Cannabinoids Market Size By Type (Cannabidiol, Cannabinol, Cannabigerol, Cannabidiolic Acid), By Product (CBD Isolate, CBD Oil), By Application (Pharmaceutical, Food & Beverages, Cosmetics) & Global Forecast, 2022 – 2030

Cannabinoids Market Size By Type (Cannabidiol, Cannabinol, Cannabigerol, Cannabidiolic Acid), By Product (CBD Isolate, CBD Oil), By Application (Pharmaceutical, Food & Beverages, Cosmetics) & Global Forecast, 2022 – 2030

Cannabinoids Market Size

Cannabinoids Market size was worth more than USD 11.5 billion in 2021 and is expected to grow at a CAGR of more than 20% through 2030. Increasing demand for CBD products due to their health benefits will push the overall market growth.
 

The cannabinoids industry is expanding rapidly driven by the product’s incredible health benefits, including therapeutic capabilities and its use in veterinary medicines. The medicinal characteristics of Phytocannabinoids found in the cannabis plant in addition to the primary ingredient 9-Tetrahydrocannabinol (THC) have come to light recently; products such as cannabidiol (CBD), cannabigerol (CBG), and tetrahydrocannabivarin (THCV) are consequently receiving a lot of interest. Owing to the numerous uses of cannabinoids, the demand for personal care products such as body lotions, oils, and capsules has skyrocketed. Vaping items and their rising popularity among young people due to the latest trends have also contributed to the market revenue.
 

Cannabinoids Market Trends

The growing use of cannabinoids, including CBD-based products for medical ailments will accelerate the industry expansion. Several pharmaceutical firms are deploying cannabis to alleviate pain and diseases such as asthma. Primarily triggered by the implementation of the Farm Bill in the U.S., there has been an exponential growth in the cannabinoids market given the product’s ability to manage anxiety, seizures, muscle disorders, and Parkinson’s disease, among others.
 

Sales of fake and synthetic products may restrain the market size

The rising demand for cannabidiol products has made it possible for illegal manufacturers to develop similar fake goods devoid of cannabis extracts, which will have a negative effect on the cannabinoids market expansion. These synthetic products instead contain chemical compounds that produce similar effects comparable to those of cannabidiol or cannabinol while also having adverse effects on the body. For instance, In February 2020, more than 2,800 patients were hospitalized of which over 68 fatalities were recorded in the US alone, resulting from the adverse effects of e-cigarette, vaping, and use-associated lung injury (EVALI).
 

Cannabinoids Market Analysis

The cannabinoids market is segmented by type into cannabidiol (CBD), cannabinol (CBN), cannabigerol (CBG), and cannabidiolic Acid (CBDA). The CBD segment is further sub-segmented into product and application; including the product categories CBD oil and CBD isolate and the application sub-segments of cosmetics, food and drinks, and pharmaceuticals. The CBD oil product segment is further divided into CBD broad spectrum oil and CBD full spectrum oil.
 

The market share is anticipated to rise in the ensuing years owing to the increasing number of people using CBD oil to treat a variety of illnesses, including anxiety, nausea, pain, inflammation, and sleep disorders. Depending on the indication, CBD oil can be simply applied or eaten. Some studies even state that CBD oil may be useful in alleviating cancer-related symptoms and some side effects pertaining to cancer treatment, such as chronic pain and nausea. Cannabidiol (CBD) segment was valued at over USD 9 billion in 2021 and is anticipated to grow significantly during the forecast period.
 

Europe cannabinoids market is anticipated to cross USD 17 billion by 2030. Growing health consciousness among Europeans and increasing awareness of the health benefits linked with the use of cannabinoid products is leading to an increase in the number of market players in the region. Additionally, the number of government approvals for such products is also depicting an upsurge across the European economies, which is predicted to boost the market forecasts.
 

Cannabinoids Market Share

The major players across cannabinoids market include

• Bedrocan
• NuLeaf Naturals, LLC
• Green Roads
• Global Cannabinoids
• EXMceuticals Inc.

Other leading companies are

• Mile High Labs International Inc.
• Rhizo Sciences
• Spark CBD

These firms are dedicatedly working on novel product development and marketing tactics to enhance their market presence.
 

For example, EXMceuticals Inc., an emerging bio-sciences company that specializes in the production of distinctive cannabis formulations, teamed up with Global Cannabinoids in May 2021 to market hemp and cannabinoid-based goods.  In order to import, research, refine, and export cannabinoids and cannabis-based goods, the partnership sought to increase EXM’s Portugal hub, and the companies were able to broaden their geographical reach and enhance commercial relationships.
 

Impact of COVID-19 Pandemic

The COVID-19 pandemic affected the production and manufacturing of cannabinoid-based products, including cannabidiol, cannabinol, cannabigerol and cannabidiolic acid. Panic buying situations in the early months of the pandemic were another factor that reduced product popularity, priority, and sales. However, many nations, including the US, Canada, Germany, Argentina, and Portugal saw the production and delivery of CBD as an important service and granted permission for businesses to continue production throughout the pandemic. To that effect, the COVID-19 pandemic has also had a favorable effect on the market expansion.
 

The cannabinoids market report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2030 for the following segments

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By Type

• Cannabidiol (CBD)
  • By Product
    • CBD Isolate
    • CBD Oil
      • CBD Full Spectrum Oil
      • CBD Broad Spectrum Oil
    • Others
  • By Application
    • Pharmaceutical
      • Suppository
      • Transdermal Patches
      • Tablets & Capsules
      • Creams & Roll-ons
      • CBD Inhalers
      • Others
    • Food & Beverages
    • Cosmetics
    • Others
• Cannabinol (CBN)
• Cannabigerol (CBG)
• Cannabidiolic Acid (CBDA)
• Others

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Switzerland
  • The Netherlands
• Asia Pacific
  • Australia
  • New Zealand
  • Japan
  • Thailand
• Latin America
  • Brazil
  • Mexico
  • Peru
  • Colombia
• Middle East & Africa
  • South Africa
  • Israel
  • Turkey