Global Cannabinoids market report 2024, Forecast To 2033

1 Mar, 2024

The cannabinoids market size has grown exponentially in recent years. It will grow from $33.1 billion in 2023 to$39.86 billion in 2024 at a compound annual growth rate (CAGR) of 20.4%. The growth in the historic period can be attributed to medical cannabis legalization, increasing acceptance of cannabis, research and development, regulatory changes, growing awareness of cannabinoid benefits, investments in the cannabis industry, consumer trends toward natural products. The cannabinoids market size is expected to see exponential growth in the next few years. It will grow to $84.38 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%. The growth in the forecast period can be attributed to wider legalization and decriminalization, research advancements, diverse product offerings, international market expansion, public health awareness initiatives. Major trends in the forecast period include increasing acceptance and destigmatization, diversification of product offerings, innovation in delivery methods, quality and safety standards, social equity and inclusivity initiatives.

Global Cannabinoids Market Key Driver

The cannabinoid market is on an upward trajectory, fueled by the increasing prevalence of chronic diseases globally. Chronic diseases, characterized by long-term medical requirements, afflict a significant portion of the population. The efficacy of cannabinoids in chronic noncancer pain management has been highlighted in various studies. The McKinsey report forecasts a nearly 20% rise in the US illness burden by 2040, with six in ten Americans living with at least one chronic disease, as per the Center for Disease Control and Prevention. As chronic diseases become more prevalent, the demand for cannabinoid-based treatments surges, driving the growth of the cannabinoid market, expected to soar in 2023, 2024, and 2028.

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Global Cannabinoids Market Segments

The global cannabinoids market 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
By Geography: The regions covered in the cannabinoids market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. 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.

Major Cannabinoids Industry Players

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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Cannabinoids Market Overview

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.

Cannabinoids Global Market Report 2023 provides data on the global cannabinoids market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The cannabinoids market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.