U.S. Cannabinoids Market Size, Share, Growth Analysis, By Product(Cannabidiol (CBD), Cannabigerol (CBG)), By Application(Inflammation, Pain Management) - Industry Forecast 2024-2031

U.S. Cannabinoids Market size was valued at USD 11.5 Billion in 2021 and is poised to grow from USD 13.80 Billion in 2022 to USD 59.34 Billion by 2030, at a CAGR of 20% during the forecast period (2023-2030).

The U.S. Cannabinoids Market is characterized by intense competition among a wide range of players. Key drivers of competition include product innovation, pricing strategies, brand recognition, and distribution networks. Partnerships, mergers and acquisitions, and regulatory compliance are important factors shaping the competitive landscape. Consumer preferences and brand reputation play a significant role in determining market share. As the market continues to grow, companies strive to differentiate themselves and capture the expanding demand for cannabinoids-based products. 'Canopy Growth Corporation (Canada)', 'Aphria Inc. (Canada)', 'Aurora marijuana Inc. (Canada)', 'Maricann Group Inc. (Canada)', 'Tilray Inc. (Canada)', 'Cronos Group Inc. (Canada)', 'OrganiGram Holding Inc. (Canada)', 'VIVO marijuana Inc. (Canada)', 'Tikun Olam Ltd. (Israel)', 'The Green Organic Dutchman Holdings Ltd. (Canada)', 'Terra Tech Corp. (U.S.)', 'Medical Cannabis Inc. (U.S.)', 'Stenocare A/S (Denmark)', 'Cannabis Science Inc. (U.S.)', 'HEXO Corp. (Canada).'

Medicinal cannabis, derived from cannabis plants, has demonstrated its potential to alleviate symptoms associated with specific medical conditions and mitigate side effects resulting from certain treatments. One of the primary applications of medicinal cannabis is in pain management. Over time, an increasing number of countries have legalized cannabis for various indications, contributing to the gradual acceptance and utilization of medicinal cannabis. The FDA has approved the use of medical cannabis for three rare and severe forms of epilepsy, namely Dravet syndrome and Lennox-Gastaut syndrome. Additionally, it has been approved to address spasticity in Multiple Sclerosis (MS). In addition to the approved drugs, there is growing interest in two key cannabinoids: delta-9-tetrahydrocannabinol (THC) and cannabidiol (CBD). THC has demonstrated potential in improving appetite, reducing fatigue, and managing issues related to muscle function. On the other hand, CBD has shown effectiveness in managing epileptic seizures, treating psychiatric illnesses, and reducing inflammation. These cannabinoids have garnered significant attention for their therapeutic properties and their potential applications in various medical conditions.

Diversification of Product Offerings: The market is witnessing a diversification of product offerings beyond traditional CBD oils and tinctures. Companies are introducing a wide range of cannabinoid-infused products such as edibles, beverages, topicals, skincare products, pet products, and more. This diversification caters to different consumer preferences and expands the market reach of cannabinoids.

The U.S. cannabinoids market is a thriving industry that encompasses the production, distribution, and consumption of various cannabinoid-based products, including CBD (cannabidiol) and THC (tetrahydrocannabinol) derivatives. While the market is rapidly growing nationwide, two regions stand out as dominating and experiencing the fastest growth rate.