Cannabinoids industry is anticipated to register 20% CAGR between 2022 and 2030 owing to rising number of government approvals to legalize the production of cannabinoids.
SELBYVILLE, Del., Sept. 12, 2022 /PRNewswire/ -- The cannabinoids market value is projected to exceed USD 63 billion by 2030, according to a new research report by Global Market Insights Inc.
Rise in the prevalence of Parkinson's disease, muscle disorders, seizures, anxiety, and more will drive the market demand. Cannabinoid extracts are known for their medical properties to cure certain health conditions. Rising government initiatives to provide better healthcare will also help increase the product penetration of cannabinoids. Additionally, consistent efforts by industry participants to harness innovative production technologies and develop new products will push the global market growth.
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Alterations in the regulatory policies will foster the market value
The presence of a supportive regulatory landscape will play a key role in augmenting the cannabinoids market revenue, given the substantial increase in the number of cannabinoid product approvals in the last few years. The COVID-19 pandemic also favorably impacted the market expansion as several nations, including the U.S., Germany, Argentina, Canada, and Portugal saw the production and delivery of CBD as important services and granted permission for businesses to operate throughout the pandemic.
Rising availability of Cannabigerol (CBG) products
Cannabigerol (CBG) segment may register a CAGR of over 25% through 2030. This is credited to the product's increasing availability and the rising number of new product variations introduced in the market. For instance, Geocann introduced its first cannabigerol (CBG) soft gel products, in order to achieve optimal absorption and determined bioavailability. It is anticipated that an increase in innovative product development by emerging companies along with an upsurge in CBG research activities will propel the market trends
Browse key industry insights spread across 208 pages with 308 market data tables & 13 figures & charts from the report, "Cannabinoids Market Analysis by Type, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030" in detail along with the table of contents:
Latin America to witness substantial product penetration
LATAM cannabinoids market size may grow at a CAGR of over 20.5% through 2030. Increasing government initiatives to enhance regional healthcare and the subsequently increasing cannabinoid product penetration will push the market revenue across Latin America. Growing approvals by the regional governments alongside increasing health consciousness among the population will have a profound role to play in the market expansion.
Strategic Collaborations and product developments to expand the industry
Bedrocan, Global Cannabinoids, Maricann Inc., NuLeaf Naturals, LLC, Green Roads, Folium Biosciences, and others form a part of the competitive landscape of this market. The top players in the cannabinoids market are working on product development and cutting-edge manufacturing technologies to introduce new products in response to growing customer needs and establish a strong business presence.
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