Cannabinoids Global Market Report 2024

The global cannabinoids market has grown exponentially in recent years. It will grow from $33.1 billion in 2023 to $39.86 billion in 2024 at a compound annual growth rate (CAGR) of 20.4%. The expansion observed in the historical period can be attributed to the legalization of medical cannabis, a growing societal acceptance of cannabis, increased research and development activities, regulatory changes, a rising awareness of the benefits of cannabinoids, investments in the cannabis industry, and evolving consumer trends favoring natural products. These factors collectively contributed to significant growth in the specified historical timeframe.

The global cannabinoids market is expected to see exponential growth in the next few years. It will grow to $84.38 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%. The anticipated growth in the forecast period can be attributed to broader legalization and decriminalization efforts, advancements in research, a diverse range of product offerings, expanding into international markets, and initiatives focused on public health awareness. Key trends expected in the forecast period include the increasing acceptance and destigmatization of cannabis, a diversification of product offerings, innovation in delivery methods, a heightened focus on quality and safety standards, and the implementation of social equity and inclusivity initiatives. These trends collectively contribute to the projected growth in the specified forecast timeframe.

The cannabinoid market is on an upward trajectory, propelled by the rising prevalence of chronic diseases. Chronic diseases, requiring prolonged medical attention, have prompted the examination of cannabinoids' effectiveness in treating chronic noncancer pain through systematic reviews of randomized controlled trials. According to a McKinsey report, the anticipated 20% rise in the US illness burden through 2040 and the revelation by the Center for Disease Control and Prevention that six in ten Americans live with at least one chronic disease underscore the growing prevalence of chronic diseases. This, in turn, is a significant driver for the growth of the cannabinoid market.

The increasing prevalence of cancer is also contributing to the growth of the cannabinoids market. Cannabinoids, such as CBD and THC, play a role in addressing various symptoms in cancer patients, including neuropathy, nausea, pain, vomiting, appetite, and weight loss. A report on cancer facts and figures by the American Cancer Society highlighted a rise in new cancer cases in the US, reaching 1.92 million in 2022 compared to 1.89 million in 2021. The therapeutic potential of cannabinoids in managing cancer-related symptoms is a key factor propelling the growth of the cannabinoids market.

Major companies in the cannabinoids market are strategically focusing on introducing advanced cannabis-based cosmetic solutions to gain a competitive edge. Cannabis-based cosmetic solutions, like CBG and CBD rescue cream, are formulated with cannabis derivatives to offer skin moisturizing, anti-aging, and anti-inflammatory effects. British Cannabis, a UK-based producer, introduced the Synergy CBG and CBD Rescue Cream, the first cannabis cosmetic in the UK to undergo clinical trials. This innovative product reflects a commitment to creating comprehensive skincare solutions in the cannabinoid market.

Innovation remains a driving force, with major companies launching novel products like Chill Bliss Cannabigerol (CBG) gummies. These gummies, containing CBG, a non-psychoactive cannabinoid, offer potential health benefits. Cronos Group, a Canada-based cannabinoid company, introduced SPINACH FEELZ Chill Bliss 2:1 THC|CBG gummy, featuring CBG and THC, aiming to provide unique experiences for customers. This illustrates the cannabinoid market's dynamic nature, with companies leveraging innovation to stay competitive.

Strategic acquisitions also play a role in shaping the landscape of the cannabinoids market. In June 2021, Canopy Growth Corporation, a major player in the cannabinoid market, acquired The Supreme Cannabis Company, including brands like 7ACRES. This acquisition enhances Canopy Growth Corporation's product portfolio, showcasing the industry's consolidation and the pursuit of a diverse range of brands.

Major companies operating in the cannabinoids market report are The Supreme Cannabis Company Inc., Elixinol Global Limited, GW Pharmaceuticals PLC., Tilray Inc., Aurora Cannabis Inc., Innovative Ind Props, Curaleaf Holdings Inc., Green Thumb Industries, Verano Holdings, Trulieve Cannabis Corp., Cresco Labs Inc., Cronos Group, TerrAscend Corp., Canopy Growth Corp., Sundial Growers Inc., Decibel Cannabis Company, Auxly Cannabis Group, Red White & Bloom Brands, BZAM Ltd., Delta 9 Cannabis Inc., Mylan N.V., Westleaf Cannabis Inc., GrowGeneration, The Scotts Miracle-Gro Company, Jazz Pharmaceuticals PLC, Aphria Inc., Organigram Inc., Alkem labs, MediPharm Labs Corp., and The Valens GroWorks Inc.

North America was the largest region in the cannabinoids market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cannabinoids market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cannabinoids market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of cannabinoid products include cannabidiol (CBD), tetrahydrocannabinol (THC), cannabinol, and other variants. Cannabidiol is employed in the treatment of conditions such as seizures, anxiety, insomnia, chronic pain, and tobacco addiction. It is a chemical component derived from the cannabis sativa plant or hemp. The distribution channels for cannabinoids encompass hospital pharmacies, retail pharmacies, and online stores. Applications for cannabinoids span medical, recreational, and industrial hemp uses.

This report provides cannabinoids market statistics, including cannabinoids industry global market size, regional shares, competitors with a cannabinoids market share, detailed cannabinoids market segments, market trends and opportunities, and any further data you may need to thrive in the cannabinoids industry. This cannabinoids market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cannabinoids market consists of sales of cannabidiolic acid, flowers/buds and concentrates. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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