The global synthetic cannabinoids market size was US$ 2.11 billion in 2021, and the global synthetic cannabinoids market size is forecast to reach US$ 13.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 23% during the forecast period from 2022 to 2030. 

Synthetic cannabinoids are man-made chemicals that are either sprayed on shredded plant material for smoking or sold as liquids for vaping and inhalation via e-cigarettes and other devices. Additionally, they are known as liquid incense or herbal incense. In chemical terms, they are known as cannabinoids since they are similar to the compounds found in marijuana. Synthetic cannabinoids, also known as new psychoactive substances (NPS), belong to the class of drugs known as synthetic cannabinoids. Synthetic cannabinoids are a class of drugs designed to simulate the psychoactive effects of THC.

Aspects Affecting Market Growth

Market Growth: The popularity of e-cigarettes and acceptance of synthetic cannabinoids as alternatives to non-synthetic cannabis in several parts of the world are forecast to boost the global synthetic cannabinoids market in the near future.

Market Driver: The increasing incidence of joint and muscle pain, the health benefits derived from synthetic cannabinoids, and companies' increasing focus on CBD products will drive the global synthetic cannabinoids market.

Market Threat: The growing amount of uncertainty regarding the safety and health effects of synthetic cannabinoids, and mounting evidence that synthetic cannabinoids are toxic to the brain, are among the factors that may slow the overall market growth.

The Uncertainty of COVID-19

COVID-19 impeded the sale of synthetic cannabinoids, especially in 2020. Increasing awareness about the novel COVID-19 infection and its effects on the human respiratory system has hindered the sale of synthetic cannabinoids. Furthermore, government regulations regarding the trade and transportation of non-essential goods and commodities in several countries caused disruptions in the global supply chain for synthetic cannabinoids in 2020. 

North America dominated the synthetic cannabinoids market in 2021 and is forecast to remain dominant during the forecast period. 

The following are among the leading prominent players in the global market report: Alkem Labs, Noramco, Lygos, Incorporated, Hyasynth Biologicals, Incorporated, Renew Biopharma, CannBioRx Life Sciences, Ginkgo Bioworks.

Taking a look at the Overview of Synthetic Cannabinoids Market

• The report analyzes the global market for synthetic cannabinoids based on its current situation and future prospects. 
• This report includes a comprehensive executive summary offering a snapshot of various segments of the synthetic cannabinoids market. Additionally, the report provides data and analyses regarding segmentation based on product type, indication, distribution channel, and region of the global synthetic cannabinoids market.
• Using a qualitative approach, the overview section of the report analyzes drivers, restraints, and opportunities that affect the global synthetic cannabinoids market.
• The report includes company profiles that provide an overview of each company's business operations, product portfolios, and competitive landscape in the global market.

Segment Analysis

By Product Type

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

By Indication

• Pain Management
• Nausea/Vomiting
• Neurological Disorder Management
• Others

By Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

By Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America