Cannabinoids and terpenes are two of the most important compounds found in cannabis plants. Cannabinoids such as THC and CBD have been widely studied for their medicinal properties, while terpenes are known for their unique aroma and flavor profiles. The global market for cannabinoids and terpenes has been growing rapidly in recent years, driven by increasing legalization of cannabis for medical and recreational use. In Europe, Germany is expect to go recreational in 2023 or 2024 which will lead to many more EU countries making cannabis legal for medical and recreational use. While the cannabis industry will continue to grow as a whole certain segments within the industry will have larger impact on the overall growth. Terpenes derived from hemp and cannabis are an emerging segment of ingredients that come from the plant. Currently Nano Cove is one of the very few companies that makes hemp and cannabis derived terpenes. Furthermore, Nano Cove is the only company to isolate hemp and cannabis derived terpenes. Contrary to the old belief that all terpenes are exactly the same the new science is clear that not all terpenes are the same. Depending on the source of the terpenes the characteristics will be different. Botanically derived terpenes from sources other than cannabis do not have the same synergistic attributes than terpenes native to cannabis. Terpenes derived from cannabis are superior when using them with other hemp and cannabis derived ingredients.
According to a report by Grand View Research, the global market for cannabinoids is expected to reach USD 123.2 billion by 2027, growing at a CAGR of 22.6% from 2020 to 2027. This growth can be attributed to the increasing demand for cannabis-based products for medical purposes, as well as the growing trend of using cannabis for recreational purposes. This increase is also attributed to the rise in cannabinoids and terpenes used in not psychoactive products like food, drinks, sink care and fragrances. Nano Cove specializes in ingredients that can be sold outside of the medical and recreational cannabis industry.
Similarly, the global market for terpenes is also expected to grow significantly in the coming years. According to a report by Zion Market Research, the global terpenes market was valued at USD 416 million in 2018 and is expected to reach USD 1.38 billion by 2025, growing at a CAGR of 18.5% from 2019 to 2025. This growth can be attributed to the increasing demand for natural flavors and fragrances in various industries such as food and beverages, cosmetics, and pharmaceuticals.
The use of cannabinoids and terpenes is not limited to the cannabis industry alone. These compounds have applications in various other industries such as healthcare, food and beverages, cosmetics, and agriculture. For instance, CBD is widely used in the healthcare industry for its anti-inflammatory and pain-relieving properties, while terpenes are used in the food industry as natural flavoring agents.
In conclusion, the global market for cannabinoids and terpenes is expected to grow significantly in the coming years due to increasing legalization of cannabis and growing demand for natural flavors and fragrances in various industries.
Nano Cove is your source for all hemp and cannabis derived ingredients. If you are seeking bulk ingredients, white labeled products or the creation of a custom formulation we can help. Contact our team by phone, Email or website form to learn more. Charles@nanocove.com
Top 3 Authoritative Reference Publications or Domain Names Used:
1. Grand View Research
2. Zion Market Research
3. PubMed