Rockville, May 25, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global cannabigerol market is expected to reach US$ 60.84 billion by the end of 2033, expanding at a high-value CAGR of 22% over the next ten years.
Cannabigerol (CBG) is a cannabinoid compound found in the cannabis plant. It is one of the many naturally occurring compounds in cannabis, along with other well-known cannabinoids such as tetrahydrocannabinol (THC) and cannabidiol (CBD). CBG is considered a minor cannabinoid because it is typically present in lower concentrations compared to THC and CBD.
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While CBG has gained wide attention in recent years, research on its potential effects and therapeutic applications is still in the early stages. Preliminary studies suggest that CBG may have anti-inflammatory, antioxidant, and neuroprotective properties. It has also been explored for its potential in treating various conditions, including pain, inflammation, anxiety, and certain types of cancer. However, more research is needed to fully understand its effects and potential medical applications.
CBG is a non-psychoactive cannabinoid found in cannabis plants and has gained attention for its potential therapeutic properties. The cannabigerol (CBG) market refers to the industry surrounding the production, distribution, and sale of CBG products.
Key Takeaways from Market Study
- The global cannabigerol market is valued at US$ 8.33 billion in 2023.
- Worldwide demand for cannabigerol is projected to surge at a CAGR of 22% from 2023 to 2033.
- The global market is estimated to touch US$ 60.84 billion by the end of 2033.
- Sales of cannabigerol in the United Kingdom are projected to rise at 29% CAGR through 2033.
- India’s cannabigerol market is forecasted to expand at a CAGR of 31% during the forecast period.
The market is influenced by factors such as increasing consumer awareness of the benefits of cannabigerol, expanding legalization of cannabis products, advancements in cultivation & extraction technologies, and the evolving regulatory environment, says a Fact.MR analyst.
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Market Competition
The majority of businesses create and sell cannabigerol goods under their own brand. In order to reach customers, product development, branding, marketing, and distribution all heavily rely on the cannabigerol market share. Owners of brands frequently collaborate with manufacturers or run their own extraction and production facilities.
The effectiveness, safety, and possible therapeutic uses of cannabigerol are being intensively investigated by research institutions and organisations. Their research and discoveries advance knowledge of cannabigerol as a whole and have an impact on the market's innovation and product development.
Companies and individuals are involved in the cultivation and harvesting of cannabis plants, specifically those rich in CBG. They play a crucial role in the supply chain by providing the raw materials necessary for CBG extraction and production.
The competitive landscape is dynamic with companies striving to differentiate themselves through product quality, innovation, branding, marketing strategies, and customer service. As the market evolves, mergers, acquisitions, partnerships, and collaborations are also likely to occur as companies aim to expand their market presence and leverage synergies.
- GenCanna declared the acquisition of CBD Capital Ltd. in 2021. It is expected to strengthen GenCanna's standing in the cannabis industry, both locally and globally.
- In May 2021, EXMceuticals Inc., a start-up bio-sciences business with a focus on the creation of innovative cannabis formulations, partnered with worldwide cannabinoids to market hemp- and cannabinoid-based products. The cooperation wanted to expand EXM's Portugal hub to import, investigate, improve, and sell cannabinoids and products derived from cannabis, and the businesses were able to grow their geographic reach and strengthen business ties.
Key Segments of Cannabigerol Industry Research
- By Form:
- CBG Distillate
- CBG Isolate
- By Grade:
- Food Grade
- Pharma Grade
- By Application:
- Pharmaceuticals
- Food & Beverages
- Cosmetics
- By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global cannabigerol market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on form (CBG distillate, CBG isolate), grade (food grade, pharma grade), and application (pharmaceuticals, food & beverages, cosmetics), across five major regions of the world.
Key Questions Covered in the Cannabigerol (CBG) Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Cannabigerol (CBG) sales grow until 2033?
- Which are the factors hampering the Cannabigerol (CBG) demand?
- Which region will spearhead the growth in the global industry by 2033?
- Which are the factors driving sales in the Cannabigerol (CBG) Market during the forecast period?
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