U.S. Minor Cannabinoids Market Growth & Trends
The U.S. minor cannabinoids market size is expected to reach USD 26.2 billion by 2028, at a compounded annual growth rate (CAGR) of 20.1% over the forecast period, according to a new report by Grand View Research, Inc. The rising use of cannabinoid-based products and increasing awareness regarding their health benefits are the major factors boosting the growth of the market.
Based on the product, Tetrahydrocannabivarin (THCV) dominated the market with a revenue share of over 24.0% in 2020. This high share is attributable to the rising adoption of THCV for various applications such as epilepsy, arthritis, metabolic disorders, neurological disorders, and pain management. In addition, rising strategic initiatives by key players in the form of collaborations, clinical trials, and production are further contributing to increasing awareness and adoption of THCV products. For instance, an ongoing clinical trial, initiated in April 2021, analyzing the utilization of products, such as THCV, CBDV, and CBD-rich hemp oil, on the treatment of Androgenetic Alopecia. Such instances are projected to fuel market growth over the forecast period.
In 2020, based on application, the others segment accounted for the largest revenue share. Some of the health conditions included in other segments are metabolic disorders, arthritis, dermatological conditions, diabetes, cardiovascular diseases, and glaucoma. This high share is attributable to the increasing utilization of minor cannabinoid-based products for such conditions and rising research for signifying their benefits in improving health.
For instance, as of June 2021, InMed Pharmaceuticals, Inc., a clinical-stage company known for the pipeline development of products concerning rare cannabinoids, has initiated a clinical trial for analyzing the utilization of CBN-based topical cream for the treatment of Epidermolysis Bullosa. Rising clinical trials is thus anticipated to boost the adoption and penetration of rare cannabis derivatives in the forthcoming years.
The COVID-19 pandemic has drastically impacted the overall legal cannabis market, thereby impacting the minor cannabinoids market in the U.S. Disruptions in the supply chain, panic buying of cannabis-based products by consumers, and nationwide lockdown are the factors responsible for the reduced revenue generation in 2020. In addition, significant price change for cannabinoid-based and other cannabis-based products has further obstructed the growth. With the world returning to normalcy, the adoption of cannabinoid-based products is anticipated to witness a rise, thereby, supporting market growth.
U.S. Minor Cannabinoids Market Report Highlights
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook