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 have gained significant attention due to their potential therapeutic benefits and increasing legalization of cannabis for medicinal and recreational purposes. It is driven by factors such as expanding acceptance of cannabis for medical applications, growing consumer awareness about the potential health benefits of cannabinoids, and the emergence of various product categories. These product categories include CBD (cannabidiol) oils, tinctures, capsules, topicals, edibles, and more. One key driver of the U.S. cannabinoids market is the increasing demand for CBD products. CBD, a non-psychoactive compound found in cannabis, has gained popularity for its potential therapeutic effects, such as pain relief, anxiety reduction, and anti-inflammatory properties. The market for CBD products has expanded across various sectors, including healthcare, wellness, personal care, and pet care. Furthermore, the U.S. cannabinoids market is influenced by the regulatory landscape surrounding cannabis. While cannabis remains federally illegal in the United States, there has been a wave of legalization at the state level, with a growing number of states legalizing cannabis for medical or recreational use. This changing regulatory environment has created opportunities for cannabis companies to operate and expand their businesses, driving market growth. The market is also characterized by the presence of numerous players, including both established companies and startups. These companies are actively engaged in research and development, product innovation, strategic partnerships, and mergers and acquisitions to gain a competitive edge and expand their market share. As the U.S. cannabinoids market continues to evolve, market participants are closely monitoring legislative developments, consumer preferences, and scientific research to capitalize on emerging trends and opportunities. The market is expected to witness continued growth in the coming years, fueled by factors such as increasing consumer acceptance, product diversification, and further legalization efforts at both state and federal levels.

US Cannabinoids Market is poised to grow at a sustainable CAGR for the next forecast year.