Cannabinoid Biosynthesis Market size is estimated to surpass USD 50 Billion by the end of 2035, growing at a CAGR of 16% during the forecast period i.e., 2023-2035. In the year 2022, the industry size of cannabinoid biosynthesis was over USD 17 Billion.The growth of the market can be attributed to the increasing utilization of cannabinoids for medical purposes. 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.
In addition to these, factors that are believed to fuel the market growth of cannabinoid biosynthesis include the higher legal acceptance of cannabinoids in the world. In 2021, Uruguay, Canada, and a few US states has fully legalized cannabis for adult consumption. Moreover, Cannabis cultivation and personal use are now legal in Malta, the first nation in the EU to do so. Adults will be permitted to possess up to seven grams of cannabis and to have a maximum of four plants in their homes. Additionally, the higher sales of cannabis in the world are expected to boost the market growth. US and Canada are the most important market for the sale of cannabis for adult use, moreover, the use of cannabis is expected to grow in the next 5 years, nig nations, including Israel, Germany, and Australia
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~16% |
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Base Year Market Size (2022) |
~ USD 17 Billion |
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Forecast Year Market Size (2035) |
~ USD 50 Billion |
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Regional Scope |
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Type (CBD, CBG, THC)
The global cannabinoid biosynthesis market is segmented and analyzed for demand and supply by type into CBD, CBG, THC, and others. Out of the four segments, the CBD segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the increasing uses of CBD (cannabis-based products) in various medical explanations. For instance, CBD oil is highly used in the relief from pain, breaking opioid addiction, treating nervous disease, and others. The misuse, abuse, and use of opioids beyond of prescribed medical purposes can result in opioid dependence and other health issues. According to the World Health Organization, about 0.5 million deaths worldwide are related to drug usage. Overdose is a factor in more than 30% of these fatalities, which are connected to opioids in more than 70% of cases. On the other hand, the legalization of CBD is expected to boost segment growth. Despite certain state laws still prohibiting them, hemp-derived CBD products are rich in vitamins A, C, E, and beta carotene, thus they are now permitted on the federal level.
Application (Anxiety, Pain Management, Nausea Treatment, Appetite Stimulation)
The global cannabinoid biosynthesis market is also segmented and analyzed for demand and supply by application into anxiety and pain management, nausea treatment, and appetite stimulation. Amongst these three segments, the anxiety and pain management segment is expected to garner a significant share. The segment growth is expected on the account of higher uses of cannabinoids for treating anxiety and depression. THC seems to make people feel less anxious at smaller doses and more anxious at higher levels. In addition, CBD appears to reduce anxiety at all tested levels. Around 34% of medicinal marijuana users report using the drug for depression and nearly 50% report using it for anxiety. Furthermore, a higher count of people suffering from depression and anxiety is expected to boost segment growth. As per the statistics of the World Health Organization, 3.8% of the world's population suffers from depression, with 5.0% of adults and 5.7% of persons over 60 years of age affected by depression. Moreover, nearly 280 million individuals in the world suffer from depression.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By Application |
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The Asia Pacific cannabinoid biosynthesis market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed majorly to the increasing cases of depression and anxiety that are rapidly expanding the use of medical marijuana. 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 legalization of cannabis and initiatives by the government to boost its production are also expected to boost the market growth in the region. In India, Uttarakhand was the first state to legalize the commercial cultivation of cannabis. Moreover, the Uttarakhand government in association with the India Industrial Hemp Association introduced the project for its cultivation.
Trulieve Cannabis Corp. completed the acquisition of Harvest Health & Recreation, this merger is to create the largest chain of marijuana company in the United States by opening 149 dispensaries and operation in 11 states.
Jazz Pharmaceuticals announced the acquisition of GW Pharmaceuticals plc, a leading player of science and development of cannabis-based medicine. With the purchase of GW, the commercial portfolio of Jazz Pharmaceuticals is to introduced diversity in medicine
Author Credits: Radhika Gupta, Shivam Bhutani
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