneration, The Scotts Miracle-Gro Company, Jazz Pharmaceuticals PLC, Aphria Inc., Organigram Inc., Alkem labs, MediPharm Labs Corp., The Valens GroWorks Inc.

How are evolving market trends shaping cannabinoids Strategies?

Major firms in the cannabinoids industry are putting efforts into launching innovative cannabis-infused beauty solutions, like CBG and CBD rescue cream, aiming to strengthen their position in a competitive market. These products that incorporate cannabis or its components – CBD or CBG, serve a number of purposes in the beauty sector including moisturization, anti-aging, and reducing inflammation. For instance, British Cannabis, a cannabis manufacturer from the UK, in November 2022, introduced the Synergy CBG and CBD Rescue Cream. This product, the first of its kind in the UK to go through clinical trials, now boasts an additional active component – CBG. Its composition, which includes two lawful, organic cannabis plant extracts, the cannabidiol (CBD), and cannabigerol (CBG), makes Synergy CBD Rescue Cream one of the most inclusive skincare offerings in the market.

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Which regions are emerging as leaders in the cannabinoids market?

North America was the largest region in the cannabinoids market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cannabinoids market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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