Overview of Global Cannabinoids Market
Cannabinoids are derived from phytocannabinoids, endocannabinoids, and synthetic cannabinoids; and are used for medical applications. Major cannabinoids and minor cannabinoids are the two types of cannabinoids. Major cannabinoids include tetrahydrocannabinol and cannabidiol. Minor cannabinoids include cannabinoids, cannabidivarin, and cannabigerol. Cannabinoid synthesis in plants in small amounts is termed as minor cannabinoids. Rise in interest in the potential usage of cannabis in various medical conditions as well as research on the adverse health effects from use of cannabis is encouraging governments of countries across the globe to support the sale of CBD oil at hospital pharmacies and physician offices. This is projected to drive the global cannabinoids market in the near future.
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Technological advancements have led to the introduction of new plant cloning techniques in the market. GW Pharmaceuticals launched its lead cannabinoid product Epidiolex in 2018. It is a pharmaceutical formulation comprising highly purified plant derived cannabidiol, for which the company retains global commercial rights.
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Rise in Research & Development and Growth in Investment in Medical Cannabinoids to Drive Global Cannabinoids Market
The medical cannabis industry is expanding with advances in the use of cannabidiol (CBD). Usage of cannabidiol has increased due to rise in legalization of cannabidiol in various countries. Additionally, the FDA approval for CBD products for epilepsy treatment is promoting their usage in the pharmaceutical industry. Therefore, companies would continue to come up with medical solutions with improved CBD-based medicines. For instance, SanSal Wellness is working on the research & development of improved hemp genetics and innovation, providing uncompromising high quality hemp products to the global community. In 2019, the Government of Australia declared investment of US$ 3 Mn for research in medical cannabis. Thus, rise in research & development and investment in medical cannabinoids are likely to drive the global market.
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Health Benefits of Medical Cannabis to Boost Demand for Cannabinoids
Medical hashish is a popular herbal treatment used to treat unusual ailments. Around 104 chemical compounds called cannabinoids have been discovered in a hashish or marijuana plant, which can play an important role in the remedy of one-of-a-kind diseases. Tetrahydrocannabinol (THC) is the leading psychoactive cannabinoid discovered in hashish, which offers greater alleviation from aches and different signs & symptoms without the mind-altering outcomes of marijuana. CBD is probably used to lessen persistent ache by means of impacting endocannabinoid receptor activity, decreasing inflammation, and interacting with neurotransmitters. For instance, Sativex, an oil spray, is an aggregate of tetrahydrocannabinol (THC) and cannabidiol (CBD); and is permitted in many countries to treat aches associated with multiple sclerosis.
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Growth in Usage of Cannabidiol (CBD) to Overcome Anxiety and Pain to Boost Market
In terms of product, the global cannabinoids market has been classified into cannabidiol, tetrahydrocannabinol, and others. The cannabidiol segment accounted for major share of the global market in 2021. The segment is expected to expand at a CAGR of around 22% from 2022 to 2031. Cannabidiol is less psychoactive to neutralize the reactive oxygen species, which makes it a crucial contributor to anti-inflammatory effects. Cannabidiol is derived from hemp and marijuana; hence, it helps patients overcome anxiety and pain. Cannabis-infused products are also popular among end-users across the globe. Companies in the global cannabinoid market are focusing on increasing the manufacture of cannabidiol products that are safe for consumption.
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Non-medical Applications of Cannabinoids Creating Opportunities for Market Players
Based on application, the global cannabinoids market has been divided into medical
and non-medical use. The non-medical use segment accounted for the largest share of the global market in 2021. The segment is expected to expand at a CAGR of about 19% from 2022 to 2031 due to the increase in usage of cannabis in food, cosmetics, and textile industries. CBD edibles such as gummies and cannabis-infused chocolate bars are increasingly popular among end-users. They possess antioxidant properties and help relieve stress and depression.
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