The global cannabis industry has seen exponential growth in recent years, with increasing legalization of medical and recreational cannabis in several countries. With this growth, the market for cannabinoids has expanded beyond just THC and CBD to include a range of other lesser-known cannabinoids that offer potential therapeutic benefits. This emerging cannabinoids market is expected to grow significantly in the coming years, with a projected CAGR of 25.4% from 2021 to 2028, according to a report by Data Bridge Market Research.
The emerging cannabinoids market is still in its early stages, but it is expected to be driven by increasing research on the therapeutic potential of lesser-known cannabinoids and the growing demand for non-psychoactive cannabis products. Some of the key cannabinoids that are gaining attention in the market include cannabigerol (CBG), cannabinol (CBN), and cannabichromene (CBC).
CBG, in particular, is gaining attention due to its potential to treat a range of conditions such as glaucoma, inflammatory bowel disease, and Huntington’s disease. It is also being studied for its potential antibacterial and anti-inflammatory properties. CBN is another emerging cannabinoid that is gaining attention for its potential as a sleep aid and for its anti-inflammatory properties. CBC is being studied for its potential anti-inflammatory and pain-relieving properties.
The emerging cannabinoids market is expected to be driven by a range of applications, including pharmaceuticals, nutraceuticals, and cosmetics. The pharmaceuticals segment is expected to hold the largest share of the market due to the increasing adoption of cannabis-based medicines for various conditions.
North America is expected to hold the largest share of the emerging cannabinoids 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 emerging cannabinoids market include Canopy Growth Corporation, Aurora Cannabis, Tilray, Inc., and GW Pharmaceuticals. These companies are focusing on research and development of lesser-known cannabinoids, as well as strategic partnerships to expand their market share and stay competitive in the market.
In conclusion, the emerging cannabinoids market is expected to witness significant growth in the coming years, driven by increasing research on the therapeutic potential of lesser-known cannabinoids and the growing demand for non-psychoactive cannabis products. Key players in the market are focusing on research and development and strategic partnerships to stay competitive in the market.
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