The global cannabinoid biosynthesis market is estimated to garner robust revenue by growing at a CAGR of ~15% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the factors, such as, the rising utilization of cannabinoids for recreational and medical purposes and the increasing legalization of this additive across the globe. Cannabinoids refer to a chemical found in marijuana that is utilized for its drug-like effect on the body. Additionally, cannabinoids are highly consumed to treat various medical conditions such as, pain management, autoimmune disorders, Alzheimer’s diseases, glaucoma, seizures, HIV/AIDS, and others. The report published by UNAIDS in 2020 demonstrated the fact that about 37.7 million people in the global population were suffering from HIV. Furthermore, the higher prevalence of Alzheimer’s disease is also expected to hike the growth of the market over the forecast period. World Health Organization (WHO) released a set of data in 2021 showing that about 55 million people had dementia globally. Such factors are projected to influence the growth of the market positively over the forecast period.
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The market is segmented by type into CBD, CBG, THC, and others, out of which, the CBD segment is anticipated to hold the notable share in the global cannabinoid biosynthesis market during the forecast period on account of its significant utilization to treat epilepsy, a seizure disorder. Furthermore, CBD is highly prescribed for pain, dystonia, anxiety, Crohn and Parkinson’s diseases. CBD is also known to decrease PTSD symptoms.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global cannabinoid biosynthesis market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing disposable income, and a higher prevalence of autoimmune disorders. For instance, in 2021, growth in Asian countries’ disposable income was observed where Singapore held the highest place by obtaining a disposable income of approximately USD 28,000 per capita. Furthermore, growing awareness of depression and anxiety in the region is also projected to propel the growth of the market over the forecast period. Based on a report released by the National Library of Medicine (NL) in 2021, the prevalence of depression was stated to be 59.2% in the region.
Furthermore, the global cannabinoid biosynthesis market is also projected to grow at a noteworthy pace in the North America region during the forecast period. The growth of the market in the region is attributed to factors, such as higher prevalence and growing awareness of mental disorders. Such factors are projected to boost the growth of the market in the region over the forecast period.
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The global cannabinoid biosynthesis market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global cannabinoid biosynthesis market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Significant utilization of cannabinoids for medical purposes and escalating legalization of cannabinoid additives are the major factors driving the growth of the cannabinoid biosynthesis market.
The market is anticipated to attain a CAGR of ~15% over the forecast period, i.e., 2022 - 2031.
The major players in the market are Amyris, Inc., Willow Bioscience Inc., Cronos Group, Zymergen Inc., Constellation Brands, Inc., Jazz Pharmaceuticals plc, Canopy Growth Corporation, InMed Pharmaceuticals Inc., Hyasynth Biologicals Inc., and Renew Biopharma, Inc.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
The CBD segment is anticipated to hold the largest market size in value over the forecast period and display significant growth opportunities.
The possibility of harmful side effects and abuse of cannabinoids for recreational activities are estimated to hamper the market growth.
Asia Pacific region will provide more business opportunities for the growth of the cannabinoid biosynthesis market in the future on the back of the growth in the disposable income.
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