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How Will The Cannabinoids Market Valuation Change Between Now And 2029?
In the past few years, there has been an impressive growth in the size of the cannabinoids market. The market is projected to expand from $39.45 billion in 2024 to $47.03 billion in 2025, indicating a compound annual growth rate (CAGR) of 19.2%. This significant rise during the historical period can be tied to factors such as the legalization of medical cannabis, a growing consensus about the cannabis use, advancements in research and development, regulatory shifts, better understanding of the advantages of cannabinoids, financial commitments to the cannabis industry, and consumer inclination towards natural products.
The size of the cannabinoids market is predicted to experience substantial expansion over the upcoming years. It is projected to expand to a worth of $99.82 billion in 2029, with a compound annual growth rate (CAGR) of 20.7%. The predicted growth within this period is due to factors such as more extensive decriminalization and legalization, progress in research, a variety of product offerings, global market growth, and public health education programs. Key trends expected throughout this period include the growing acceptance and decrease of stigmatization, product range diversification, enhancements in delivery techniques, improvement of safety and quality standards, and the drive towards social equity and inclusivity.
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What Underlying Factors Are Supporting The Cannabinoids Market Growth?
The increasing occurrence of chronic illnesses is anticipated to drive the demand in the cannabinoid market. Chronic illnesses are conditions that persist for a year or more, necessitating consistent medical care. The efficiency of cannabinoids such as smoked marijuana, cannabis-based medication oromucosal extracts, nabilone, dronabinol, and a newly developed THC analogue in treating persistent non-cancer pain has been scrutinized in a systematic review of randomized controlled trials. For example, the World Health Organization, a specialized agency of the United Nations based in Switzerland, reported in September 2023 that there were 41 million deaths worldwide, representing 74% of deaths from non-communicable diseases (NCDs) or chronic illnesses annually. Therefore, the escalating incidence of chronic diseases is fuelling the expansion of the cannabinoid market.
Which Sub-Segments Are Driving Growth Within The Cannabinoids Market?
The cannabinoidsmarket 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
What Key Trends Are Driving Growth In The Cannabinoids Market?
Leading corporations in the cannabinoids market are focusing on launching sophisticated cannabis-related cosmetic products, such as CBG and CBD rescue cream, in order to secure a competitive advantage in the industry. These cosmetic solutions, which incorporate cannabis or its by-products such as CBD or CBG, are utilized in the beauty industry for an array of uses, including skin hydration, anti-aging, and anti-inflammatory effects. For example, British Cannabis, a UK-based cannabis producer, rolled out the Synergy CBG and CBD Rescue Cream in November 2022. This product, being the first-ever cannabis cosmetic in the UK to undergo clinical tests, is now enhanced with an extra active component, CBG. Comprising two naturally occurring, legalized extracts from the cannabis plant, cannabidiol (CBD) and cannabigerol (CBG), the Synergy CBD Rescue Cream presents as a mild, natural cream and is considered one of the most inclusive skincare products available in the market.
Which Companies Hold A Competitive Edge In The 101 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.
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Which Region Dominates The Cannabinoids Market Today?
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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