U.S. Minor Cannabinoids Market Size, Share & Trends Analysis Report By Product (Cannabigerol (CBG), Tetrahydrocannabivarin (THCV)), By Application (Cancer, Inflammation, Pain Management), And Segment- Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2023-2032

The U.S. minor cannabinoids market size was estimated at USD 9.45 billion in 2022 and is expected to surpass around USD 43.52 billion by 2032 and poised to grow at a compound annual growth rate (CAGR) of 16.5% during the forecast period 2023 to 2032.

Key Takeaways:

• Based on product, THCV dominated the market in 2022 with a share of 26.5% and is projected to continue to lead during the forecast period.
• However, the CBGA segment is projected to exhibit the fastest rate during the forecast period
• The others application segment held the highest revenue share of 35.8% in 2022.
• The pain management segment is projected to witness a lucrative CAGR throughout the forecast period.

U.S. Minor Cannabinoids Market Report Scope

The shift in the trend of adoption from conventional therapeutics to cannabinoid-derived therapeutics owing to affirmative health benefits provided by them for many ailments such as cancer, chronic pain, neurological disorders, arthritis, and metabolic disorders is a major factor driving the market growth. Moreover, growing consumer and medical professionals’ acceptance of cannabis-based therapeutics is further supporting the industry's expansion.

The approval of the Farm Bill in 2018 has led to a rise in the awareness and adoption of cannabis-derived products in the country. Moreover, it has opened a lot of opportunities, which has helped advance research studies on cannabis and its derivatives. Furthermore, minor cannabinoids have also gained momentum in the past few years owing to positive research outcomes and numerous health benefits offered by them. For instance, numerous studies are currently being conducted to analyze the effect of minor cannabinoids on conditions such as alopecia, arthritis, epidermolysis bullosa, diabetes, and arthritis.

Moreover, the increasing preference of medical professionals for cannabinoid-based formulations to treat numerous health conditions is another major factor supporting the country's market. The higher preference of healthcare professionals for cannabinoid-derived products creates a positive influence on consumer minds, thereby boosting their adoption rate and popularity. For instance, as per recent studies conducted by researchers from the University of Michigan, many users and medical professionals prefer cannabis and derived products over prescription & other traditional approaches. Thus, such things are anticipated to favor market growth.

But one of the key restraining factors hampering the market's expansion is the high cost of the extraction and purifying processes. Minor or rare cannabinoids are present in very small concentrations in cannabis plants and are difficult to extract and purify. As a result, fewer companies choose to produce rare cannabinoids. For instance, cannabidiol accounts for 20% of the total cannabis plant, whereas, cannabigerol accounts for only 1%. This specifies the requirement of higher biomass for the separation of cannabigerol. Thus, the expensive purification and extraction procedure is the main factor restraining market expansion.

Despite having highly expensive extraction and purification procedures, several manufacturers have boosted their production capabilities owing to higher demand for minor cannabinoids. For instance, in November 2021, Hempsana Holdings Ltd., a leader in cannabis extraction announced commercial production of CBG with its largest commercial run of cannabigerol. In addition, other market players such as Fresh Bros Hemp Company, GVB Biopharma, and Extract Labs also facilitated the production of minor cannabinoid isolates to strengthen their avenues.

The outbreak of COVID-19 has had a mixed impact on the U.S. minor cannabinoids market. On one hand, the pandemic led to disruptions in the global supply chain, making it more difficult for some companies to obtain the raw materials they need to produce minor cannabinoid products. Additionally, the pandemic led to economic uncertainty, which may have affected consumer spending on non-essential products like minor cannabinoid products.

On the other hand, the pandemic also led to increased interest in health and wellness products, which could drive demand for minor cannabinoid products. Some companies in the minor cannabinoids market have reported increased sales during the pandemic as more consumers seek out natural products that may support their overall health and well-being.

Product Insights

Based on product, THCV dominated the market in 2022 with a share of 26.5% and is projected to continue to lead during the forecast period. The higher revenue share of the THCV segment is attributed to the increasing application of THCV in the management of conditions such as arthritis, metabolic disorders, epilepsy, diabetes, Alzheimer’s disease, neurological disorders, and pain management.

Moreover, various organic and inorganic developments done by market participants in the form of clinical trials, innovative product launches, capacity expansion, and others are also anticipated to cater to segment uptake. For instance, in June 2022, InMed Pharmaceuticals Inc. announced the launch of THCV and expanded its portfolio of rare cannabinoids for the wellness sector.

However, the CBGA segment is projected to exhibit the fastest rate during the forecast period. The exhaustive therapeutic coverage of CBGA, rising demand from pharmaceutical companies, and increasing numbers of players aiming for CBGA production are supporting segment growth. CBGA has been found to have a critical role in managing heart conditions and epilepsy.

Application Insights

The others application segment held the highest revenue share of 35.8% in 2022. The other segment comprises conditions such as diabetes, arthritis, and cardiovascular diseases. The increasing burden of target diseases and rising applications of cannabinoids in the management of such conditions are expected to drive the segment’s growth. For instance, synthetic cannabinoid compounds, and endocannabinoids have proven health benefits in cardiovascular disorders. Furthermore, ongoing research studies about the use of minor cannabinoids in a range of disorders and the presence of extensive funding organizations are further fueling segment uptake.

The pain management segment is projected to witness a lucrative CAGR throughout the forecast period. Cannabinoids such as CBC, CBN, and CBG have shown promising outcomes in pain management including chronic pain. Thus, the promising effects of CBN and CBG in managing chronic pain have facilitated market players to use such derivatives in formulating pain management remedies. Thus, the initiatives are likely to support market expansion.

Key Companies & Market Share Insights

Key players are adopting new product development, merger & acquisition, and partnership strategies to increase their market share. Market players such as Mile High Labs International, Global Cannabinoids, GenCanna, and others dominated the market.

These key players have been developing novel products and derivatives to cater to different end-use applications. They have been introducing various innovations in the market and expanding their product portfolios to stay competitive in the market. For instance, in 2020, Mile High Labs International announced an agreement with Herbalife Nutrition for providing hemp extract for topical skincare products with cannabinoids. Some prominent players in the U.S. minor cannabinoids market include:

• Mile High Labs
• Global Cannabinoids
• GenCanna
• CBD Inc.
• Precision Plant Molecules 
• Rhizo Sciences
• Laurelcrest
• Fresh Bros Hemp Company
• BulKanna
• High Purity Natural Products.
• ZERO POINT EXTRACTION, LLC

Segments Covered in the Report

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the U.S. Minor Cannabinoids market.

By  Product 

• Cannabigerol (CBG)
• Cannabichromene (CBC)
• Cannabinol (CBN)
• Tetrahydrocannabivarin (THCV)
• Cannabigerolic Acid (CBGA)
• Others (Cannabidiolic Acid (CBDA), Cannabidivarin (CBDV), And Other Minor Cannabinoids)

By  Application 

• Inflammation
• Pain Management
• Neurological Disorders
• Cancer
• Others