The global cannabinoids market has been growing steadily in recent years, driven by increasing legalization of medical and recreational cannabis in several countries and the growing acceptance of cannabis-based medicines for various conditions. A new research report sheds light on the global cannabinoids market and provides insights into its key drivers, challenges, and opportunities.
According to the report by Persistence Market Research, the global cannabinoids market is expected to reach a value of USD 62.7 billion by 2024, with a CAGR of 21.9% during the forecast period. The market is segmented by product type, application, and region.
The product type segment includes THC-dominant, CBD-dominant, and balanced THC/CBD products. THC-dominant products are expected to hold the largest share of the market due to their psychoactive effects, while CBD-dominant products are expected to witness significant growth due to their therapeutic properties and increasing demand for non-psychoactive cannabis products.
The application segment includes medical, recreational, and pharmaceuticals. Medical applications are expected to hold the largest share of the market due to the growing adoption of cannabis-based medicines for various conditions such as chronic pain, epilepsy, and multiple sclerosis.
North America is expected to hold the largest share of the market due to the legalization of medical and recreational cannabis use in several states in the US and Canada. Europe is also expected to witness significant growth due to the increasing adoption of cannabis-based medicines and the legalization of medical cannabis use in several countries.
Key players in the cannabinoids market include GW Pharmaceuticals, Aurora Cannabis, Canopy Growth Corporation, Tilray, Inc., and Aphria, Inc. These companies are focusing on product innovation, research and development, and strategic partnerships to expand their market share and stay competitive in the market.
The report also highlights some of the challenges faced by the global cannabinoids market, such as regulatory barriers and the lack of standardization in product quality and dosages. However, the report identifies several opportunities for growth in the market, such as the increasing adoption of cannabis-based medicines in emerging markets and the development of new delivery methods for cannabinoids.
In conclusion, the global cannabinoids market is expected to continue its steady growth in the coming years, driven by increasing legalization of medical and recreational cannabis and the growing acceptance of cannabis-based medicines for various conditions. Key players in the market are focusing on product innovation and strategic partnerships to stay competitive in the market, while also facing challenges such as regulatory barriers and the lack of standardization in product quality and dosages.
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