New York, April 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cannabinoids Global Market Report 2023" - https://www.reportlinker.com/p06451071/?utm_source=GNW
), Alkem Labs, Organi Gram Holdings, Mile High Labs International, Global Cannabinoids, GenCanna, CBD Inc. Group, SparkCBD, Rhozo Sciences, and Maricann Inc.
The global cannabinoids market is expected to grow from $27.47 billion in 2022 to $32.94 billion in 2023 at a compound annual growth rate (CAGR) of 19.92%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cannabinoids market is expected to reach $68.38 billion in 2027 at a CAGR of 20.03%.
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.
Cannabinoids refer to a particular marijuana chemical that has effects similar to those of drugs across the immunological and central nervous systems. The cannabinoid is used to treat the side effects or symptoms of chronic diseases like cancer treatment.
North America was the largest region in the Cannabinoids market in 2022.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 and Africa.
The main product type of cannabinoids includes cannabidiol, tetrahydrocannabinol, cannabinol and other product types.Cannabidiol is used to treat patients suffering from seizures, anxiety, insomnia, chronic pain, and tobacco addiction.
Cannabidiol refers to a chemical that is found in the cannabis sativa plant or hemp.The distribution type of cannabinoids includes hospital pharmacies, retail pharmacies and online stores.
The application includes medical, recreational and industrial hemp.
The rising prevalence of chronic diseases is expected to propel the cannabinoid market.Chronic diseases refer to illnesses that last a year or longer and require ongoing medical attention.
The effectiveness of cannabinoids, such as smoked marijuana, oromucosal extracts of cannabis-based medication, nabilone, dronabinol, and a new THC analogue, in the treatment of chronic noncancer pain, was examined in a systematic review of randomized controlled trials.For instance, according to the McKinsey report, it is anticipated that the US illness burden will rise by almost 20% through 2040.
Furthermore, according to the Center for Disease Control and Prevention, six in ten Americans live with at least one chronic disease. As a result, the rising prevalence of chronic diseases is driving the growth of the cannabinoid market.
The rise in research and development in medical cannabinoids is the key trend gaining popularity in the cannabinoids market.Major companies operating in the market are focused on research and development of new medicinal products and treatments through trials such as custom cannabis therapy.
For instance, in May 2020, Pathway Rx, a Canada-based company, developed custom cannabis therapy to treat COVID-19 patients in collaboration with the University of Lethbridge and other research companies.The study concentrated on the effects of certain cannabis extracts on the ACE2 and TMPRSS2 proteins, which serve as a crucial entry point for the COVID-19 virus to enter host cells because they are embedded in the cellular membrane.
Cannabis Sativa extracts were utilized by the researchers to alter the amounts of these enzymes.
In June 2021, Canopy Growth Corporation, a Canada-based company operating in the cannabinoid market, acquired The Supreme Cannabis Company for an undisclosed amount.With this acquisition, Canopy Growth Corporation aims to strengthen its product portfolio by adding different brands of Supreme Cannabis, including 7ACRES.
The Supreme Cannabis Company is a Canadian-based company engaged in producing and selling medical and recreational cannabis.
The countries covered in the Cannabinoids market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
The cannabinoids protection market research report is one of a series of new reports that 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.
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