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Monday, Apr 15, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Cannabis

CBG market to be worth US$52.5B more by 2033: Fact.MR

The market for the cannabinoid was worth approximately US$8.33 billion this year

CBG cannabinoid market to be worth US$52.5B more by 2033: Fact.MR
Image via Trulieve Cannabis Corp

The market for the less well-known cannabinoid cannabigerol (CBG) will be worth US$60.84 billion by 2033, according to a new report from the Maryland-based market researcher Fact.MR.

The firm released its CBG report on Thursday, which indicated that the market would be ascending at a significant compound annual growth rate (CAGR) of 22 per cent over the next decade. The market was valued at only US$8.33 billion this year, according to the firm.

Fact.MR says promising anti-inflammatory properties of the cannabinoid and potential therapeutic applications will be key market drivers. CBG is non-psychoactive and found in significantly lower concentrations than THC and CBD within the cannabis plant. Research suggests that the cannabinoid may also have neuroprotective and antioxidant properties.

Read more: Tilray expands portfolio in Italy, partners with cancer researchers

Read more: Are rare cannabinoids CBG and CBN the next sleep aids?

Notably, the firm says that sales of CBG in the United Kingdom are expected to rise at a CAGR of 29 per cent over the next decade and that the market for the cannabinoid in India will be expanding at a CAGR of 31 per cent during the 10-year forecast period.

Fact.MR says the full report provides important information about the market for CBG products. It focuses on different forms of CBG such as CBG distillate and CBG isolate, the cannabinoid’s grades (food grade and pharma grade) and applications including pharmaceuticals, food and beverages and cosmetics in five major regions throughout the world.

Increasing rates of cannabis legalization globally, an evolving regulatory environment and advancements in cultivation and extraction technologies will also be key drivers of the CBG market, according to Fact.MR.

Cannabis companies currently offering CBG-infused products include HEXO Corp’s (TSX: HEXO) Redecan, which sells CBG capsules and Reign Drops CBG extract in a syringe; Cronos Group Inc.’s (NASDAQ: CRON) (TSX: CRON) Spinach Feelz, which offers Apple Soft Chews with CBG and CBD and Tropical Diesel CBG-infused pre-rolls; and Indiva Ltd’s (TSX-V: NDVA) Pearls brand, which has crafted CBG infused beverages with 10 milligrams of THC.

 

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