Dublin, Jan. 11, 2022 (GLOBE NEWSWIRE) -- The "U.S. Minor Cannabinoids Market Size, Share & Trends Analysis Report by Product (CBG, CBC, CBN, THCV, CBGA), by Application (Pain Management, Neurological Disorders), and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The U.S. minor cannabinoids market size is expected to reach USD 26.2 billion by 2028, at a CAGR of 20.1%
The rising use of cannabinoid-based products and increasing awareness regarding their health benefits are the major factors boosting the growth of the market.
Based on the product, Tetrahydrocannabivarin (THCV) dominated the market with a revenue share of over 24.0% in 2020. This high share is attributable to the rising adoption of THCV for various applications such as epilepsy, arthritis, metabolic disorders, neurological disorders, and pain management.
In addition, rising strategic initiatives by key players in the form of collaborations, clinical trials, and production are further contributing to increasing awareness and adoption of THCV products. For instance, an ongoing clinical trial, initiated in April 2021, analyzing the utilization of products, such as THCV, CBDV, and CBD-rich hemp oil, on the treatment of androgenetic Alopecia. Such instances are projected to fuel market growth over the forecast period.
In 2020, based on application, the others segment accounted for the largest revenue share. Some of the health conditions included in other segments are metabolic disorders, arthritis, dermatological conditions, diabetes, cardiovascular diseases, and glaucoma. This high share is attributable to the increasing utilization of minor cannabinoid-based products for such conditions and rising research for signifying their benefits in improving health.
For instance, as of June 2021, InMed Pharmaceuticals, Inc., a clinical-stage company known for the pipeline development of products concerning rare cannabinoids, has initiated a clinical trial for analyzing the utilization of CBN-based topical cream for the treatment of Epidermolysis Bullosa. Rising clinical trials is thus anticipated to boost the adoption and penetration of rare cannabis derivatives in the forthcoming years.
The COVID-19 pandemic has drastically impacted the overall legal cannabis market, thereby impacting the minor cannabinoids market in the U.S. Disruptions in the supply chain, panic buying of cannabis-based products by consumers, and nationwide lockdown are the factors responsible for the reduced revenue generation in 2020.
In addition, significant price change for cannabinoid-based and other cannabis-based products has further obstructed the growth. With the world returning to normalcy, the adoption of cannabinoid-based products is anticipated to witness a rise, thereby, supporting market growth.
U.S. Minor Cannabinoids Market Report Highlights
- The U.S. market for minor cannabinoids is anticipated to be valued at USD 26.2 billion by 2028, due to the rising use of cannabinoids and increasing awareness regarding their health benefits
- Tetrahydrocannabivarin (THCV) held the largest revenue share in 2020, owing to the adoption of THCV in various medical applications such as epilepsy, arthritis, metabolic disorders, neurological disorders, and pain management
- In 2020, the others segment accounted for the highest share in the market, owing to the increasing utilization of minor cannabinoids for health conditions. Some of the conditions included in other segments are metabolic disorders, arthritis, dermatological conditions, diabetes, cardiovascular diseases, and glaucoma
Key Topics Covered:
Chapter 1 Methodology and Scope
1.1 Market Segmentation and Scope
1.2 Market Definition
1.3 Research Methodology
1.4 Research Scope And Assumptions
1.5 List To Data Sources
Chapter 2 Executive Summary
2.1 Market Outlook
Chapter 3 U.S. Minor Cannabinoids Market Variables, Trends & Scope
3.1 Penetration And Growth Prospect Mapping
3.2 Cannabis and Cannabinoids Regulatory Framework in U.S.
3.3 U.S. Cannabinoids Market Dynamics
3.3.1 Market Driver Analysis
3.3.2 Market Restraint Analysis
3.4 U.S. Minor Cannabinoids Market Analysis Tools
3.4.1 Industry Analysis - Porter's
3.4.2 PESTLE Analysis
3.5 Major Deals & Strategic Alliances Analysis
3.6 Opportunity Analysis (2014-2020-2028)
3.7 Impact of COVID-19 on U.S. Minor Cannabinoids Market
Chapter 4 U.S. Minor Cannabinoids Market: Competitive Landscape Analysis
4.1 Recent Developments & Impact Analysis, By Key Market Participants
4.2 Company/Competition Categorization (Key Innovators, Market Leaders, Emerging Players)
4.3 Company Market Position Analysis
Chapter 5 U.S. Minor Cannabinoids Market: Product Estimates & Trend Analysis
5.1 U.S. Minor Cannabinoids Market: Product Movement Analysis, USD Million, 2020 & 2028
5.2 Cannabigerol (CBG)
5.3 Cannabichromene (CBC)
5.4 Cannabinol (CBN)
5.5 Tetrahydrocannabivarin (THCV)
5.6 Cannabigerolic acid (CBGA)
5.7 Others
Chapter 6 U.S. Minor Cannabinoids Market: Application Estimates & Trend Analysis
6.1 U.S. Minor Cannabinoids Market: Application Movement Analysis, USD Million, 2020 & 2028
6.2 Inflammation
6.3 Pain Management
6.4 Neurological Disorders
6.5 Cancer
Chapter 7 Company Profiles
7.1 Company overview
7.2 Financial performance
7.3 Product benchmarking
7.4 Strategic initiatives
- Mile High Labs International
- Global Cannabinoids
- GenCanna
- CBD INC
- Precision Plant Molecules
- Rhizo Sciences
- LaurelCrest
- Fresh Bros Hemp Company
- BulKanna
- High Purity Natural Products
- Zero Point Extraction
For more information about this report visit https://www.researchandmarkets.com/r/sxgw0n
