Report Ocean published the latest research report on the Cannabinoids Market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Cannabinoids Market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, key regions, and growth rate. [Download Free Sample]
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.
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The success of the global market is poised to drive innovative corporate objectives and competitive advantages. The report offers a panoramic view of the business environment, product specifications, and applications, offering valuable insights into the field. Furthermore, it scrutinizes the contributions of each region and market participant to the industry, shedding light on import/export statistics, consumer demand, manufacturing capacity, and pricing dynamics.
In a notable development, many prominent Cannabinoids corporations appear to be inadvertently hastening their own decline by pursuing consolidation strategies aimed at enhancing profitability and reducing costs. The Cannabinoids industry seems to have shifted its focus away from pioneering new concepts and products. Instead, it has embraced incremental innovation within its existing product portfolios, with most innovation efforts aimed at sustaining or marginally expanding current business operations. Furthermore, the industry is exploring alternative feedstock and power sources such as Biogas, hydrogen, and electric heating, potentially replacing natural gas.
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.
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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
As of the conclusion of 2022, the Cannabinoids industry experienced growth in its workforce. In January, employment levels in the sector surpassed pre-COVID levels, with payrolls expanding by more than 15,000 people throughout 2022. The global Cannabinoids output registered a 5.2% increase in 2021, driven by the global economic upswing and surging demand for commodities. However, in 2022, global industrial production declined following the 2021 boom, influenced by changes in consumer spending patterns and substantial fiscal stimulus measures.
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The outlook for global Cannabinoids output in 2023 indicates a projected growth rate of 2.9%. This growth is expected as production in Western Europe gradually regains momentum from its recent lows, and the Asia/Pacific region’s production recovers. Notably, China maintains its position as the world’s largest producer and consumer of Cannabinoids products, accounting for nearly 45% of the global market. Since 2010, China’s market share has experienced consistent year-over-year growth, significantly contributing to the nation’s GDP. China also leads in exports of various products within the industry, including silicon, PVC, and specific Cannabinoids market segments.
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
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- 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
The report is structured as follows:
Chapter 1: Provides an overview of the global Cannabinoids industry.
Chapter 3: Explores market dynamics.
Chapter 4: Profiles top industry companies.
Chapter 5: Analyzes global market competition among players.
Chapter 6: Examines the market’s size across regions.
Chapter 7: Focuses on market segments by application.
Chapter 8: Dives into industry segments by type.
Chapter 9: Covers the market chain, sourcing strategies, and downstream buyers.
Chapter 10: Discusses strategies and key policies of distributors, suppliers, and traders.
Chapter 11: Analyzes key marketing strategies employed by market vendors.
Chapter 12: Examines factors affecting market dynamics.
Chapter 13: Forecasts the global Cannabinoids market size for 2023-2031 and beyond.
The report aims to answer key questions in market research and analysis, such as:
What is the current market size, both in terms of value and volume?
What has been the historical growth rate, and what are the projected future growth rates?
Who are the major players, and what is their market share?
What are the prevailing market trends and dynamics?
What are the primary drivers of market growth?
What challenges and barriers do market participants face?
What emerging opportunities exist within the market?
How does the competitive landscape look?
What are consumer preferences, behaviors, and purchasing patterns?
How are different market segments performing?
What pricing trends and strategies are observed?
What are the distribution channels and their effectiveness?
Are there any regulatory and legal factors impacting the market?
The report provides a comprehensive and in-depth analysis of the global Cannabinoids market, equipping stakeholders with valuable insights to make informed decisions in this dynamic industry.
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