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U.S. Minor Cannabinoids Market – By Type [Cannabigerol (CBG), Cannabinol (CBN), Cannabichromene (CBC)], Product (Isolates, Distillate), Application (Pain Management, Neurological Disorders, Anxiety/Stress), End-use, Forecast (2024 – 2032)


Published on: 2024-08-07 | No of Pages : 240 | Industry : Healthcare

Publisher : MIR | Format : PDF&Excel

U.S. Minor Cannabinoids Market – By Type [Cannabigerol (CBG), Cannabinol (CBN), Cannabichromene (CBC)], Product (Isolates, Distillate), Application (Pain Management, Neurological Disorders, Anxiety/Stress), End-use, Forecast (2024 – 2032)

U.S. Minor Cannabinoids Market Size

U.S. Minor Cannabinoids Market was valued at USD 278.2 million in 2023 and is anticipated to grow at a CAGR of 14.8% between 2024 and 2032. Increasing consumer awareness and interest in the therapeutic benefits of minor cannabinoids, such as cannabigerol (CBG), cannabinol (CBN), and tetrahydrocannabivarin (THCV), are significantly boosting market demand.

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Additionally, regulatory developments favoring the legalization and commercialization of cannabis-derived products also play a crucial role, as they provide a conducive environment for market expansion. Furthermore, growing body of scientific research supporting the health benefits of minor cannabinoids in managing conditions like anxiety, pain, inflammation, and sleep disorders is propelling market growth. Lastly, rising availability of a wide range of products, including supplements and skincare, further broadens the user base, thereby propelling the market growth.
 

U.S. Minor Cannabinoids Market Report Attributes
Report Attribute Details
Base Year 2023
U.S. Minor Cannabinoids Market Size in 2023 USD 278.2 Million
Forecast Period 2024 - 2032
Forecast Period 2024 - 2032 CAGR 14.8%
2032 Value Projection USD 958.5 Million
Historical Data for 2021 - 2023
No. of Pages 310
Tables, Charts & Figures 531
Segments covered Type, Product, Application, End-use, & Zone
Growth Drivers
  • Increased consumer awareness and demand
  • Expansion of product offerings
  • Legalization and regulatory changes
Pitfalls & Challenges
  • High production costs
  • Advertising and marketing restrictions

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Minor cannabinoids, such as cannabigerol (CBG), cannabinol (CBN), and tetrahydrocannabivarin (THCV), are non-psychoactive compounds found in cannabis plants. Unlike the more well-known cannabinoids, the minor cannabinoids are present in smaller quantities but offer unique therapeutic potential. As research on these compounds expands, the understanding of their distinct health benefits is driving their popularity in the wellness and medical markets.

U.S. Minor Cannabinoids Market Trends

  • Legalization and regulatory changes play a crucial role in driving the market.
  • With the legalization of hemp-derived products under the 2018 Farm Bill, there has been a significant increase in the availability of cannabinoids like cannabigerol (CBG), cannabinol (CBN), cannabichromene (CBC), and others in various states. This legal framework has opened opportunities for farmers to cultivate hemp for cannabinoid extraction, leading to a surge in the supply of minor cannabinoids.
  • Moreover, regulatory changes that clarify the legal status of these cannabinoids and establish guidelines for their production, labeling, and sale have also contributed to market growth by providing a more stable and predictable operating environment for businesses.
  • As a result, more companies are entering the market, leading to increased competition and product innovation, which further drives market expansion.

U.S. Minor Cannabinoids Market Analysis

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Based on type, the market is segmented into cannabigerol (CBG), cannabinol (CBN), cannabichromene (CBC), tetrahydrocannabivarin (THCV), cannabigerolic acid (CBGA), and other minor cannabinoids. The cannabigerol (CBG) segment dominated the market is 2023 and accounted for USD 74.2 million.

  • Cannabigerol (CBG) is gaining traction for its role in supporting health and wellness, particularly in areas such as pain management, inflammation reduction, and mood regulation.
  • With its non-psychoactive properties and promising medical applications, CBG has carved out a significant niche in various sectors, including pharmaceuticals, wellness products, and alternative medicine.
  • Its market share is further bolstered by growing consumer awareness and the increasing availability of CBG-infused products.

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Based on product, the U.S. minor cannabinoids market is divided into isolates and distillate. The isolates segment dominated the market with 65% of market share in 2023.

  • Isolates are pure forms of individual cannabinoids extracted from the cannabis plant. They offer precise dosing and consistent quality, making them attractive for various applications, including pharmaceuticals, nutraceuticals, and research.
  • Additionally, isolates are versatile and can be easily incorporated into different product formulations, such as oils, edibles, and topicals.
  • Furthermore, growing consumer interest in minor cannabinoids for their potential health benefits, combined with increasing research and development activities, further propels the growth of the isolates segment.

Based on application, the U.S. minor cannabinoids market is categorized into pain management, neurological disorders, anxiety/stress, sleep disorders, joint pain & inflammation, skin care, and other applications. The pain management segment dominated the market in 2023 and is predicted to grow at a CAGR of 14.5% over the forecast period.

  • Pain management holds a significant market share in the market, driven by the increasing acceptance and utilization of cannabinoids for pain relief.
  • Minor cannabinoids have shown promise in alleviating various types of pain, including neuropathic, inflammatory, and cancer-related pain.
  • Moreover, growing preference for natural and alternative remedies for pain management, coupled with the expanding legalization of cannabis-derived products in several states, is further propelling the growth of this segment.

Based on end-use, the U.S. minor cannabinoids market is categorized into pharmaceutical companies, cosmetic companies, and other end-users. The pharmaceutical companies segment dominated the market in 2023 and is predicted to reach USD 745.5 million by the end of forecast period.

  • The pharmaceutical companies segment holds a significant market share in the market, driven by their expertise in drug development, research capabilities, and extensive distribution networks.
  • These companies are actively engaged in developing novel formulations and drug delivery methods to enhance the efficacy and bioavailability of minor cannabinoids, thereby expanding their utility in various medical applications.
  • Additionally, their focus on innovation, clinical trials, and regulatory compliance further strengthens their position in the market.

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In 2023, Northeast zone held a significant share of 14.7% in the U.S. minor cannabinoids market.

  • This region encompasses states like New York, Pennsylvania, New Jersey, and others, which have shown a growing acceptance and adoption of minor cannabinoids in various applications.
  • Additionally, presence of prominent research institutions and medical centers in this region has led to increased awareness and research into the potential benefits of minor cannabinoids, further fueling market growth.
  • Further, regulatory frameworks that are relatively favorable towards cannabinoids in some Northeast states have also contributed to the market's expansion in this region.

New York state held a substantial market size of USD 12.4 million.

  • One key factor is the state's progressive stance on cannabis legalization, which has led to a robust market for both medical and recreational cannabis products.
  • Additionally, the state's strong infrastructure and advanced regulatory framework provide a conducive environment for the growth of the minor cannabinoids market.
  • These factors, combined with the state's position as a hub for healthcare and innovation, make New York a leading player in the U.S. minor cannabinoids market.

The South Atlantic zone is experiencing rapid market growth in the minor cannabinoids market.

  • One key driver is the increasing consumer awareness and acceptance of minor cannabinoids' potential health benefits, leading to a surge in demand for products containing these compounds.
  • Additionally, the South Atlantic zone has seen a proliferation of cannabis cultivation and processing facilities, supporting the production of minor cannabinoids.
  • Furthermore, the presence of key market players and research institutions focused on cannabinoid research in this region contributes to its high market share.

The Pacific Central zone holds a significant share in the U.S. minor cannabinoids market.

  • The region's progressive regulatory environment, including legalization and regulation of cannabis products, has created a favorable market landscape for the expansion of minor cannabinoids.
  • Additionally, the region's progressive stance on cannabis has led to the emergence of numerous cannabis startups and established companies focusing on minor cannabinoids, further boosting market growth.

U.S. Minor Cannabinoids Market Share

The competitive landscape of the U.S. minor cannabinoids industry is a dynamic and rapidly evolving, characterized by innovation and strategic partnerships. As awareness of the potential therapeutic benefits of minor cannabinoids continues to grow, an increasing number of companies are entering the market to capitalize on this burgeoning opportunity.

U.S. Minor Cannabinoids Market Companies

Prominent players operating in the U.S. minor cannabinoids industry include

  • BayMedica (InMed Pharmaceuticals Inc.)
  • Fresh Bros Hemp Company
  • GVB Biopharma
  • GenCanna
  • KND Labs
  • Laurelcrest
  • Mile High Labs
  • Open Book Extracts
  • Rhizo Sciences
  • Verus Extracts
  • Viobin
  • ZERO POINT EXTRACTION, LLC

U.S. Minor Cannabinoids Industry News

  • In June 2022, InMed Pharmaceuticals Inc. launched B2B sales of the rare cannabinoid delta 9-dominant tetrahydrocannabivarin (“d9-THCV”) into the health and wellness sector via its subsidiary, BayMedica LLC. This helped the company increase its product offerings in the minor cannabinoids segment.
  • In February 2022, GCI Nutrients partnered with GVB Biopharma to expand its offerings in the nutraceutical industry. This strategic partnership aims to provide GCI Nutrients' customers with a wider range of high-quality cannabinoid-based ingredients. This helped the company expand its customer base.

The U.S. minor cannabinoids market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 - 2032 for the following segments

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Market, By Type

 

  • Cannabigerol (CBG)
  • Cannabinol (CBN)
  • Cannabichromene (CBC)
  • Tetrahydrocannabivarin (THCV)
  • Cannabigerolic acid (CBGA)
  • Other minor cannabinoids

Market, By Product

  • Isolates
  • Distillate

Market, By Application

  • Pain management
  • Neurological disorders
  • Anxiety/stress
  • Sleep disorders
  • Joint pain & inflammation
  • Skin care
  • Other applications

Market, By End-use

  • Pharmaceutical companies
  • Cosmetic companies
  • Other end-users

The above information is provided for the following zones and states

  • Northeast
    • Connecticut
    • Maine
    • Massachusetts
    • New Hampshire
    • Rhode Island
    • Vermont
    • New Jersey
    • New York
    • Pennsylvania
  • East North Central
    • Wisconsin
    • Michigan
    • Illinois
    • Indiana
    • Ohio
  •  West North Central
    • North Dakota
    • South Dakota
    • Nebraska
    • Kansas
    • Minnesota
    • Iowa
    • Missouri
  • South Atlantic  
    • Delaware
    • Maryland
    • District of Columbia
    • Virginia
    • West Virginia
    • North Carolina
    • South Carolina
    • Georgia
    • Florida
  • East South Central          
    • Kentucky
    • Tennessee
    • Mississippi
    • Alabama
  • West South Central        
    • Oklahoma
    • Texas
    • Arkansas
    • Louisiana
  • Mountain States             
    • Idaho
    • Montana
    • Wyoming
    • Nevada
    • Utah
    • Colorado
    • Arizona
    • New Mexico
  • Pacific Central  
    • California
    • Alaska
    • Hawaii
    • Oregon
    • Washington

 

Table of Content

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