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The cannabinoids market size is estimated to increase by USD 88.4 billion and grow at a CAGR of 30.41% between 2023 and 2028. The market is experiencing significant growth, driven by the legalization of medicinal cannabinoids in various regions, including North America and Europe. This trend is expected to continue as more countries explore the potential therapeutic benefits of cannabinoids. However, the market also faces challenges, such as the side effects associated with inappropriate use of medical cannabinoids, including psychoactive effects and potential harm to developing brains. To address these concerns, there is a growing emphasis on education and research to ensure proper usage and dosage. Despite challenges such as stringent regulations and concerns over side effects like lung injury, cannabinoids are being explored for treating a range of conditions, from chronic pain and cancer-related symptoms to stress, anxiety, and metabolic disorders. Additionally, the launch of medical cannabis education programs is expected to increase awareness and understanding of the potential benefits and risks, thereby driving market growth. Despite these challenges, the market for cannabinoids is poised for continued expansion, fueled by increasing acceptance and legalization of these compounds for medicinal purposes.
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The market share growth by the medical segment will be significant during the forecast period. This type of cannabinoids have become an alternative to traditional pain-relieving medications. They can ease various types of chronic pain, such as pain resulting from nerve damage and inflammation. Some of the types of cannabinoid plants used for chronic pain relief are Cannabis indica, Cannabis sativa, and hybrids.
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The medical segment was valued at USD 10.30 billion in 2018. Medical cannabinoids can give relief to patients with nausea. The Food and Drug Administration (FDA) in the US has approved dronabinol for nausea and vomiting. Tetrahydrocannabinol (THC) and other cannabinoids, such as CBD in medical cannabinoids, slow the growth or kill certain types of cancer cells. The rising number of patients experiencing nausea and vomiting due to chemotherapy can increase the demand for effective medicinal approaches such as medical cannabinoids. This, in turn, is expected to accelerate the growth momentum of the market during the forecast period.
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North America is estimated to contribute 64% to the growth of the global market during the forecast period. Technavioâs analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The use has been legalized for medical purposes in the US and Canada. The Supreme Court of Mexico has decided to legalize the use for epilepsy. Therefore, government initiatives to legalize medical cannabinoids are primarily driving market growth. THC in medical cannabinoids resembles the cannabinoid chemicals that occur in the body naturally. The intake of medical cannabinoids can also help in decreasing opioid usage among patients with chronic pain. Therefore, the growing adoption of cannabinoids for the treatment of chronic diseases is driving the growth of the regional market. Continuous research and standardization of products for medicinal purposes are expected to increase the demand for cannabis in North America during the forecast period. These factors are expected to drive the growth of the regional market during the forecast period.
The market is experiencing significant growth, driven by various factors such as the increasing legalization of cannabinoids and advancements in cultivation techniques. Cannabinoids like Tetrahydrocannabinol (THC), Cannabidiol (CBD), Cannabigerol (CBG), and Tetrahydrocannabivarin (THCV) are gaining attention for their potential therapeutic benefits in treating ailments such as anxiety, seizures, muscle disorders, and Parkinson's disease. Products like body lotions, oils, capsules, and vaping items are becoming popular among consumers seeking relief from chronic pain and other medical conditions. Despite challenges like strict regulations and accessibility issues, the market continues to expand with the rising demand for cannabinoid-based remedies. The growing market for E-cigarette is intersecting with various industries, including cosmetics, food and drinks, and drugs, as new regulations and consumer trends shape product formulations. CBD full spectrum oil is emerging as a popular ingredient in these pharmicies, offering potential benefits and innovations while influencing product development across multiple categories. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rapid expansion of legalization initiatives serves as a primary driver propelling market growth. Numerous countries have embraced medicinal cannabis use, exemplified by the US government's enactment of the Medical Cannabinoids and Cannabidiol Research Expansion Act in December 2022, facilitating enhanced research endeavors. Australia has similarly increased funding for cannabinoid research due to rising demand.
Furthermore, Thailand legalized cultivation for food and beverage raw materials in June 2022, while Malta became the EU's inaugural member to legalize recreational use in December 2021. These progressive governmental measures are poised to fuel market growth significantly during the forecast period, fostering a conducive environment for cannabinoid products.
The launch of medical cannabinoid education programs is a key trend shaping the market. The governments of several countries such as the US, Canada, Columbia, Germany, and Greece have legalized the use of medical variant. Therefore, the number of dispensaries is increasing. Hence, individuals should be educated about this.
Many educational institutions are launching medical cannabinoid educational programs. For instance, in July 2022, the University of New Haven announced a collaboration with Green Flower to launch new cannabis education certificate programs. Similarly, in April 2022, Tulsa Community College announced the launch of job-specific medical cannabinoids courses with Green Flower in Oklahoma, US. Therefore, educational programs related to medical cannabinoids can educate more people about their benefits, which, in turn, is expected to support the growth of the market during the forecast period.
Side effects associated with the inappropriate use of medical cannabinoids are challenging market growth. Active ingredients in this are called cannabis sativa. THC is an important and active cannabinoid. Medical cannabinoids also contain CBD. They also contain other chemicals, the amount of which can vary in different plans. These factors make it challenging to identify the required dosage of medical cannabinoids for patients. Hence, it is important to consult a doctor before using medical cannabinoids.
It can cause various side effects, such as changes in mood, lack of coordination, increased appetite, red eyes, dry mouth, nausea, cough, throat infection, and slower reaction time. Severe side effects include increased heart rate, depression, and difficulty in memorizing and learning. Such effects are expected to negatively impact the adoption of medical cannabinoids, which, in turn, is expected to impede the growth potential of the global market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovatorâs stage to the laggardâs stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aurora Cannabis Inc. - The company offers cannabinoid solutions for medical institutions, hospitals, doctors, pharmacists, and patients across Europe to access safe and reliable cannabis-based medicines. Under the cannabis segment, it offers support services such as patient counseling services, analytical testing services, and design, engineering, and construction consulting services.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The market is experiencing substantial growth driven by factors such as the increasing legalization of cannabinoids, advanced cultivation processes, and government initiatives to boost medical cannabinoid availability. This market offers a wide range of products, including body lotions, oils, capsules, and vaping items, all derived from cannabinoids like Cannabidiol (CBD), Cannabigerol (CBG), and Tetrahydrocannabivarin (THCV). These products cater to various needs, from managing anxiety and seizures to alleviating symptoms of muscle disorders, Parkinson's disease, and sleep disorders. Additionally, cannabinoids are explored for their potential in cancer treatment, pain management, and addressing neurological disorders like Alzheimerâs disease and neuropathy.
Moreover, the market is experiencing significant growth driven by the legalization of medical cannabis and the increasing recognition of cannabinoids' therapeutic potential. Phytocannabinoids derived from the Cannabis sativa plant, including CBD oil, CBD isolate, and various cannabinoid extracts, are gaining popularity for their medicinal properties. The Farm Bill has facilitated the legal cultivation of hemp, leading to the production of synthetic products and natural remedies like Stirling CBD Oil.
Additionally, the market is witnessing significant growth driven by various factors, including the expanding legalization of medical cannabis, the rising popularity of alternative therapies, and the increasing awareness of the therapeutic benefits of cannabinoids. Chemical compounds like Cannabinol (CBN) and Cannabidiolic Acid (CBDA) are gaining attention for their potential health benefits, particularly in managing chronic noncancer pain and supporting the immune system. E-cigarettes and CBD-infused products like CBD broad spectrum oil and CBD Energy Gummies are gaining traction in the market. Despite challenges such as strict regulations and accessibility issues, the market shows promise for addressing various illnesses and promoting well-being.
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Market Scope |
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Report Coverage |
Details |
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Page number |
163 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 30.41% |
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Market growth 2024-2028 |
USD 88.4 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
22.26 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 64% |
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Key countries |
US, Canada, The Netherlands, Australia, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aurora Cannabis Inc., Canopy Growth Corp., Cresco Labs LLC, Cronos Group Inc., CV Sciences Inc., Delta 9 Cannabis, Ecofibre Ltd., INDIVA.com LLC., Jazz Pharmaceuticals Plc, Medical Marijuana Inc., MediPharm Labs Inc., Medix CBD, Medterra CBD, MM Enterprises USA LLC, Organigram Holdings Inc., STENOCARE AS, Terrascend Canada, Tilray Brands Inc., Trulieve Cannabis Corp., and Unrivaled Brands Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Market Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for Market forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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