WASHINGTON, Aug. 29, 2023 (GLOBE NEWSWIRE) -- As per Vantage Market Research, the Global Synthetic Cannabinoids Market has been steadily growing over the years due to increasing demand for recreational drugs, ease of availability and affordability, advancements in synthetic drug production techniques, and the perceived misconception of it being a safer alternative to traditional cannabis.
According to Vantage Market Research, the global Synthetic Cannabinoids Market is estimated to be valued at USD 6.7 billion by 2030 and is expected to exhibit a CAGR of 21.9% from 2023 to 2030. The global Synthetic Cannabinoids Market grew to USD 1.7 billion in 2022.
Synthetic Cannabinoids are chemicals humans create that alter one's state of mind. They are either sold as liquids to be vaporized and inhaled using e-cigarettes and other devices, or they are sprayed on dried, shredded plant material so that they can be smoked. These goods are additionally referred to as herbal or liquid incense. Because they resemble substances found in the marijuana plant, they are cannabinoids.
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Key Highlights
- By Product Type, the High-Pure Synthetic Cannabinoids category dominates the Synthetic Cannabinoid product type segment in 2022.
- By Application, the medical industry currently holds the largest market share in the Synthetic Cannabinoid market's application segment.
- By Distribution Channel, online retailers rule the market for Synthetic Cannabinoids.
- By End-Users, Research and Development (R&D) organizations dominates the Synthetic Cannabinoid market.
- North America is the largest region and is expected to be the largest in the forecast period 2023-2030 for Synthetic Cannabinoids market with the current market share of 48.50%.
Applications for Synthetic Cannabinoids are numerous and spread across many industries. Synthetic Cannabinoids are used in the pharmaceutical industry to create new medications for treating multiple sclerosis, neuropathic, and chronic pain. These substances are used in research and development to learn more about the endocannabinoid system and its function in various physiological processes. Herbal incense products that imitate the effects of cannabis are also made using Synthetic Cannabinoids. It is crucial to remember that using Synthetic Cannabinoids for recreational purposes can have negative and dangerous effects on people's health.
Top Companies in The Global Synthetic Cannabinoids Market
- Mylan N.V. (U.S.)
- Noramco. (U.S.)
- HYASYNTH Biologicals Inc. (Canada)
- Renew Biopharma Inc. (U.S.)
- Ginkgo Bioworks (U.S.)
- CV Sciences Inc. (U.S.)
- Anandia Labs (Canada)
- The Cronos Group (Canada)
- Biotii Technologies Corp. (Canada)
- Bristol-Myers Squibb Company (U.S.)
- GW Pharmaceuticals PLC (UK)
- AbbVie Inc. (U.S.)
- Isodiol International Inc. (Canada)
- CURE Pharmaceutical (U.S.)
- Zynerba Pharmaceuticals Inc. (U.S.)
- Aphios Corp. (U.S.)
- Botanix Pharmaceuticals (U.S.)
- BioVectra (Canada)
- INMED Pharmaceuticals Inc. (Canada)
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Factors Affecting the Growth of the Synthetic Cannabinoids Market
Several factors can affect the growth of the Synthetic Cannabinoids industry. Some of these factors include:
- Increasing use of Synthetic Cannabinoids for medical purposes: Synthetic Cannabinoids have several potential therapeutic applications, such as pain management, treatment of epilepsy and multiple sclerosis, and as an alternative to traditional opioids. With advancements in research and development, the demand for Synthetic Cannabinoids in the medical sector is expected to drive market growth.
- Rising prevalence of chronic diseases: The global burden of chronic diseases, such as cancer, arthritis, and neurological disorders, is increasing rapidly. Synthetic Cannabinoids are being explored as a potential treatment option for managing symptoms and providing relief to patients. The growing prevalence of chronic diseases is likely to increase the demand for Synthetic Cannabinoids.
- Growing acceptance of cannabis products: The increasing acceptance and legalization of cannabis in several countries and states have led to a rise in the demand for Synthetic Cannabinoids. People are becoming more open to exploring alternative treatment options, including Synthetic Cannabinoids, for medical conditions and for recreational purposes, thereby influencing market growth.
- Technological advancements in synthesis and production methods: Advances in synthetic chemistry techniques and manufacturing processes have led to the development of more potent and safer Synthetic Cannabinoids. These advancements allow for more efficient production and better-quality control, which in turn boosts the growth of the market.
- Increasing research and development activities: The pharmaceutical industry is actively investing in research and development activities to explore the potential of Synthetic Cannabinoids for various medical conditions. Companies are conducting clinical trials and investing in developing new formulations to expand the range of therapeutic applications for Synthetic Cannabinoids, thereby fueling market growth.
Top Trends in Global Synthetic Cannabinoids Market
For Synthetic Cannabinoids to improve their therapeutic applications, there is a growing need for research and development activities. This entails investigating potential medical advantages and comprehending how they affect various diseases. Second, the market is seeing an increase in the use of cannabinoids in the personal care and cosmetics sector. Cannabinoids may have potential anti-inflammatory and antioxidant effects when added to skincare products. Additionally, due to the ability to regulate the composition and purity of synthetic variants, the market is observing a growing preference for Synthetic Cannabinoids over natural ones. This makes it possible for manufacturers to create standardized, consistent products. Overall, these trends point to a positive future for the market for Synthetic Cannabinoids with potential expansion opportunities across numerous industries.
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Recent Development of the Global Synthetic Cannabinoids Market
- On May 29, 2023, Avicanna Inc., a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products, is pleased to announce the execution of the definitive Asset Purchase Agreement between Shoppers Drug Mart and Avicenna for Avicanna’s acquisition of assets of the Medical Cannabis by Shoppers business.
- On June 28, 2022, Jazz Pharmaceuticals PLC today announced top-line results from the Phase 3 RELEASE MSS1 trial evaluating nabiximols oromucosal spray (JZP378, or Sativex, ex-U.S.) on clinical measures of spasticity in individuals with multiple sclerosis (MS). The RELEASE MSS1 trial did not meet the primary endpoint of change in Lower Limb Muscle Tone-6 (LLMT-6) between baseline and Day 21, as measured by the Modified Ashworth Scale (MAS). Nabiximols oromucosal spray is a complex botanical mixture formulated from extracts of the cannabis sativa plant. It contains the cannabinoids delta-9-tetrahydrocannabinol (THC) and cannabidiol (CBD), as well as other cannabinoid and non-cannabinoid components.
Market Drivers
The market for Synthetic Cannabinoids is primarily driven by the rising popularity of recreational drugs and the rising demand for cannabis-related products. The use of Synthetic Cannabinoids for medical applications, such as pain management and treating different diseases, is expanding. Additionally, it is anticipated that the growing legalization of cannabis in many areas will increase demand for Synthetic Cannabinoids as a legal substitute. Factors like cultivation and product development improvements further drive the market for Synthetic Cannabinoids.
Market Restraints
Synthetic Cannabinoids have also recently seen a rise in recreational use, particularly among younger people. The market has, however, encountered difficulties relating to the safety and regulation of these substances. Seizures, psychosis, and even fatalities have been reported in several cases, prompting authorities to increase oversight and tighten regulations. For example, in the US, Synthetic Cannabinoids are illegal under federal law and are designated as Schedule I controlled substances. The European Union has also banned several Synthetic Cannabinoids, including JWH-018 and JWH-073.
Market Opportunities
The market is anticipated to grow due to rising recreational drug demand and easier access to Synthetic Cannabinoids. The increasing use of these substances in medicine for pain relief and other therapeutic purposes also presents new opportunities for market growth. New opportunities for market participants are also created by the potential for inventive research and development to produce Synthetic Cannabinoids that are safer and more effective. Overall, it is anticipated that the market for Synthetic Cannabinoids will expand significantly over the next few years.
Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on Synthetic Cannabinoids Market Forecast Report (2023-2030).
Report Segmentation of the Global Synthetic Cannabinoids Market
Product Type Analysis
The High-Pure Synthetic Cannabinoids category dominates the Synthetic Cannabinoid product type segment. Due to its greater accessibility, lower price range, and relatively high THC potency, this category is in demand. High-pure Synthetic Cannabinoids are easier to obtain for users because they are produced and distributed more frequently than ultra-pure Synthetic Cannabinoids. High-purity Synthetic Cannabinoids include JWH-018, AB-PINACA, and XLR-11, to name a few. These goods serve a larger market segment, dominating the Synthetic Cannabinoid product type market.
Application Analysis
The Medical category currently reigns supreme in the market for Synthetic Cannabinoids' application segment. The growing acceptance and legalization of medical marijuana in many nations and states can be blamed for this dominance. For their potential to treat diseases like cancer, neurological disorders, and pain, Synthetic Cannabinoids are widely used in medicine. Dronabinol and nabilone are two examples of Synthetic Cannabinoids that are frequently employed in medicine. The pharmaceutical industry is making significant investments in research and development to produce new and enhanced Synthetic Cannabinoids for medical applications, which is further enhancing this market's dominance.
Distribution Channel Analysis
The category of online retailers dominates the market for Synthetic Cannabinoids. Online shops now serve a large customer base with convenience and accessibility thanks to the rising popularity of e-commerce. Examples include well-known online marketplaces like Amazon and specialized online merchants like Blue River Wellness, both of which have increased the range of products they offer in this category. Online retailers are frequently the first choice for many customers because they provide a wider selection of Synthetic Cannabinoid products, competitive prices, and frequently comprehensive product information and customer reviews.
End-User Analysis
Research and development (R&D) organizations dominate the Synthetic Cannabinoids market's End-Users segment. These organizations, which include universities and government organizations, carry out in-depth research to comprehend the effects and potential uses of Synthetic Cannabinoids. They are instrumental in identifying novel applications for these compounds, from agricultural to medical. The National Institutes of Health (NIH) and various academic institutions like Harvard University serve as examples. R&D organizations dominate this market because of their experience, funding availability, and commitment to advancing scientific understanding of Synthetic Cannabinoids.
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Market Segmentation
By Product Type
- High-Pure Synthetic Cannabinoids
- Ultra-Pure Synthetic Cannabinoids
- Other Product Types
By Application
- Medical
- Recreational
- Other Applications
By Distribution Channel
- Online Stores
- Physical Stores
- Drugstores & Pharmacies
- Other Distribution Channels
By End-User
- Research & Development Institutions
- Pharmaceuticals & Biotechnology Companies
- Forensic Laboratories
- Other End-Users
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 1.7 Billion |
| Revenue Forecast by 2030 | USD 6.7 Billion |
| CAGR | 21.9% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Mylan N.V., Noramco, HYASYNTH Biologicals Inc., Renew Biopharma Inc., Ginkgo Bioworks, CV Sciences Inc., Anandia Labs, The Cronos Group, Biotii Technologies Corp., Bristol-Myers Squibb Company, GW Pharmaceuticals PLC, AbbVie Inc., Isodiol International Inc., CURE Pharmaceutical, Zynerba Pharmaceuticals Inc., Aphios Corp., Botanix Pharmaceuticals, BioVectra, INMED Pharmaceuticals Inc. |
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Regional Analysis
Due to the high rate of drug abuse and the accessibility of Synthetic Cannabinoids through both legal and illegal channels, North America currently dominates the market. Another sizable market is Europe, propelled by the rising use of these drugs as acceptable substitutes for marijuana. A significant amount of growth is anticipated in the Asia Pacific region, owing to the rising demand for recreational drugs and rising disposable income levels. On the other hand, the Middle East and Africa are predicted to grow more slowly due to strict regulatory frameworks and societal stigmatization of drug use. In general, the regional analysis aids in understanding the distinctive factors influencing the market dynamics and helps market players develop localized strategies.
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