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 Business Research Company’s cannabinoids market report forecasts the cannabinoids market size to grow to $68.38 Billion by 2027, with a CAGR (compound annual growth rate) of more than 20%.

Learn More On The Cannabinoids Market Report 2023 – https://www.thebusinessresearchcompany.com/report/cannabinoids-global-market-report

Cannabinoids Market Size Forecast
The global cannabinoids market is expected to grow from $27.47 billion in 2022 to $32.94 billion in 2023 at a compound annual growth rate (CAGR) of 19.92%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cannabinoids market size is expected to reach $68.38 billion in 2027 at a CAGR of 20.03%.

North America held the largest cannabinoids market share, and North America was the fastest-growing region in 2022.

Key Cannabinoids Market Driver ­– Rise In The Prevalence Of Chronic Diseases
For instance, according to the McKinsey report, it is anticipated that the US illness burden will rise by almost 20% through 2040. Furthermore, according to the Center for Disease Control and Prevention, six in ten Americans live with at least one chronic disease. As a result, the rising prevalence of chronic diseases is driving the growth of the cannabinoid market.

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Key Cannabinoids Market Trend – Rise In Research And Development In Medical Cannabinoids
Major companies operating in the market are focused on research and development of new medicinal products and treatments through trials such as custom cannabis therapy. For instance, in May 2020, Pathway Rx, a Canada-based company, developed custom cannabis therapy to treat COVID-19 patients in collaboration with the University of Lethbridge and other research companies. The study concentrated on the effects of certain cannabis extracts on the ACE2 and TMPRSS2 proteins, which serve as a crucial entry point for the COVID-19 virus to enter host cells because they are embedded in the cellular membrane. Cannabis Sativa extracts were utilized by the researchers to alter the amounts of these enzymes.

Cannabinoids Market Segment
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

Cannabinoids Market Major Players and Strategies
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.

In June 2021, Canopy Growth Corporation, a Canada-based company operating in the cannabinoid market, acquired The Supreme Cannabis Company for an undisclosed amount. With this acquisition, Canopy Growth Corporation aims to strengthen its product portfolio by adding different brands of Supreme Cannabis, including 7ACRES. The Supreme Cannabis Company is a Canadian-based company engaged in producing and selling medical and recreational cannabis.

The Cannabinoids Global Market Report 2023 covers regional data on cannabinoids market size, cannabinoids market trends and drivers, opportunities, strategies, and cannabinoids market competitor 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.

Cannabinoids refer to a particular marijuana chemical that has effects similar to those of drugs across the immunological and central nervous systems. The cannabinoid is used to treat the side effects or symptoms of chronic diseases, like cancer treatment.

View More Reports Related To The Cannabinoids Market –
Antiemetics And Antinauseants Global Market Report 2023
Cannabis Products Global Market Report 2023
Cannabis Testing Global Market Report 2023

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