The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The cannabinoids market has experienced an exponential surge in recent years, evolving from a $33.1 billion industry in 2023 to an impressive $39.86 billion in 2024, showcasing a remarkable Compound Annual Growth Rate (CAGR) of 20.4%. This meteoric rise is attributed to a confluence of factors, including the legalization of medical cannabis, a growing acceptance of cannabis, intensive research and development, regulatory changes, heightened awareness of cannabinoid benefits, investments in the cannabis industry, and shifting consumer trends toward natural products.

A Glance into the Future: Projected Growth and Influencing Factors

The trajectory of the cannabinoids market promises continued exponential growth, with an anticipated value of $84.38 billion by 2028, maintaining a robust CAGR of 20.6%. The driving forces behind this remarkable growth include wider legalization and decriminalization, research advancements, diverse product offerings, international market expansion, and public health awareness initiatives.

Cannabinoids and Cancer: A Synergistic Relationship

Rising Cancer Prevalence Propels Market Expansion

The growing prevalence of cancer emerges as a significant catalyst propelling the cannabinoids market forward. Cannabinoids play a pivotal role in alleviating symptoms for cancer patients, addressing issues such as neuropathy, nausea, pain, vomiting, appetite loss, and weight loss. Additionally, cannabinoids impact cancer progression by stimulating autophagy and influencing signaling pathways leading to apoptosis. The American Cancer Society reports a concerning increase in new cancer cases, emphasizing the critical role cannabinoids play in enhancing the quality of life for those affected.

Pioneering Companies Driving Market Dynamics

Major players in the cannabinoids market include The Supreme Cannabis Company Inc., Elixinol Global Limited, GW Pharmaceuticals PLC., Tilray Inc., and others. This competitive landscape reflects the active participation and leadership of companies on a global scale.

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Innovation Unleashed: Cannabis-Based Cosmetics Transform the Market

Innovative Cannabis-Based Cosmetics Revolutionize Competition

In a bid to gain a competitive edge, major companies in the cannabinoids market are introducing advanced cannabis-based cosmetic solutions, such as CBG and CBD rescue cream. These products, like the Synergy CBG and CBD Rescue Cream launched by British Cannabis, are at the forefront of innovation. The inclusion of cannabinoids like CBG in skincare products showcases the industry’s commitment to delivering comprehensive and natural skincare solutions.

Strategic Acquisitions Boost Portfolio Strength

In a strategic move in June 2021, Canopy Growth Corporation acquired The Supreme Cannabis Company for an undisclosed amount. This acquisition aimed to enhance Canopy Growth Corporation’s product portfolio by incorporating different brands from Supreme Cannabis, including 7ACRES. The move signifies the industry’s focus on strategic collaborations to strengthen market presence and diversify offerings.

Market Segmentation for Precision

The cannabinoids market is segmented based on various criteria:

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

Regional Dynamics

In 2023, North America emerged as the leader in the cannabinoids market, holding the largest market share. Looking ahead, Asia-Pacific is poised to be the fastest-growing region in the forecast period, signaling a global shift in market dynamics.

Conclusion: Navigating the Green Frontier

As the cannabinoids market continues its unprecedented growth, fueled by factors such as the increasing prevalence of cancer and the diversification of product offerings, stakeholders must navigate a dynamic landscape. The industry’s commitment to innovation, quality, safety standards, and social equity initiatives positions cannabinoids as a transformative force, shaping the future of healthcare and wellness on a global scale.

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