Synthetic Cannabinoids Market Size, Share, Growth, Trends, and Forecast 2030

Synthetic Cannabinoids Industry Perspective:    

The global synthetic cannabinoids market size was worth around $ 2480 million in 2022 and is predicted to grow to around $ 12,060 million by 2030 with a compound annual growth rate (CAGR) of roughly 21.81% between 2023 and 2030.

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The report analyzes the global synthetic cannabinoids market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the synthetic cannabinoids industry.

Synthetic Cannabinoids Market: Overview

Synthetic cannabinoids, additionally referred to as synthetic marijuana, Spice, K2, or herbal incense, are human-made materials designed to mimic the effects of herbal cannabinoids found in hashish vegetation, together with THC (delta-9-tetrahydrocannabinol). However, synthetic cannabinoids are chemically distinct from THC and might have notably exceptional and often more potent results. Synthetic cannabinoids are commonly bought as dried plant cloth that has been sprayed or soaked in synthetic cannabinoid chemicals.

Key Insights

• As per the analysis shared by our research analyst, the global synthetic cannabinoids market is estimated to grow annually at a CAGR of around 21.81% over the forecast period (2023-2030).
• In terms of revenue, the global synthetic cannabinoids market size was valued at around $ 2480 million in 2022 and is projected to reach $ 12,060 million, by 2030.
• The rapid growth of the synthetic cannabinoid market is largely influenced by the increasing demand for recreational and alternative drugs. One of the main reasons behind the popularity of cannabinoids is their easy availability, which is both online and in traditional stores, making it convenient for consumers to access these products.
• Based on the indication, the neurological disorder management segment is predicted to capture the largest market share during the forecast period.
• Based on the product type, the high-pure synthetic cannabinoids segment is expected to grow at a significant rate during the forecast period.
• Based on the distribution channel, the hospital pharmacies segment is anticipated to grow at a significant rate during the forecast period.
• Based on region, North America is expected to dominate the market during the forecast period.

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Synthetic Cannabinoids Market: Growth Drivers

Increasing demand for recreational drugs and alternatives to boost the global market growth

The rapid growth of the global synthetic cannabinoids market is largely influenced by the increasing demand for recreational and alternative drugs. One of the main reasons behind the popularity of cannabinoids is their easy availability, which is both online and in traditional stores, making it convenient for consumers to access these products. The appeal of recreational substances, particularly among younger populations, has led to an increased demand for synthetic cannabinoids. These substances are commonly marketed as legal alternatives to natural cannabis, attracting users who crave unique experiences. Furthermore, global market growth is driven by continuous product development and innovation.

Furthermore, one more driving factor of the synthetic cannabinoids market is the growing investment from the pharmaceutical and biotechnology industries. As research on synthetic cannabinoids expands and potential therapeutic applications are unveiled, pharmaceutical companies and biotechnology firms are recognizing the significant opportunities that these compounds offer. This can boost the market expansion during the forecast period.

Synthetic Cannabinoids Market: Restraints

Regulatory and legal challenges to restrict the global industry expansion

Regulatory and legal challenges are projected to restrict the global synthetic cannabinoids industry growth to some extent. Many countries have strict rules regarding the use, production, and distribution of cannabinoids. The legality of synthetic cannabinoids frequently varies from one jurisdiction to another, creating a challenging environment for manufacturers and distributors to navigate. This lack of standardized regulations can lead to uncertainties which in turn hinder market growth in certain regions.

Synthetic Cannabinoids Market: Opportunities

Medical and therapeutic applications to open new growth avenues for the global market

Medical and therapeutic applications in the synthetic cannabinoids market will create lucrative growth opportunities for the overall market growth owing to its use by researchers and healthcare professionals for exploring the potential benefits of these compounds in treating various health conditions. Synthetic cannabinoids demonstrate analgesic properties, making them potentially valuable in alleviating chronic pain associated with conditions like neuropathy, arthritis, and cancer. Their controlled and consistent nature allows for precise dosing, which can be essential in tailoring treatments to individual patients' needs. Therapeutic applications related to the global market are diverse and continue to be an area of active research and exploration. Synthetic cannabinoids, like their natural counterparts, interact with the endocannabinoid system in the human body, which plays a crucial role in regulating various physiological processes.

Synthetic Cannabinoids Market: Challenges

Lack of standardization and quality control to be a major challenge to the global industry surge.

The lack of standardization and quality control presents a significant challenge for the global synthetic cannabinoids industry. Without standardized manufacturing protocols and rigorous quality control, users are exposed to uncertainties and potential health risks, thereby posing a challenge for the global industry.

Synthetic Cannabinoids Market: Segmentation

The global synthetic cannabinoids industry is segmented based on indication, product type, distribution channel, and region.

Based on indication, the global synthetic cannabinoids market is bifurcated into nausea/vomiting, pain management, and neurological disorder management segments. The neurological disorder management segment is predicted to capture the largest market share during the forecast period. Neurological conditions, including epilepsy and multiple sclerosis, can substantially impact patients’ satisfaction with lifestyles, and current treatment options will not continually offer adequate comfort. Synthetic cannabinoids can manage these disorders because of their interactions with the endocannabinoid system, which performs a crucial role in regulating neurological features. Therefore, the increasing prevalence of neurological disorders drives global market growth.

Based on the product type, the global synthetic cannabinoids industry is divided into ultra-pure synthetic cannabinoids, high-pure synthetic cannabinoids, and others segments. The high-pure synthetic cannabinoids segment is expected to dominate the market over the forecast period. High-pure synthetic cannabinoids focus on producing synthetic cannabinoids with a high level of purity. These compounds are chemically synthesized in laboratories and designed to mimic the outcomes of natural cannabinoids found within the cannabis plant, consisting of tetrahydrocannabinol (THC) and cannabidiol (CBD). Therefore, the increasingly precise and consistent formulations along with research and pharmaceutical development drive the segmental growth.

Based on the distribution channel, the global synthetic cannabinoids market is divided into online pharmacies, retail pharmacies, and hospital pharmacies segments. The hospital pharmacies segment is expected to dominate the market over the forecast period. The hospital pharmacies segment plays a significant role in the market in the context of scientific and therapeutic packages. Hospital pharmacies serve as essential distribution points for medicinal drugs and pharmaceutical products, which include artificial cannabinoids, within the healthcare system.

Recent Developments:

• In 2022, Pernix Therapeutics acquired Insys Therapeutics. Insys was a leading manufacturer of synthetic cannabinoids, and its acquisition by Pernix is seen as a sign of market consolidation.
• In 2020, Curelife acquired PharmaCan. PharmaCan was the first company to offer synthetic cannabinoids in the U.S., and the acquisition by CureLeaf is seen as CureLeaf's way to becoming a leader in the U.S. marijuana market.

Synthetic Cannabinoids Market: Report Scope

Synthetic Cannabinoids Market: Regional Analysis

North America is expected to dominate the market during the forecast period

North America is predicted to dominate the global synthetic cannabinoids market. North America held the largest market for synthetic cannabinoids, accounting for a share of over 40% of the global market in 2022. North America has been a prominent market for synthetic cannabinoids, driven by factors such as the legalization of hashish (cannabis product produced from the resin-rich parts of the marijuana plant) for scientific use in the countries such as the U.S. and Canada. Additionally, the increasing demand for alternative pain relief options and the presence of established pharmaceutical firms engaged in research on cannabinoid-based medicinal drugs in the region will boost regional market trends. Apart from this, the robust regulatory framework and emphasis on fine control and product safety will boost product demand in North America.

Europe held the second-largest share of the global synthetic cannabinoids industry in 2022, accounting for more than 30% of the global industry share in 2022. The industry in Europe has grown substantially and is influenced by several factors such as the presence of supportive regulatory frameworks in a few countries which are permitting the use of synthetic cannabinoids for scientific studies.

Synthetic Cannabinoids Market: Competitive Analysis

The global synthetic cannabinoids market is dominated by players like:

• Insys Therapeutics
• NuMed
• PharmaCann
• Curaleaf
• MBX
• Cannabix Technologies
• Emerald Health Therapeutics
• Aurora Cannabis
• Tilray
• Aphria

The global synthetic cannabinoids market is segmented as follows:

By Indication

• Nausea/Vomiting
• Pain Management
• Neurological Disorder Management

By Product Type

• Ultra-pure Synthetic Cannabinoids
• High-pure Synthetic Cannabinoids
• Others

By Distribution Channel

• Online Pharmacies
• Retail Pharmacies
• Hospital Pharmacies

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa