The global synthetic cannabinoids market is projected to grow at a staggering 21% value CAGR, reaching US$ 14.8 Billion, following an assessment period ranging from 2022-2032. As per a newly published report on this industry by Fact.MR, a valuation of US$ 1.82 Billion has been anticipated during FY 2022.
The rising popularity of e-cigarettes linked with the growing affinity toward the usage of synthetic cannabinoids as a substitute for non-synthetic cannabis in several regions of the world is likely to offer a significant boost to the consumption of synthetic cannabinoids. Besides, synthetic cannabinoids are sold as a legal and safe alternative to marijuana in several parts of the world owing to which, the sales of synthetic cannabinoids have observed growth, particularly among the millennial population.
Synthetic cannabinoids to treat nausea and anxiety caused by cancer chemotherapy are projected to open new growth avenues for synthetic cannabinoid manufacturers. Moreover, synthetic cannabinoid therapies for diseases such as arthritis, and acute and chronic pain will bolster the demand for synthetic cannabinoids during the forecast period.
Key Takeaways from the Market Study
- Global Synthetic Cannabinoids market to expand nearly 6x from 2022-2032
- By type, the Dronabinol Synthetic Cannabinoids segment is likely to register a CAGR of ~20%
- In terms of revenue, North America is projected to emerge as one of the most opportunistic markets, witnessing a significant growth rate throughout the forecast period 2022-2032
“Recent FDA approvals to treat anxiety depression with lab drugs is further likely to augment the application of synthetic cannabinoids over the forthcoming years” comments an analyst at Fact. MR.
Competitive Landscape
The global market is highly fragmented with the presence of a large number of local and regional players. Market players are concentrating on product launches to broaden their market footprints.
- In September 2021, Noramco announced that its cannabinoids business division will become a separate company named Purisys, LLC and is expanding its production capacity of Dronabinol and cannabidiol (CBD) in its production facility based in Athens, United States.
- In July 2021, KBL Merger Corp. IV, a Special Purpose Acquisition Company (SPAC), announced that it has executed a definitive business combination agreement for the merger of a wholly owned subsidiary of KBLM with CannBioRx Life Sciences Corp., a drug development company focused on treating inflammatory diseases.
- In September 2021, Hyasynth, a sustainable biotechnology company, received a $2.5Mmilestone payment for its commercialization achievements in being first-to-market with cannabidiol (CBD) produced and extracted from yeast. The additional investment came from previous investors including Organigram Holdings Inc., a leading licensed producer of cannabis.
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global Synthetic Cannabinoids market, presenting a historical analysis from 2017 to 2021 and forecast statistics for the period 2022-2032.
The study reveals essential insights based on Type (Dronabinol, Nabilonel) across five major regions (North America, Latin America, Europe, Asia Pacific, and the Middle East Africa).
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