U.S. Minor Cannabinoids Market Size, Share & Trends Analysis Report By Product (Cannabigerol (CBG), Tetrahydrocannabivarin (THCV)), By Application (Cancer, Inflammation, Pain Management), And Segment Forecasts, 2023 - 2030

U.S. Minor Cannabinoids Market Size, Share & Trends Analysis Report By Product (Cannabigerol (CBG), Tetrahydrocannabivarin (THCV)), By Application (Cancer, Inflammation, Pain Management), And Segment Forecasts, 2023 - 2030

U.S. Minor Cannabinoids Market Growth & Trends

The U.S. minor cannabinoids market size is expected to reach USD 33.3 billion by 2030, expanding at a CAGR of 16.4% over the forecast period, according to a new report by Grand View Research, Inc. Rising use of cannabinoid-based products and the increasing awareness regarding health benefits associated with consumption of these products are some of the crucial factors supporting the growth.

There is a growing interest among consumers in natural products that are perceived to be safer and healthier than synthetic alternatives. Thus, the increasing demand for natural products is likely to support industry expansion. Moreover, innovations and new product developments in the form of infused beverages, edibles, and topicals are further fueling the market’s growth. For instance, in February 2023, Harpoon Brewery launched its first THC-based beverage Rec Weed.

Minor cannabinoids have been found to have potential therapeutic benefits, including anti-inflammatory, analgesic, and neuroprotective effects. There is a growing interest in developing pharmaceuticals and nutraceuticals containing minor cannabinoids for the treatment of various medical conditions, such as chronic pain, anxiety, and sleep disorders. For instance, in January 2021, Lygos, Inc. announced the commercial availability of cannabichromene (CBC). CBC has a wide range of anti-inflammatory, antioxidant, and pain management properties.

In addition, minor cannabinoids are increasingly being incorporated into wellness products, including supplements, tinctures, and topicals. These products are marketed as natural remedies for a range of health issues and are popular among consumers looking for alternatives to traditional medications. For instance, one such product is Kriva from Nextraction. Kriva is one of the leading personal care products for health and wellness applications.

Furthermore, various organic and inorganic developments done by players to strengthen their business avenues and footprints in U.S. minor cannabinoids industry are anticipated to facilitate market expansion over the forecast period. For instance, in January 2022, Sugarmade, Inc. signed a binding Letter of Intent with GenCann, Inc. to enter the rare cannabinoid market. Thus, such initiatives are anticipated to cater to the demand throughout the forecast period.

U.S. Minor Cannabinoids Market Report Highlights

• The U.S. minor cannabinoids industry size is anticipated to be valued at USD 33.3 billion by 2030, owing to rising health benefits from cannabis-derived products and supportive legislative norms
• THCV dominated with the highest revenue share in 2022 with a share of 25.5%, owing to the increasing application of THCV in the management of conditions such as arthritis, metabolic disorders, and epilepsy
• In 2022, by application, the others segment accounted for the highest share of 34.8%, owing to the increasing burden of target diseases and rising applications of cannabinoids in the management of such conditions

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