U.S. Minor Cannabinoids Industry Overview
The U.S. minor cannabinoids market size was valued at USD 4.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 20.1% from 2021 to 2028. The rising trend of adopting cannabinoid-based medicines over traditional medicines, owing to their affirmative health benefits for many health conditions such as chronic pain, cancer, arthritis, neurological disorders, and metabolic disorders is a key factor supporting the market growth. The rising acceptance of cannabis-based medications by consumers as well as medical practitioners is further bolstering the growth.
The approval of the Farm Bill in 2018 has led to an increase in the awareness and adoption of cannabis-related products in the country. It has also created numerous opportunities, thereby proving to be beneficial in increasing the research and funding for cannabis and its derivatives. Furthermore, in recent years, minor cannabinoids have gained impetus and positive research regarding the health benefits of minor cannabinoids, which is anticipated to boost market growth. For instance, there are various ongoing trials for analyzing the effect of minor cannabinoids on conditions such as diabetes, alopecia, epidermolysis bullosa, pain management, and arthritis.
Gather more insights about the market drivers, restrains and growth of the U.S. Minor Cannabinoids Market
In addition, the growing adoption of cannabinoids by healthcare professionals for various medical conditions is one of the key factors supporting the market growth. Prescription of cannabinoid-based products by healthcare personnel develops a positive influence on the minds of patients or consumers, thereby increasing the adoption and gaining popularity. For instance, according to an article published by Innovation Shares in January 2020, the Google Search Index for health benefits provided by CBG increased from 60 in January 2019 to around 95 in January 2020. It signifies rising popularity for CBG among consumers. Such instances are likely to promote market growth.
Moreover, the expensive extraction and purification process is one of the factors impeding the growth of the market. Minor or rare cannabinoids are found in very few quantities in the cannabis plants, and hence they are hard to extract and purify, thereby reducing the number of players opting for rare cannabinoid production. For instance, CBG accounts for around 1% of the total cannabis plant as compared to CBD, which accounts for around 20%. It signifies that for extraction of the same quantity of CBG as that of CBD, it will require around 20x amount of biomass. This expensive extraction and purification procedure thus hamper the growth of the market.
Despite the costly purification process due to the increasing popularity of rare or minor cannabinoids and rising adoption, many players have started their production. For instance, GVB Biopharma, LaurelCrest, Bulkanna, Extract Labs, and Fresh Bros Hemp Company are some of the players providing CBN isolates. In addition, companies are further gaining impetus in the research and product development of rare cannabinoids for specific medical conditions. For instance, InMed Pharmaceuticals, Inc. is one of the major companies to initiate a clinical trial for Cannabinol (CBN) as a potential therapeutic compound to treat diseases with unmet medical needs.
In addition, the COVID-19 pandemic has drastically impacted the global as well as the U.S. legal cannabis market. It has further impacted the minor cannabinoids market of the country. Supply chain disruptions and nationwide lockdown during the peak months of the COVID-19 pandemic have led to a decrease in revenue generation for the market. In addition, in the initial pandemic months, the panic-buying caused by consumers for cannabinoid-based products has further led to product shortages, thereby hindering the market growth. However, with the situation in the country as well as the global level heading toward normalcy, the market is anticipated to witness a higher growth rate in the forthcoming years.
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U.S. Minor Cannabinoids Market Segmentation
Grand View Research has segmented the U.S. minor cannabinoids market based on product and application:
U.S. Minor Cannabinoids Product Outlook (Revenue, USD Million, 2014 - 2028)
- Cannabigerol (CBG)
- Cannabichromene (CBC)
- Cannabinol (CBN)
- Tetrahydrocannabivarin (THCV)
- Cannabigerolic acid (CBGA)
- Others (Cannabidiolic acid (CBDA), Cannabidivarin (CBDV), and other minor cannabinoids)
U.S. Minor Cannabinoids Application Outlook (Revenue, USD Million, 2014 - 2028)
- Inflammation
- Pain Management
- Neurological Disorders
- Cancer
- Others
Market Share Insights
- 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.
Key Companies profiled:
Some of the prominent players operating in the U.S. minor cannabinoids market include:
- Mile High Labs International
- Global Cannabinoids
- GenCanna
- CBD INC.
- Precision Plant Molecules
- Rhizo Sciences
- LaurelCrest
- Fresh Bros Hemp Company
- BulKanna
- High Purity Natural Products
- Zero Point Extraction
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