Global Synthetic Cannabinoids Market Size Revenue Forecasted to Surpass $12.4 Billion by 2030, At a CAGR of 21.81%

New York, NY, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Synthetic Cannabinoids Market By Indication (Nausea/Vomiting, Pain Management, And Neurological Disorder Management), By Product Type (Ultra-Pure Synthetic Cannabinoids, High-Pure Synthetic Cannabinoids, And Others), By Distribution Channel (Online Pharmacies, Retail Pharmacies, And Hospital Pharmacies), And By Region – Global, And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Synthetic Cannabinoids Market size & share in terms of revenue was valued at USD 2.48 billion in 2022 and it is expected to surpass around USD 12.06 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 21.81% during the forecast period 2023 to 2030.”

What are Synthetic Cannabinoids? How big is the Synthetic Cannabinoids Industry?

Synthetic Cannabinoids Report Coverage & Overview:

Artificially engineered cannabinoids, also known as synthetic marijuana, Spice, K2, or herbal incense, are man-made substances crafted to imitate the impacts of natural cannabinoids present in cannabis plants, including THC (delta-9-tetrahydrocannabinol). Nevertheless, these synthetic cannabinoids have distinct chemical compositions from THC, leading to significantly different and often more potent outcomes. Typically, synthetic cannabinoids are distributed as dried plant matter that has been treated with or immersed in synthetic cannabinoid compounds.

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Global Synthetic Cannabinoids Market: Growth Dynamics

Escalating global market growth through rising demand for recreational drugs and alternatives

The rapid expansion of the worldwide synthetic cannabinoids market is primarily propelled by the surging desire for recreational substances and substitutes. The easy accessibility of cannabinoids, available both online and in traditional retail outlets, adds to their appeal, providing consumers with convenient access. The allure of recreational substances, particularly among younger demographics, has heightened the request for synthetic cannabinoids. These products are frequently marketed as legal substitutes for natural cannabis, catering to users seeking distinctive experiences. Furthermore, the market's global growth is underpinned by continuous product advancement and innovation.

Moreover, another driving force behind the synthetic cannabinoids market is the increasing investment from the pharmaceutical and biotechnology sectors. As research into synthetic cannabinoids broadens, revealing potential therapeutic applications, pharmaceutical and biotechnology companies recognize the significant opportunities these compounds present. This has the potential to amplify market expansion throughout the forecast period.

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Report Scope

Synthetic Cannabinoids Market: Segmentation Analysis

The global synthetic cannabinoids industry is segmented based on indication, product type, distribution channel, and region.

Based on indication, The worldwide synthetic cannabinoids market is categorized into segments comprising nausea/vomiting, pain management, and neurological disorder management. Foreseen as the segment with the highest market share throughout the forecast period, the neurological disorder management segment takes the lead. Neurological conditions, such as epilepsy and multiple sclerosis, can significantly affect patients' quality of life, and existing treatment alternatives may not always provide sufficient relief. Synthetic cannabinoids possess the ability to address these disorders due to their interactions with the endocannabinoid system, a pivotal regulator of neurological functions. As a result, the rising prevalence of neurological disorders acts as a catalyst for the expansion of the global market.

Based on the product type, The global synthetic cannabinoids sector is segmented into ultra-pure synthetic cannabinoids, high-pure synthetic cannabinoids, and others. Anticipated as the frontrunner during the forecast period, the high-pure synthetic cannabinoids segment holds prominence. This segment revolves around the production of synthetic cannabinoids with an elevated level of purity. These compounds are chemically engineered within laboratories to replicate the effects of natural cannabinoids present in the cannabis plant, including tetrahydrocannabinol (THC) and cannabidiol (CBD). Consequently, the segment's growth is steered by increasingly precise and consistent formulations, as well as advancements in research and pharmaceutical development.

Based on the distribution channel, The global synthetic cannabinoids market is categorized into segments including online pharmacies, retail pharmacies, and hospital pharmacies. Among these, the hospital pharmacies segment is anticipated to take the lead during the forecast period. This particular segment holds a substantial position within the market, particularly in terms of scientific and therapeutic provisions. Hospital pharmacies serve as crucial hubs for the distribution of medical drugs and pharmaceutical items, including synthetic cannabinoids, within the healthcare framework.

The global Synthetic Cannabinoids market is segmented as follows:

By Indication

• Nausea/Vomiting
• Pain Management
• Neurological Disorder Management

By Product Type

• Ultra-pure Synthetic Cannabinoids
• High-pure Synthetic Cannabinoids
• Others

By Distribution Channel

• Online Pharmacies
• Retail Pharmacies
• Hospital Pharmacies

Browse the full “Synthetic Cannabinoids Market By Indication (Nausea/Vomiting, Pain Management, And Neurological Disorder Management), By Product Type (Ultra-Pure Synthetic Cannabinoids, High-Pure Synthetic Cannabinoids, And Others), By Distribution Channel (Online Pharmacies, Retail Pharmacies, And Hospital Pharmacies), And By Region – Global, And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/synthetic-cannabinoids-market

Competitive Landscape

Some of the main competitors dominating the global Synthetic Cannabinoids market include - 

• Insys Therapeutics
• NuMed
• PharmaCann
• Curaleaf
• MBX
• Cannabix Technologies
• Emerald Health Therapeutics
• Aurora Cannabis
• Tilray
• Aphria

Key Insights from Primary Research:

• As per the analysis shared by our research analyst, the global synthetic cannabinoids market is estimated to grow annually at a CAGR of around 21.81% over the forecast period (2023-2030).
• In terms of revenue, the global synthetic cannabinoids market size was valued at around $ 2480 million in 2022 and is projected to reach $ 12,060 million, by 2030.
• The rapid growth of the synthetic cannabinoid market is largely influenced by the increasing demand for recreational and alternative drugs. One of the main reasons behind the popularity of cannabinoids is their easy availability, which is both online and in traditional stores, making it convenient for consumers to access these products.
• Based on the indication, the neurological disorder management segment is predicted to capture the largest market share during the forecast period.
• Based on the product type, the high-pure synthetic cannabinoids segment is expected to grow at a significant rate during the forecast period.
• Based on the distribution channel, the hospital pharmacies segment is anticipated to grow at a significant rate during the forecast period.
• Based on region, North America is expected to dominate the market during the forecast period.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Synthetic Cannabinoids industry?
• What are the main driving factors propelling the Synthetic Cannabinoids Market forward?
• What are the leading companies in the Synthetic Cannabinoids Industry?
• What segments does the Synthetic Cannabinoids Market cover?
• How can I receive a free copy of the Synthetic Cannabinoids Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Indication, By Product Type, By Distribution Channel, and By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

Anticipated to maintain its market dominance in the upcoming forecast period, North America is foreseen as the primary driver of the global synthetic cannabinoids market. North America, which already claimed a significant share of over 40% of the global market in 2022, remains a pivotal player in the synthetic cannabinoids landscape. The region's prominence can be attributed to various factors, including the legalization of cannabis products for medical purposes in countries like the U.S. and Canada. Furthermore, the rising demand for alternative pain relief solutions and the presence of well-established pharmaceutical companies engaged in cannabinoid-based medicinal research further contribute to North America's influence on the market. Strengthening this foothold, the region also boasts robust regulatory measures, prioritizing product safety and meticulous control, which in turn spurs product demand.

Europe, on the other hand, secured the second-largest portion of the global synthetic cannabinoids market in 2022, constituting more than 30% of the global share. The European industry has experienced significant growth, bolstered by various factors, including the presence of supportive regulatory frameworks in certain countries that permit the scientific study of synthetic cannabinoids.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• In 2022, Pernix Therapeutics acquired Insys Therapeutics. Insys was a leading manufacturer of synthetic cannabinoids, and its acquisition by Pernix is seen as a sign of market consolidation.
• In 2020, Curelife acquired PharmaCan. PharmaCan was the first company to offer synthetic cannabinoids in the U.S., and the acquisition by CureLeaf is seen as CureLeaf's way to becoming a leader in the U.S. marijuana market.

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