Cannabinoids Market Size By Type (Cannabidiol (CBD) {By Product [CBD Isolate, CBD Oil (CBD Full Spectrum Oil, CBD Broad Spectrum Oil)], By Application [Pharmaceutical (Suppository, Transdermal Patches, Tablets & Capsules, Creams & Roll-Ons, CBD Inhalers),

Cannabinoids Market Size By Type (Cannabidiol (CBD) {By Product [CBD Isolate, CBD Oil (CBD Full Spectrum Oil, CBD Broad Spectrum Oil)], By Application [Pharmaceutical (Suppository, Transdermal Patches, Tablets & Capsules, Creams & Roll-Ons, CBD Inhalers), Food & Beverages, Cosmetics]}, Cannabinol (CBN), Cannabigerol (CBG), Cannabidiolic Acid (CBDA)) Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030

The global cannabinoids market is expected to depict substantial growth until 2030 driven by the rising product demand to treat several diseases. The Cannabis plant contains over 100 cannabinoids, compounds that interact with the body's internal endocannabinoid system and help treat ailments.

Due to its anti-inflammatory, analgesic, antispasmodic, cell-regenerative, and anti-bad-cell proliferation properties, CBD is also used in skin care products. It is widely incorporated into skin care products like oils, body lotions, capsules, and other personal care items that have gained popularity. Many skincare companies are working to continuously develop new ways to blend CBD in skin care products to deliver the most effective results possible. Growing government approvals of CBD-based products have piqued customer interest and led to an upsurge in their adoption.

In terms of products, the market is segmented into Cannabidiol (CBD), cannabinol (CBN), cannabigerol (CBG), and cannabidiolic acid. The cannabinol (CBN) segment is projected to generate over USD 4 billion by 2030. The growth can be credited to increasing product use for treating glaucoma and rheumatoid arthritis, given its anti-inflammatory properties. Rising prevalence of similar health issues will increase the usage of medical marijuana, boosting segmental growth.

New product launches are expected to push the market expansion from the CBN segment. For instance, in October 2022, Medical Marijuana Inc. announced that its subsidiary Kannaway has successfully introduced two new cannabinol (CBN) isolate products to the U.S. market – Kannaway Pure CBN liquid and Kannaway Pure CBN Gel capsules.

Regionally, the cannabinoids industry is expected to depict appreciable growth prospects across the Middle East and Africa. This can be credited to the rise in the prevalence of anxiety, seizures, muscle disorders, and Parkinson's disease and a subsequent increase in cannabinoid use for treatment and disease management. An upsurge in the number of product marketing campaigns and awareness programs from manufacturing companies has led to increasing demand for cannabinoid products across MEA. Driven by the product’s therapeutic benefits, MEA cannabinoids industry size was recorded at over USD 250 million in 2021.

Core companies manufacturing cannabinoids have been undertaking targeted efforts to retain their market standing and expand their current consumer base. In September 2020, for example, Global Cannabinoids announced the immediate distribution of pure CBD throughout Japan. This enabled the consumers in Japan to purchase and wholesale bulk and wholesale CBD isolate and THC free raw materials directly from company’s Tokyo distribution center. This business strategy helped the company meet Japan’s growing demand for CBD as an ingredient in topicals, consumable products, and skin care and strengthen their position in the country.

Citing yet another example, in July 2021, NuLeaf Naturals launched its new multicannabinoid oil and softgel products. The multicannabinoid includes CBD, CBG, CBN, CBC, and Delta 8 THC in a balanced proportion to strengthen the endocannabinoid system. This product launch enabled company to add value to its existing portfolio and is expected to generate maximum revenue from its sales.