Market Research Report
U.S. Cannabinoids Market Size, Share & Trends Analysis Report By Product (Cannabidiol (CBD), Tetrahydrocannabinol (THC), Cannabinol (CBN), Cannabidiolic Acid (CBDa)), And Segment Forecasts, 2020 - 2027
|Published by||Grand View Research, Inc.||Product code||977692|
|Published||Content info||69 Pages
Delivery time: 2-10 business days
|U.S. Cannabinoids Market Size, Share & Trends Analysis Report By Product (Cannabidiol (CBD), Tetrahydrocannabinol (THC), Cannabinol (CBN), Cannabidiolic Acid (CBDa)), And Segment Forecasts, 2020 - 2027|
|Published: December 1, 2020||Content info: 69 Pages||
The U.S. cannabinoids market size is expected to reach USD 16.4 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 20.4% from 2020 to 2027. Growing consumer awareness regarding various health benefits offered by cannabinoids and growing number of new entrants in the market, leading to expansion in product availability are driving the market. Rising adoption and acceptance of cannabinoids based treatment among consumers over antibiotics treatment is likely to fuel the growth of the market. Furthermore, changing buyer perception and attitude toward these products is further bolstering revenue growth.
Based on product, the cannabidiol (CBD) segment dominated the market in 2019. This growth is attributed to various factors such as a rise in the consumption of CBD-based products in weight management, health and wellness, sports nutrition, and other fields. In addition, companies are constantly trying to diversify their products into different forms to cater to a larger consumer pool to improve product penetration into newer consumer segments and to increase brand visibility. Companies are undertaking various strategic initiatives to expand their presence in the market. For instance, in March 2020, Reakiro, a European CBD company, launched its CBD products-including capsules, oils, and soft gels-in the U.S., after looking at the significant demand for CBD-infused dietary supplements and products in the country. On the other hand, CBDa products are anticipated to witness the fastest growth over the forecast period owing to potential health benefits offered by these products as well as increasing efficiency in managing health conditions.
Moreover, the health benefits of cannabinoids and affirmative research efforts that can demonstrate the benefits of these products in conditions such as analgesia, sleep disorders, and mental disorders have fueled the market in the country. For instance, a study of 72 adults suffering from anxiety and sleep disorders in the U.S. was carried out by The Permanente Journal in 2019. After one month of undergoing treatment with 25 mg CBD capsules, around 66.0% of patients indicated lesser trouble with sleeping. The rise in the number of manufacturers offering bulk as well and finished cannabinoid products is boosting market growth in the country. The ongoing COVID-19 pandemic is further impacting the overall cannabis industry in the region. As per Orange County Register, on March 17, 2020, some dispensaries such as Bud and Bloom witnessed an overall increase in weekly sales by over 30.0%.