Cannabinoid Biosynthesis Market Size is predicted to witness a 14.2% CAGR during the forecast period for 2023-2031.
Cannabinoids found in the cannabis sativa plant. The plant contains about 480 distinct chemicals, including 66 cannabinoids. Biosynthesis is the process by which cannabinoids are produced. Enzymatic reactions using substances derived from either natural or synthetic sources are carried out in controlled environments in laboratories to carry out the process. The market for pharmaceuticals derived from cannabinoids is being propelled by the potential medicinal benefits of these compounds, which include the alleviation of chemotherapy-related symptoms, chronic pain, and muscular spasms. The market for cannabinoid biosynthesis is expected to grow as more is learned about its therapeutic effects through research. Products derived from cannabinoids have seen a surge in demand due to the popularity of alternative medicine is growing and also the growing preference for natural and plant-based healthcare solutions. Furthermore, products derived from cannabinoids are in high demand due to the global trend toward legalizing cannabis. The need for biosynthetic cannabinoids is predicted to rise as the usage of medicinal cannabis, and its derivatives becomes legal in more nations.
However, the market growth is hampered by the lack of awareness of the safety as well as health of the cannabinoid biosynthesis market and the product's inability to prevent fog in environments with dramatic temperature fluctuations or high humidity cannabinoid biosynthesis. Cannabinoid biosynthesis is still in its infancy in comparison to more established ways of cannabinoid manufacturing, which poses problems in terms of funding for research and development. Potentially stunting market expansion is the current state of knowledge on the safety and long-term impacts of biosynthetic cannabinoids.
The widespread prejudice and discrimination that surrounds cannabis usage, especially when used medicinally, can have an impact on how widely used and accepted cannabinoid products are. Market expansion could be stunted if consumers and healthcare providers are misled about the safety and effectiveness of cannabis. Several cannabinoid-based products, including cannabinol, cannabigerol, and cannabidiolic acid, were affected by the COVID-19 pandemic. The early months of the epidemic saw panic buying, which further reduced product appeal, priority, and sales.
Some Major Key Players In The Cannabinoid Biosynthesis Market:
- Hyasynth Biologicals
- Amyris Inc
- Jazz Pharmaceuticals PLC
- Renew Biopharma
- CB Therapeutics
- Canopy Growth Corp
- Zymergen Inc
- Cronos Group Inc.
- Constellation Brands Inc
- Evolva Holding SA
- Willow Biosciences Inc
- InMed Pharmaceuticals
The cannabinoid biosynthesis market is segmented based on type and application. Based on type, the market is segmented into balanced THC and CBD, cannabidiol-dominant, THC-dominant, and others. The application segment is segmented into pain management, anxiety management, appetite stimulation, and nausea management.
Based On The Application, The Anxiety Management Segment Is Accounted As A Major Contributor To The Cannabinoid Biosynthesis Market.
The anxiety management cannabinoid biosynthesis market will hold a major global market share in 2022. The anxiety management subsegment is likely to grow faster than any other. There has been a rise in the usage of cannabinoids as an alternative treatment option for stress and anxiety, with CBD, in particular, showing promise in this regard. This subsegment of the cannabinoid biosynthesis market has been expanding due to rising customer knowledge of cannabis' medicinal properties and the need for safe, effective alternatives to pharmaceutical anxiety treatments.
THC Dominant Segment To Witness Growth At A Rapid Rate.
The THC-dominant industry makes up the bulk of cannabinoid biosynthesis usage because of its euphoric properties; tetrahydrocannabinol, or THC, is used both recreationally and medicinally, particularly for the treatment of nausea and chronic pain. The THC-dominant segment of the cannabinoid biosynthesis market is experiencing rapid expansion because of the increasing legalization of cannabis in various places and the increasing adoption of THC-based products, especially in countries like the US, Germany, the UK, China, and India.
In The Region, The North American Cannabinoid Biosynthesis Market Holds A Significant Revenue Share.
The North American cannabinoid biosynthesis market is expected to register the maximum market share in revenue in the near future. It can be attributed to the fact that many states have passed legislation decriminalizing cannabis for both recreational and medical use. The result is a strong market for goods derived from cannabis. In addition, Asia Pacific is estimated to grow rapidly in the global cannabinoid biosynthesis market because of the increasing legality of cannabinoid-based medicines, the rising popularity of medical cannabis, and the diversified healthcare demands of the growing population.
- In May 2022, Evonik and Demetrix formed a partnership to enhance the presence of cannabinoids in the personal care market. The partnership's inaugural product, cannabigerol (CBG), was introduced to global markets in 2022.
- In Nov 2020, Renew Biopharma made an announcement stating that Algae-C Inc. has obtained legal permission to utilize Renew's specially designed enzymes for the production of cannabis in microalgae. Renew's collection of modified enzymes facilitated the increased manufacturing of cannabinoids and cannabinoid derivatives.
Cannabinoid Biosynthesis Market Report Scope
Growth Rate CAGR
CAGR of 14.2% from 2023 to 2031
Representation of revenue in US$ Million and CAGR from 2023 to 2031
2019 to 2022
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends
By Type, Application Type
North America; Europe; Asia Pacific; Latin America; Middle East & Africa
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea
Hyasynth Biologicals, Amyris Inc, Demetrix, Jazz Pharmaceuticals PLC, Lygos, Renew Biopharma, CB Therapeutics, Canopy Growth Corp, Zymergen Inc, Cronos Group Inc., Creo, Constellation Brands Inc, Evolva Holding SA, Willow Biosciences Inc, InMed Pharmaceuticals, Purisys and Others.
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