Cannabigerol (CBG) Market Size, Share, Growth, and Industry Analysis, By Type (Full Spectrum CBG Oil, THC-free CBG Tincture, CBG Isolate, CBG Softgel Capsules, & Other), By Application (Medicinal, Relieve Stress, Pain Relief, & Other), Regional Insights and Forecast To 2032

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CANNABIGEROL (CBG) MARKET (CBG) OVERVIEW

global cannabigerol (cbg) market size was valued at approximately USD 0.45 billion in 2023 and is expected to reach USD 1 billion by 2032, growing at CAGR of about 9% during the forecast period.

The global market is experiencing a significant upsurge in demand due to various contributing factors. Increased awareness of the potential health benefits associated with CBG, particularly in wellness and therapeutic applications, is driving market growth. Consumers are showing a heightened interest in natural remedies, leading to a surge in demand for CBG-based products. Moreover, ongoing research and development initiatives in the cannabis industry are fostering innovation in CBG extraction methods and product formulations, meeting the diverse needs of consumers and expanding the market.

Technological advancements and scientific research play a pivotal role in shaping the CBG market landscape. Improved extraction techniques and innovative cultivation methods are enhancing the quality and quantity of CBG available for commercial use. Additionally, the burgeoning acceptance and legalization of cannabis in various regions globally are opening doors for expanded production and distribution networks, driving market expansion. The market is also witnessing a growing trend toward sustainable practices, with a focus on eco-friendly cultivation and production methods, aligning with the preferences of environmentally conscious consumers and further boosting market growth.

COVID-19 IMPACT

Market Growth Boosted by Pandemic due to Increased Demands

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The market growth reflected by the rise in CAGR is attributable to market’s growth and demand continuing to maintain levels similar to pre-pandemic period.

The COVID-19 pandemic had a mixed impact on the global cannabigerol (CBG) market. Initially, the market experienced disruptions in the supply chain, causing temporary challenges in production and distribution. However, as the pandemic progressed, there was an increased focus on health and wellness, leading to a surge in demand for natural remedies, including cannabigerol-based products. This heightened consumer interest in wellness and the potential therapeutic benefits of CBG positively impacted the market, driving sales and expanding its consumer base. Therefore, while the initial disruptions were negative, the overall impact on the market was more positive due to increased consumer interest and the recognition of CBG for its potential health benefits during the pandemic.

LATEST TRENDS

Rising Popularity of CBG-infused Skincare to Drive the Market

In recent times, a prominent trend in the global cannabigerol (CBG) market is the increasing integration of CBG into skincare products. Beauty and wellness industries are embracing the potential skin-enhancing properties of CBG, leading to a surge in the production and consumption of CBG-infused skincare items. With its perceived anti-inflammatory and antioxidant characteristics, CBG is becoming a sought-after ingredient in serums, creams, and other skincare formulations, appealing to consumers looking for natural and holistic solutions for their skincare routines.

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CANNABIGEROL (CBG) MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Full Spectrum CBG Oil, THC-free CBG Tincture, CBG Isolate, CBG Softgel Capsules, & Other.

Full Spectrum CBG Oil contains a variety of cannabinoids and terpenes, while THC-free CBG Tincture is ideal for those who do not want to consume THC. CBG isolate is a pure form of CBG, while CBG Softgel Capsules offer a convenient way to consume CBG. Other CBG products include topicals, edibles, and pet products. The demand for CBG products is increasing due to the potential health benefits associated with CBG consumption.

By Application

Based on application the global market can be categorized into Medicinal, Relieve Stress, Pain Relief, & Other.

The medicinal segment is expected to dominate the market owing to the increasing demand for cannabis-based medicines for the treatment of various diseases. The relieve stress segment is also anticipated to witness significant growth due to the rising prevalence of mental health disorders. The pain relief segment is expected to grow due to the increasing use of cannabis-based products for chronic pain management. The other segment includes applications such as skincare, pet care, and dietary supplements.

DRIVING FACTORS

Health and Wellness Boom Fuels CBG Market Growth

The increasing emphasis on health and wellness is a major driving force behind the global cannabigerol (CBG) market growth. Consumers' growing preference for natural remedies and alternative health solutions has significantly contributed to the rising demand for CBG-infused products. As more individuals seek holistic approaches to health, the perceived therapeutic potential of cannabigerol in managing various conditions, including stress, inflammation, and pain, is propelling its use in supplements, oils, and wellness-oriented goods. This shift towards prioritizing wellness choices has driven a surge in the production and consumption of CBG, establishing it as a prominent player in the health and wellness sector.

Legislation and Changing Regulations Shape the CBG Market Landscape

The evolving legislative landscape and changing regulations surrounding cannabis and its derivatives play a pivotal role in steering the global cannabigerol (CBG) market. Shifting attitudes towards the acceptance and legalization of cannabis products, including CBG, have a profound impact on market dynamics. With an increasing number of regions revising their laws to permit the cultivation, distribution, and consumption of cannabis-derived products, the market experiences significant growth opportunities. These changes in regulations pave the way for expanded research, production, and commercialization of CBG-based items, creating a more favorable environment for market expansion and innovation.

RESTRAINING FACTORS

Uncertainty in Regulation to Hinder Market Growth

One significant restraining factor in the global cannabigerol (CBG) market is the persistent uncertainty and variation in regulations governing cannabis-derived products. Divergent legal frameworks across different regions and countries create complexities in production, distribution, and marketing of CBG-based items. As regulatory environments remain inconsistent or restrictive in certain areas, it poses challenges for manufacturers and businesses operating in the CBG market. Ambiguity in laws can hinder investment, research, and market expansion efforts, creating barriers to the streamlined development and distribution of cannabigerol products on a global scale.

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CANNABIGEROL (CBG) MARKET REGIONAL INSIGHTS

North America to Dominate the Market due to the Progressive Regulatory Landscape in the Region

North America stands as the most dominant region in the global cannabigerol (CBG) market share, primarily due to the progressive regulatory landscape surrounding cannabis-related products. With increasing legalization and acceptance of cannabis in various forms across both the United States and Canada, the region has seen a significant surge in consumer demand for cannabigerol. This demand is further fueled by the growing awareness and acceptance of the potential health benefits associated with CBG, propelling its integration into various wellness and therapeutic products. The favorable regulatory environment and heightened consumer interest have positioned North America as a dominant force in driving the expansion and market share of cannabigerol.

KEY INDUSTRY PLAYERS

Key Industry Players Shaping the Market through Innovation and Market Expansion

Several key industry players have significantly impacted the cannabigerol (CBG) market by driving innovation, product development, and market expansion. Leading companies have played pivotal roles in research and development, creating a diverse range of CBG-infused products. These industry leaders have leveraged their expertise to introduce innovative extraction techniques, diverse product lines, and strategic partnerships, thereby influencing consumer preferences and market trends. Their efforts in promoting education about CBG's potential benefits, coupled with their commitment to quality and safety standards, have contributed to shaping the market and establishing consumer trust, ultimately influencing the market's growth trajectory.

List of Top Cannabigerol (Cbg) Companies

• Hempsana Holdings (Canada)
• Willow Biosciences (Canada)
• Precision Plant Molecules (U.S.)
• Bright Green Corporation (U.S.)
• Hemptown (Canada)
• Charlotte's Web (U.S.)
• Green Road (U.S.)

INDUSTRIAL DEVELOPMENT

October 2020: A recent advancement in the global cannabigerol (CBG) market involves the introduction of cutting-edge cultivation and extraction technologies. These innovations have empowered companies to cultivate hemp with elevated concentrations of CBG. Notably, industry leaders like Hemptown have utilized their extensive agricultural expertise and superior plant genetics to develop hemp strains with increased CBG content.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.