Synthetic Cannabinoids Market Is Poised To Expand At A CAGR Of 21% & Reach A Valuation US$ 14.8 Bn By 2032

In 2021, the global market for synthetic cannabinoids was valued at about US$ 1.82 billion, and by 2032, it is expected to reach US$ 14.8 billion with a CAGR of 21%. The demand for synthetic cannabinoids of the dronabinol type is substantial and is anticipated to grow at a CAGR of 20% from 2022 to 2032.

North America is expected to contribute the largest market share to the worldwide revenue collection. Nearly 65% of the global market is controlled by Tier-1 producers like Noramco, Inc., CannBioRx Life Sciences, and Hyasynth Biologicals, Inc.

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Demand Analysis for Synthetic Cannabinoids from 2017 to 2021 Compared to Market Estimates from 2022 to 2032

The global market for synthetic cannabinoids increased at a CAGR of over 18% from 2017 to 2021, according to Fact.MR, a supplier of market research and competitive intelligence. By that time, the market had grown to US$ 1.82 billion.

Synthetic cannabinoids have become cutting-edge medicinal agents for conditions like inflammation, stiffness, and epilepsy. Since its commercial release in 2017, synthetic cannabinoids have been used for treating a variety of medical conditions. According to the most recent analysis from Fact.MR, the synthetic cannabis market is anticipated to expand at an incredible CAGR of more than 21% from 2022 to 2032, demonstrating a deft rise.

Competitive Landscape:

In September 2021, Noramco announced that its cannabinoids business division will become a separate company named Purisys, LLC and is expanding its production capacity of Dronabinol and cannabidiol (CBD) in its production facility based in Athens, United States.

In July 2021, KBL Merger Corp. IV, a Special Purpose Acquisition Company (SPAC), announced that it has executed a definitive business combination agreement for the merger of a wholly owned subsidiary of KBLM with CannBioRx Life Sciences Corp., a drug development company focused on treating inflammatory diseases.

In September 2021, Hyasynth, a sustainable biotechnology company, received a $2.5M milestone payment for its commercialization achievements in being first-to-market with cannabidiol (CBD) produced and extracted from yeast. The additional investment came from previous investors including Organigram Holdings Inc., a leading licensed producer of cannabis.

Key Players:

• Noramco, Inc.,
• CannBioRx Life Sciences,
• Hyasynth Biologicals, Inc.
• TheraPix Biosciences,
• Tetra Bio-Pharma
• Zynerba Pharmaceuticals
• GW Pharmaceuticals,
• Kannalife
• FSD Pharma

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Regional Analysis:

There are indications that synthetic cannabinoids will be more advantageous to the pharmaceutical sector than cannabinoids extracted from marijuana plants, creating a chance for CMOs, as the United States quickens the state-approved manufacture and supply of medicinal items derived from cannabis.

This quarter, Noramco (Athens, GA, US), a producer of prohibited substances, said that in its Athens, Georgia, US plant, it would increase commercial-scale capacity for dronabinol (tetrahydrocannabinol), a synthetic cannabinoid approved by the FDA as an anti-emetic in chemotherapy patients. After implementation, Noramco will use its facilities in the US and Europe to offer both dronabinol and cannabidiol. Current clinical production capacity will be scaled up to encompass commercial manufacturing as a result of the industrial expansion in the United States.

In terms of market revenue, China is predicted to account for roughly 22% of all sales in 2022. Over the course of the projected period, the market expansion will be aided by the encouraging government approvals of synthetic cannabinoid products.

In an effort to stay ahead of emerging variations whose molecular qualities are not yet regulated, China will become the first nation in the world to regulate all synthetic cannabinoids starting in May 2021, according to the country’s narcotics control bureau.

Key Segments of Industry:

• By Type :
  • Dronabinol
  • Nabilone

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