by The U.S. minor cannabinoids market size was estimated at around USD 11.54 billion in 2023 and it is projected to hit around USD 46.85 billion by 2033, growing at a CAGR of 15.04% from 2024 to 2033.
Key Pointers
- Tetrahydrocannabivarin (THCV) sector had the highest revenue share by product type in 2023, accounting for 25.05% of total revenue.
- From 2024 to 2033, the cannabigerolic acid (CBGA) segment is expected to grow at the fastest rate among all product types.
- In 2023, the neurological diseases segment yielded the most market share based on application.
- Application-wise, the pain management market is expected to increase at a major rate between 2024 and 2033, with a notable compound annual growth rate.
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U.S. Minor Cannabinoids Market Overview
The U.S. cannabinoid market has undergone a transformative shift, with a growing focus on minor cannabinoids. This emerging sector within the larger cannabis industry is reshaping perceptions and attracting attention for its potential therapeutic advantages. This article provides an overview of the U.S. Minor Cannabinoids Market, delving into the current landscape, trends, and factors driving its growth.
U.S. Minor Cannabinoids Market Growth
The growth of the U.S. minor cannabinoids market is underpinned by several key factors. Firstly, changing consumer preferences and an increased focus on holistic wellness have driven the demand for products featuring minor cannabinoids such as CBG, CBC, and CBN. The market is witnessing a surge in innovation, with companies exploring novel cultivation and extraction methods to meet this rising demand. Furthermore, ongoing research into the therapeutic properties of minor cannabinoids contributes to the market’s expansion, fostering the development of new, effective products. The evolving regulatory environment, as both federal and state entities provide clearer guidelines, is also a significant growth factor. As industry stakeholders address challenges related to standardization and quality control, the market is poised to capitalize on the opportunities presented by the growing recognition of minor cannabinoids’ potential in the United States.
Product Type Insights
In 2023, the tetrahydrocannabivarin (THCV) segment emerged as the market leader, capturing a significant revenue share of 25.05%. This dominance is attributed to the increasing use of THCV in addressing various health conditions, including metabolic disorders, arthritis, diabetes, epilepsy, Alzheimer’s disease, neurological disorders, and pain management.
Moreover, the robust growth of this segment is fueled by a series of organic and inorganic initiatives undertaken by market participants. These initiatives include engaging in clinical trials, launching innovative products, expanding production capacities, and more. For instance, in June 2022, InMed Pharmaceuticals Inc., a prominent manufacturer of rare cannabinoids, ventured into the health and wellness sector by introducing B2B sales of the rare cannabinoid delta 9-dominant tetrahydrocannabivarin (d9-THCV) through its wholly owned subsidiary, BayMedica LLC.
Application Insights
In 2023, the neurological disorders segment commanded a significant portion of the revenue share. The growth of this segment is primarily driven by the increasing prevalence of neurological disorders and the recognized benefits of cannabinoids in managing them. Synthetic cannabinoid compounds such as Nabiximols have shown notable health benefits, particularly in alleviating spasticity-associated symptoms in multiple sclerosis patients. The continuous expansion of research activities focusing on both minor and synthetic cannabinoids contributes significantly to the overall market growth.
Meanwhile, the “others” application segment emerged as the leading contributor to revenue in 2023. This diverse category includes medical conditions such as diabetes, arthritis, and cardiovascular diseases. Synthetic cannabinoid compounds and endocannabinoids have demonstrated notable health benefits in addressing cardiovascular disorders. CBGA, known for its role in managing heart conditions and epilepsy, also contributes to the segment’s growth. Ongoing research studies exploring the applications of minor cannabinoids across various disorders, coupled with substantial support from funding organizations, further drive the expansion of this segment.
Read More: https://www.heathcareinsights.com/drug-discovery-market/
U.S. Minor Cannabinoids Market Key Companies
- Mile High Labs
- GCM Holdings, LLC (Global Cannabinoids)
- GenCanna.
- CBD. INC.
- Rhizo Sciences
- Laurelcrest
- Fresh Bros Hemp Company
- BulKanna
- High Purity Natural Products.
- ZERO POINT EXTRACTION, LLC
U.S. Minor Cannabinoids Market Segmentations:
By Product Type
- Cannabigerol (CBG)
- Cannabichromene (CBC)
- Cannabinol (CBN)
- Tetrahydrocannabivarin (THCV)
- Cannabigerolic Acid (CBGA)
- Others (Cannabidiolic Acid (CBDA), Cannabidivarin (CBDV), and other minor cannabinoids)
By Application
- Inflammation
- Pain Management
- Neurological Disorders
- Cancer
- Others
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