U.S. Minor Cannabinoids Industry Overview
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% during 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.
U.S. Minor Cannabinoids Market Segmentation
Grand View Research has segmented the U.S. minor cannabinoids market based on product and application:
Based on the Product Insights, the market is segmented into Cannabigerol (CBG), Cannabichromene (CBC), Cannabinol (CBN), Tetrahydrocannabivarin (THCV), Cannabigerolic acid (CBGA), Others (Cannabidiolic acid (CBDA), Cannabidivarin (CBDV), and other minor cannabinoids).
- Based on product type, tetrahydrocannabivarin (THCV) dominated the market with a revenue share of 24.8% in 2020. This high share is attributable to the rising adoption of THCV for various applications such as epilepsy, arthritis, metabolic disorders, neurological disorders, diabetes, Alzheimer’s disease, and pain management. In addition, rising strategic initiatives in the form of product launch, clinical trials, and production of cultivars with high THCV content by key players are contributing to further increasing the adoption and penetration of THCV products. Many players are aiming toward cultivating high THCV cultivars due to the antagonistic effects provided by THCV as compared to THC. Such initiatives signify growing demand, and this is anticipated to boost the market growth.
- In addition, cannabigerolic acid (CBGA) is anticipated to expand at the fastest CAGR of 21.6% during the forecast period. This growth is attributable to increasing awareness regarding the benefits of CBGA for certain medical conditions such as cancer, metabolic disorders, diabetes, and cardiovascular diseases. Furthermore, the rising number of players aiming toward the production of CBGA is expected to fuel the growth.
Based on the Application Insights, the market is segmented into Inflammation, Pain Management, Neurological Disorders, Cancer, Others.
- Based on the application, the others application segment held the highest revenue share of 36.6% in 2020. Some of the health conditions in the other segments are cardiovascular diseases, arthritis, metabolic disorders, diabetes, dermatological conditions, and glaucoma. This high share can be attributed to the rising usage of minor cannabinoids for such conditions and the rising research for signifying the benefits of these cannabinoids in improving health. In addition, many healthcare institutions are initiating or have already initiated researches for analyzing the health benefits of rare cannabinoids.
- The pain management segment is anticipated to register the fastest CAGR during the forecast period. Government institutions are focused on investigating the potential of terpenes and minor cannabinoids for pain management and other applications. For instance, as per an article published by the National Institutes of Health in 2019, the institute aims to investigate the utilization of minor cannabinoids for pain management. Such instances are likely to increase the adoption of minor cannabinoids in the country.
Key Companies Profile & Market Share Insights
The competition is moderate among the existing market players due to the expensive extraction process for minor cannabinoids. However, rising consumer preference for these cannabinoids is anticipated to boost the competition in the forthcoming years.
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
Order a free sample PDF of the U.S. Minor Cannabinoids Market Intelligence Study, published by Grand View Research.
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