The global cannabinoids market size was US$ 2.9 billion in 2021. The global cannabinoids market is forecast to grow to US$ 13.44 billion by 2030 by growing at a compound annual growth rate (CAGR) of 21.5% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Cannabinoids help relieve various health conditions like relieving pain, reducing anxiety, destroying cancer cells, and curing nausea and vomiting. The growing cases of chronic disorders and other diseases will propel the cannabinoids market forward.
The growing healthcare expenditure in various emerging countries and favorable government regulations will contribute to the growth of the global cannabinoids market. Furthermore, the rising number of medical practitioners and improving healthcare infrastructure will benefit the cannabinoids market globally.
Rising consumer spending on healthcare will fuel the growth of the cannabinoids market. On the contrary, the high cost of cannabinoids products may restrict the growth of the global cannabinoids market during the study period.
Technological advancements and growing investments in research & development will offer ample growth opportunities for the market in the coming years.
COVID-19 Impact Analysis
The COVID-19 pandemic has had a severe negative impact on various segments of the healthcare sector. The focus of the population, healthcare bodies, and governments shifted to the pandemic due to the growing prevalence of this infectious disease. It became highly necessary for the professionals and governments to bring the efficient solution as soon as possible. Thus, the COVID-19 pandemic negatively impacted the global cannabinoids market.
During the initial phase of the pandemic, companies witnessed significant supply chain disruptions due to bans on import-export services. In addition, people suffering from chronic diseases stopped paying their visits to the hospitals as there were high chances of virus transmission. Thus, the global cannabinoids market witnessed significant loss.
The pandemic also forced the diagnostic centers to temporarily close their doors. As a result, it brought a significant downfall for the global cannabinoids market.
Regional Analysis
North America is forecast to dominate the global cannabinoids market in terms of revenue. The growth of the market is attributed to the rising prevalence of chronic diseases. In addition, the high healthcare expenditure and growing penetration of advanced technology in the healthcare segment of the region will contribute to the growth of the market. Furthermore, the presence of prominent industry players, such as Aphria Inc., Medreleaf Corp., and CannTrust Holdings Inc., will benefit the overall cannabinoids market during the study period.
Competitors in the Market
Aurora Cannabis
Aphria Inc.
Canopy Growth Corporation
Medreleaf Corp.
Cronos Group Inc.
GW Pharmaceuticals, plc.
CannTrust Holdings Inc.
VIVO Cannabis Inc.
Tilray
Organi Gram Holdings
Mile High Labs International
Global Cannabinoids
GenCanna
CBD, Inc. Group
SparkCBD
Rhozo Sciences
Maricann, Inc.
Other Prominent Players
Market Segmentation
The global cannabinoids market segmentation focuses on Type, Product, Application, and Region.
Based on Type
Flowers/Buds
Concentrates
Based on Product
Cannabidiol
Tetrahydrocannabinol
Cannabinol
Cannabidiolic Acid
Based on Application
Medical
Recreational
Industrial Hemp
Based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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