The cannabinoid industry is expected to register a CAGR of 20% between 2022 and 2030 due to the growing number of government approvals to legalize cannabinoid production.
SELBYVILLE, Del., September 12, 2022 /PRNewswire/ — The market value of cannabinoids is expected to exceed $63 billion by 2030, according to a new research report from Global Market Insights Inc.
Rising prevalence of Parkinson’s disease, muscle disorders, seizures, anxiety, etc. will drive the market demand. Cannabinoid extracts are known for their medical properties to cure certain health conditions. Increasing government initiatives to provide better health care will also help increase the penetration of cannabinoids into products. Moreover, the constant efforts of industry players to exploit innovative production technologies and develop new products will drive the growth of the global market.
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Changes in regulatory policies will promote market value
The presence of a favorable regulatory landscape will play a key role in increasing the revenue of the cannabinoid market, considering the substantial increase in the number of cannabinoid product approvals over the past few years. The COVID-19 pandemic has also had a favorable impact on the expansion of the market, as several countries, including the United States, Germany, Argentina, Canadaand Portugal saw CBD production and delivery as important services and allowed businesses to operate throughout the pandemic.
Growing availability of Cannabigerol (CBG) products
The cannabigerol (CBG) segment could register a CAGR of over 25% through 2030. This is due to the increasing availability of the product and the increasing number of new product variants introduced in the market. For example, Geocann introduced its first cannabigerol (CBG) soft gel products, to achieve optimal absorption and determined bioavailability. An increase in the development of innovative products by emerging companies along with an upsurge in CBG research activities is expected to propel the market trends.
Browse key industry information spread over 208 pages with 308 market data tables and 13 report figures and graphs, “Cannabinoids Market Analysis By Type, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022-2030” in detail with the table of contents:
Latin America to witness substantial product penetration
The LATAM cannabinoid market size is expected to grow at a CAGR of over 20.5% through 2030. Rising government initiatives to improve regional healthcare and increasing penetration of cannabinoid products thereafter will drive up the market income. Latin America. Growing endorsements by regional governments along with growing health awareness among the population will have a profound role to play in expanding the market.
Strategic collaborations and product developments to grow the industry
Bedrocan, Global Cannabinoids, Maricann Inc., NuLeaf Naturals, LLC, Green Roads, Folium Biosciences and others are part of the competitive landscape of this market. The major players in the cannabinoids market are working on product development and advanced manufacturing technologies to introduce new products in response to growing customer needs and establish a strong commercial presence.
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