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Cannabinoids Market size to exceed $63bn by 2030

  • Published Date: September 12, 2022

Cannabinoids Market size is anticipated to surpass USD 63 billion by 2030, according to a new research report by Global Market Insights Inc.

The report indicates that the major players in the market are expected to witness significant growth due to the increasing acceptability and legalization of cannabis worldwide. The market is predicted to expand on account of the numerous uses of cannabis in products such as oils, lotions, and capsules. Furthermore, the Center for Food Safety (CFS) evaluates CBD-product providers based on their manufacturing method, processing procedures, testing protocols, and customer openness. Supportive government measures have led to a rise in the number of firms developing and marketing cannabinoid products.

Increasing preference for cannabinoid biosynthesis will be a driving factor

Increased preference for cannabinoid biosynthesis will spur the cannabinoids market expansion. Compared to conventional production processes, cannabinoid biosynthesis has a number of benefits. Manufacturers choose this process due to its qualities such as high efficiency, reduced resource usage, and cost-effectiveness. Additionally, it offers more opportunities for reliability and excellence. Multiple advantages of cannabinoids for recreational and medical uses and increased legalization across the globe will help accelerate the industry trends.

Browse key industry insights spread across 208 pages with 308 market data tables & 13 figures & charts from the report, “Cannabinoids Market Analysis By Type (Cannabidiol (CBD) {By Product [CBD Isolate, CBD Oil (CBD Full Spectrum Oil, CBD Broad Spectrum Oil)], By Application [Pharmaceutical (Suppository, Transdermal Patches, Tablets & Capsules, Creams & Roll-Ons, CBD Inhalers), Food & Beverages, Cosmetics]}, Cannabinol (CBN), Cannabigerol (CBG), Cannabidiolic Acid (CBDA)) Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:

Complicated prescription process may hinder the cannabinoids market growth

The prescription process is particularly complicated for cannabidiol products. For people suffering from diseases including glaucoma, anxiety, and nausea, it is difficult to obtain a prescription for CBD products, especially if they live in remote locations. Even if an individual is able to receive a prescription in such places, pharmacies are not easily available. The overly complicated prescription process will have a detrimental effect on the industry share.

Increasing awareness of therapeutic benefits of cannabidiolic acid’s

cannabidiolic acid (CBDA) segment account for over 2.5% of the business share in 2021, The industry will depict further growth through 2030 driven by the rising knowledge of CBD and related products among the public. Furthermore, cannabidiolic acid (CBDA) has anti-anxiety and anti-depressant effects and aids in the treatment of cancer, cardiovascular diseases, and metabolic disorders, which are anticipated to further boost market size.

Growing acceptance for cannabinoid products in North America

North American cannabinoids market accounted for over 55% of the business share in 2021. The approval of the Farm Bill in 2018 generated several opportunities for the U.S. cannabinoids industry contenders. This government approval resulted in the legalization of hemp-based products as well as cannabis for recreational use in some U.S. states. Major corporations were able to penetrate and establish a presence in the nation, which had a positive impact on North America market value.

Competitive landscape to define the market growth

The strategic landscape of cannabinoids industry is predicted to see a succession of collaborations and product developments by industry leaders. Bedrocan, NuLeaf Naturals, LLC, Green Roads, Global Cannabinoids, Maricann Inc., Spark-CBD, and others are the leading players in the cannabinoids industry.

Mile High Labs and Royal DSM (DSM), a Dutch multinational firm operating in the sectors of health, nutrition, and materials, partnered in June 2021, to develop a platform for delivering unique, health-benefit-driven products by top consumer product companies. This collaboration also aided in the creation of innovative hemp-derived cannabis treatments, broadening the company’s product line.

Authors: Sumant Ugalmugle, Rupali Swain