In terms of revenue, the Global Synthetic Cannabinoids Market is expected to reach by 2030, growing at a CAGR of 21.9% from 2023 to 2030.
Several factors have contributed to the Synthetic Cannabinoids market experiencing significant growth. First, the market is expanding due to the rising demand for recreational drugs and the desire for psychoactive effects. Synthetic Cannabinoids, or designer drugs or legal highs, allow users to enjoy effects akin to those of conventional cannabis but at a relatively lower cost and without the associated legal repercussions. Additionally, the accessibility of Synthetic Cannabinoids through online marketplaces and grey markets has boosted their appeal.New Synthetic Cannabinoids with various chemical makes have emerged due to improvements in production methods. Demand has increased, creating a diverse customer base looking for unique experiences. For instance, products like Spice, K2, and Black Mamba have grown in popularity among people looking for substitutes for cannabis to get a similar high.
The Synthetic Cannabinoids market has grown due to the changing legal landscape surrounding cannabis. People who cannot legally obtain or consume cannabis have turned to synthetic alternatives to satiate their desires as some regions have loosened restrictions on marijuana use. Overall, the demand for recreational drugs, improvements in production methods, and the evolving legal landscape surrounding cannabis can be blamed for the market growth for Synthetic Cannabinoids.
Key Highlights from the Report
. Based on Product type, High-Pure Synthetic Cannabinoids is the dominant category. They are widely available, reasonably priced, and offer various options, which accounts for their dominance. A wide range of substances that mimic the effects of cannabis are available in high purity Synthetic Cannabinoids, frequently at a lower price than ultra-pure substitutes. JWH-018, AB-FUBINACA, and AM-2201 are a few examples of popular products in this category that are highly desired by people trying to mimic the psychoactive effects of marijuana.
. Based on the Application, the medical application category is currently under control. This is because Synthetic Cannabinoids are becoming more widely recognized for their potential medical benefits in treating many illnesses, including multiple sclerosis, chemotherapy-induced nausea, and chronic pain. The demand for Synthetic Cannabinoids in the medical industry is driven by medical professionals and researchers' active exploration of these compounds' therapeutic potential. However, the recreational use segment is also important because many people use these drugs for their psychoactive effects.
. Based on Distribution Channels, Online stores are the dominant category in the market for Synthetic Cannabinoids distribution channels. Due to the accessibility and convenience, they provide to customers, online stores have significantly increased in popularity in recent years. Online shops offer a platform for users to easily and covertly buy a variety of Synthetic Cannabinoids because they are so easily accessible. However, because they serve a specific market that wants these products, physical shops like smoke shops and head shops also play a significant role in the distribution of Synthetic Cannabinoids. Due to regulatory limitations and caution surrounding the sale of such substances, drugstore pharmacies have a limited presence in Synthetic Cannabinoids market.
. Based on End-User, Institutions engaged in research and development (R&D) predominate in the market. These organizations work on cutting-edge cannabinoid formulations for various uses as well as scientific research. For instance, pharmaceutical and biotechnology firms work with R&D organizations to create fresh medical treatments and applications. Synthetic Cannabinoids are also widely used in forensic laboratories for drug testing and forensic analysis. R&D organizations continue to be at the forefront of the Synthetic Cannabinoids market, driving innovation and addressing various end-user requirements, as a result of the growing demand for scientific advancements and regulatory compliance.
. In terms of Region, North America is expected to be the dominating region due to various factors. First , the area is home to a thriving pharmaceutical sector and state-of-the-art healthcare infrastructure, both enabling extensive research and development efforts involving Synthetic Cannabinoids. The market expansion in this region is also fueled by the high prevalence of recreational drug use and the rising demand for legal substitutes. Synthetic Cannabinoids are in high demand as users look for alternatives to marijuana in order to avoid facing legal repercussions due to strict regulations and laws.
The Synthetic Cannabinoids market is expanding significantly due to various market factors. One of the main factors fueling the market growth is the growing use of Synthetic Cannabinoids in the healthcare industry to treat chronic pain and other medical conditions. Additionally, as Synthetic Cannabinoids provide efficient pain management and symptom relief, the market demand is further fueled by the increase in the prevalence of chronic diseases like cancer and multiple sclerosis.Trend-wise, the market favors decriminalizing marijuana use for recreational purposes, indirectly benefiting the Synthetic Cannabinoids markets. Additionally, the introduction of advanced formulations and delivery techniques and the expanding demand for innovations in the pharmaceutical sector are opening up new growth prospects. For instance, a growing interest is in developing novel Synthetic Cannabinoids-based medications with enhanced therapeutic properties and diminished side effects.
The Synthetic Cannabinoids market still has some limitations despite the promising outlook. The absence of standards and regulations in manufacturing and distributing Synthetic Cannabinoids, which raises questions about product safety and quality control, is one of the main problems. Additionally, the negative side effects of using Synthetic Cannabinoids, such as psychosis and cardiovascular issues, pose a serious obstacle to the market's expansion. Looking ahead, there are several opportunities for growth in the Synthetic Cannabinoids markets. The market has a lot of room to grow due to the growing research and development efforts investigating the medical potential of Synthetic Cannabinoids. In addition, it is anticipated that the legalization of marijuana for both medical and recreational uses in a number of nations will foster market expansion. The market is also likely to grow faster and undergo a revolution in the way Synthetic Cannabinoids are administered as a result of rising investments in the creation of new formulations and drug delivery systems.
North America dominated the overall Synthetic Cannabinoids market in 2022, North America Synthetic Cannabinoids Market is estimated to be the most dominant region during the projected period due to various factors. First, the region has seen significant progress in the legalization of cannabis, which has prompted the growth of a solid infrastructure for the study and production of Synthetic Cannabinoids. For instance, states like California were early adopters of the recreational cannabis industry, which facilitated the industry's rapid expansion. Key market players like CannabCo Pharmaceutical Corp. and MedReleaf Corp., which promote innovation and market expansion, are based in North America. Last but not least, the region's robust consumer base and high disposable income support the increased demand for products containing Synthetic Cannabinoids.
The Global Synthetic Cannabinoids Market is Segmented as follows
- Product Type
- Other Product Types
- Distribution Channel
- Drugstore & Pharmacy
- Online Pharmacy
- Physical Store
- Other Distribution Channels
- End User
- Research & Development Institution
- Pharmaceutical & Biotechnology Company
- Forensic Laboratory
- Others End-Users
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
A list of the Key Players of the Global Synthetic Cannabinoids Market is
Mylan N.V. (U.S.), Noramco. (U.S.), HYASYNTH Biologicals Inc. (Canada), Renew Biopharma Inc. (U.S.), Ginkgo Bioworks (U.S.), CV Sciences Inc. (U.S.), Anandia Labs (Canada), The Cronos Group (Canada), Biotii Technologies Corp. (Canada), Bristol-Myers Squibb Company (U.S.), GW Pharmaceuticals PLC (UK), AbbVie Inc. (U.S.), Isodiol International Inc. (Canada), CURE Pharmaceutical (U.S.), Zynerba Pharmaceuticals Inc. (U.S.), Aphios Corp. (U.S.), Botanix Pharmaceuticals (U.S.), BioVectra (Canada), INMED Pharmaceuticals Inc. (Canada)
The Global Synthetic Cannabinoids Market Scope can be Tabulated below
|Market Size Provided for Years
|2017 - 2030
|2017 - 2021
|2023 - 2030
|Regions & Counties Covered
|Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis