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How Much Growth is Expected for the Cannabinoids Market from 2024 to 2033?

The cannabinoids market has grown exponentially, anticipated to increase from $33.1 billion in 2023 to $39.86 billion in 2024 at a CAGR of 20.4%, supported by medical cannabis legalization, rising consumer acceptance, R&D investments, and trends toward natural products.

The cannabinoids market is projected to grow to $84.38 billion by 2028 at a CAGR of 20.6%. Growth is driven by the legalization of cannabis, research advancements, diverse products, market expansion, and public health initiatives. Trends include increasing acceptance, diversification of product offerings, innovation in delivery methods, quality and safety standards, and inclusivity efforts.

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What Factors Are Encouraging Growth in the cannabinoids Market?

The cannabinoid market is experiencing an upward trajectory, driven by the increasing prevalence of chronic diseases on a global scale. Chronic diseases, characterized by prolonged medical requirements, afflict a significant portion of the population. Various studies emphasize the efficacy of cannabinoids in managing chronic noncancer pain. Reports from McKinsey forecast a nearly 20% rise in the US illness burden by 2040, with six in ten Americans expected to live with at least one chronic disease, as outlined by the Center for Disease Control and Prevention. As chronic diseases become more prevalent, the demand for cannabinoid-based treatments surges, propelling the growth of the cannabinoid market, expected to soar in the years 2023, 2024, and 2028.

Which Segments Play a Vital Role in the Cannabinoids Market?

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

What Trends Are Driving Change in the 135 Market?

Major companies in the cannabinoids market are concentrating on introducing advanced cannabis-based cosmetic solutions to gain a competitive edge. These products, such as CBG and CBD rescue cream, contain cannabis derivatives known for their skin benefits. For example, in November 2022, British Cannabis, a UK-based producer, launched the Synergy CBG and CBD Rescue Cream, the UK’s first cannabis cosmetic with clinical trials. Enriched with CBD, CBG, and other natural extracts, this cream offers comprehensive skincare benefits, including moisturizing, anti-aging, and anti-inflammatory properties.

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What Regions Are Contributing Significantly to the Growth of the Cannabinoids Market?

North America was the largest region in the cannabinoids market in 2023. 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.

The Cannabinoids Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the cannabinoids market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Cannabinoids Market Include

1. Cannabinoids Market Executive Summary

2. Cannabinoids Market Segments

3. Cannabinoids Market Size And Template Market Growth Rate

4. Key Cannabinoids Market Trends

5. Major Cannabinoids Market Drivers

……

25. Key Mergers And Acquisitions In The Cannabinoids Market

26. Top Cannabinoids Companies

27. Cannabinoids Market Opportunities And Strategies

28. Cannabinoids Market, Conclusions And Recommendations

29. Appendix

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