Global Synthetic Cannabinoid Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Synthetic Cannabinoid Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Cannabinoids are a group of chemical substances that interact with the body’s cannabinoid receptors. They can be produced naturally by cannabis plants, or in a lab through biosynthesis or chemical synthesis. The cannabis plant is the most well-known source of these chemical substances; it is known to produce over 100 different cannabinoids. The two most prevalent cannabinoids in the plant are tetrahydrocannabinol (THC) and cannabidiol (CBD). Synthetic cannabinoids are functionally similar to Δ9-tetrahydrocannabinol (THC), the active principle of cannabis. Like THC, they bind to the same cannabinoid receptors in the brain and other organs as the endogenous ligand anandamide. More correctly designated as cannabinoid receptor agonists, they were initially developed over the past 40 years as therapeutic agents, often for the treatment of pain.

Market Overview:

The latest research study on the global Synthetic Cannabinoid market finds that the global Synthetic Cannabinoid market reached a value of USD 35.91 million in 2022. It’s expected that the market will achieve USD 214.53 million by 2028, exhibiting a CAGR of 34.7% during the forecast period.

Influence of COVID-19 Outbreak on Synthetic Cannabinoid Industry Development

The onset of the novel COVID-19 pandemic is projected to hinder the sales of synthetic cannabinoids, particularly in 2020. The increasing awareness pertaining to the novel COVID-19 infection and its effect on the human respiratory system is one of the key factors that is expected to hinder the sales of synthetic cannabinoids in 2020. In addition, stringent government regulations in several regions of the world pertaining to the trade and transportation of non-essential goods and commodities are a major factor expected to disrupt the global supply chain for synthetic cannabinoids in 2020.

Synthetic cannabinoid was primarily conceptualized as a critical pharmacological tool to evaluate the endocannabinoid system. Gradually, synthetic cannabinoids gained immense popularity across the pharmacotherapies space, particularly in developed regions of the world, including North America and Europe. The demand for synthetic cannabinoids to assess the potential impact to treat a range of diseases and symptoms, including neurodegenerative diseases, pain disorders, drug dependence, and cancer is another major factor likely to fuel the growth of the global synthetic cannabinoids market. The demand for synthetic cannabinoids as an atypical drug for pain management, neurological disorder management, etc. has witnessed a considerable spike over the past few years and the trend is likely to continue in the upcoming decade.

While side effects of cannabis are well documented, data on human toxicity related to the use of synthetic cannabinoids remains limited. As with other NPS, products sold as synthetic cannabinoids often contain several chemicals in different concentrations, making it very difficult to determine substance-specific effects. Available knowledge on the toxicity of these compounds comes from scientific reports and clinical observations. Health-related problems associated with the use of synthetic cannabinoids include cardiovascular problems and psychological disorders, and it appears that there may be carcinogenic potential with some of the metabolites of the substances contained in these products.

Region Overview:

In 2022, the share of the Synthetic Cannabinoid market in North America stood at 66.86%.

Company Overview:

Purisys
Today’s Purisys offers a broad lineup of manufacturing and personnel assets for the development, manufacture and support of pharmaceutical APIs and other chemical synthesis projects. Purisys’ flagship innovation center and manufacturing facility in Athens, GA (17,000 sq. ft.) offers decades of experience in complex high-barrier custom synthetic chemistry and manufacture of pharmaceutical APIs as well as comprehensive controlled substance expertise.

Creo

Creo is an ingredient company that produces rare and novel cannabinoids using the age-old natural process of fermentation, coupled with cutting-edge technological innovation. Founded in 2016 and based in California, Creo’s mission is to enable the creation of cannabinoid products that help people everywhere while doing less harm to the planet. Creo’s technology partner and major shareholder is industry-leading biotech firm Genomatica.

Purisys is one of the major players operating in the Synthetic Cannabinoid market, holding a share of 40.16% in 2023.

Segmentation Overview:

Among different product types, Ultra-Pure Synthetic Cannabinoid segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Pharma Companies segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Synthetic Cannabinoid market covered in Chapter 3:

Purisys
BayMedica
Cronos Group
LAVVAN
Hyasynth Biologicals
Creo

In Chapter 4 and Chapter 14.2, on the basis of types, the Synthetic Cannabinoid market from 2018 to 2029 is primarily split into:

High-Pure Synthetic Cannabinoid
Ultra-Pure Synthetic Cannabinoid

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Synthetic Cannabinoid market from 2018 to 2029 covers:

Research Entities
Pharma Companies
Consumer Goods

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)