Cannabinoid Biosynthesis Market Trends

Growth Drivers

• Rising Demand for People to Legalize the Use of Cannabinoids – The public continues to generally support the legalization of marijuana for medical and recreational uses, with an increasing number of states now permitting its usage. Moreover, the majority of Americans of approximately 88% support both medical and recreational use by adults of marijuana. On other hand, around 30% want it to be legalized for solely medical purposes.
• Growing Cases of Multiple Sclerosis – The use of cannabinoids might help many MS patients who experience both pain and spasticity. According to the National Library of Medicine, there will be 2.8 million persons with multiple sclerosis in 2020, with the frequency of the disease being 35.9 per 100,000 people.
• Soaring Prevalence of HIV– HIV and AIDS have both been treated with medical cannabis for many years. People with HIV and AIDS can use cannabinoids to address their loss of appetite and weight loss. At the end of 2021, there were around 33.9-43.8 million HIV-positive individuals worldwide. According to estimates of the World Health Organization, 0.7% of adults in the globe between the ages of 15 and 49 have HIV.
• Growing Consumption of Cannabis-Based Products – In 2021, sales of cannabis-based products, and cannabis for medical and adult use exceeded around USD 37 billion, and it is further expected to reach nearly USD 102 billion by 2026.
• Rise in the Mergers & Acquisition Among Companies– The leading cannabis company Tilray and Aphria merged together to build the largest producer of cannabis in the world. Moreover, after the merger, one corporation will control a staggering 17% of the Canadian cannabis market.

Challenges

• Negative Health Impacts of Cannabis Usage- Cannabis use's immediate effects are known to exist and have been for a long time. Cannabis can affect the cognitive development of the person, that includes, slow recall of previous learning. Moreover, it also impacts psychomotor performance, such as coordination, divided attention, human performance, and others. Cannabis use can make people with schizophrenia worse.
• Strict Rules and Regulation Against Cannabis Use and Production
• Abusive Use of Cannabis