The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The worldwide cannabinoids market is projected to increase from $27.47 billion in 2022 to $32.94 billion in 2023, with a 19.92% CAGR. By 2027, the market size is anticipated to reach $68.38 billion, experiencing a 20.03% CAGR.

North America was the largest region in the cannabinoids market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period.

Cannabinoids Market Driver
The increasing incidence of chronic diseases is set to boost the cannabinoid market. Chronic diseases, which require ongoing medical attention and last a year or more, are the focus. A systematic review of randomized controlled trials assessed the efficacy of cannabinoids like smoked marijuana, oromucosal cannabis-based medication, nabilone, dronabinol, and a new THC analogue in treating chronic noncancer pain. For instance, McKinsey predicts a nearly 20% increase in the US illness burden by 2040, and the Center for Disease Control and Prevention reports that six in ten Americans have at least one chronic disease. Hence, the growing prevalence of chronic diseases drives the cannabinoid market’s growth.

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Prominent Cannabinoids Market Trend
Increased research and development in medical cannabinoids is a prominent trend in the cannabinoids market. Leading companies prioritize R&D for new medicinal products and treatments, including custom cannabis therapy trials. For example, in May 2020, Canada-based Pathway Rx collaborated with the University of Lethbridge and other research firms to develop custom cannabis therapy for COVID-19 patients. The study focused on cannabis extracts’ effects on ACE2 and TMPRSS2 proteins, crucial for the virus’s entry into host cells, modifying enzyme levels with Cannabis Sativa extracts.

Cannabinoids Market Prominent Players
Major players in the cannabinoids market are The Supreme Cannabis Company Inc., Elixinol Global Limited, GW Pharmaceuticals PLC., Tilray Inc., Aurora Cannabis Inc., Canopy Growth Corporation, The Cronos Group, Mylan NV (Viatris Inc.), Alkem Labs, Organi Gram Holdings, Mile High Labs International, Global Cannabinoids, GenCanna, CBD Inc. Group, SparkCBD, Rhozo Sciences, and Maricann Inc.

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Key Cannabinoids Market Segments
The global cannabinoids market 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

The Cannabinoids Global Market Report 2023  provides a comprehensive overview on the cannabinoids market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the cannabinoids market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
Cannabis Products Global Market Report 2023
Cannabis Testing Global Market Report 2023
Cannabidiol Global Market Report 2023

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