Pune, India, June 01, 2021 (GLOBE NEWSWIRE) — The global cannabidiol (CBD) market has been estimated to reach USD 2,740 million in 2021 and is projected to grow at a CAGR of around 51% during the forecast period till 2030. The demand for CBD-based products is growing due to their healing properties for various health conditions and medical disorders. Heart diseases, cancer, anxiety, depression, pain relief, and inflammation are some health conditions that can be potentially treated using cannabidiol products. Cannabidiol (CBD) is one of the 113 cannabinoids identified in the cannabis plant. The CBD-based products include oil, dried cannabis, capsules, and liquid solution. The products can be consumed in multiple ways like inhaling smoke or vapor and eating.
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CBD has also been used in food and beverages and is marketed mostly in the United States. The energy drinks, protein bars are infused with CBD in small amounts. However, the regulations regarding CBD usage in edible products are stringent and can, therefore, hamper growth. On the other hand, the legalization of CBD products in various countries across the globe can boost the market. In the U.S., the use of cannabis for recreational purposes is legalized in 17 states. China also manufactures hemp-based products to other countries, which are expected to augment cannabidiol (CBD) market growth.
Government regulations also support CBD market growth. For instance, the U.S. Food and Drug Administration (FDA) has approved some of the purified forms of CBD products and concluded the benefits of CBD drug to be safe and effective. The growing clinical trials, research & development investments, and legalization of CBD in other parts of the globe can open new opportunities and further assist the cannabidiol (CBD) market growth.
Significant Market Developments Considered in the Report:
- In March 2021, Greenheart CBD, an Irish company has become the first CBD company to offer decentralized finance token. The token will help the company to expand and offer cost-effective products to its token holders.
- In November 2020, the Court of Justice of the European Union (CJEU) ruled that CBD is not narcotic and does not have any psychotropic effects on human health.
- In October 2020, the Dental College of Georgia and Medical College of Georgia demonstrated the ability of CBD to reduce inflammation and physical lung damage and improve oxygen levels related to adult respiratory distress syndrome.
- In June 2020, a biopharmaceutical company, Greater Cannabis Company Inc. announced the completion of the development, manufacturing, and shipment of 125,000 units of first order of oral CBD patch.
COVID-19 Impact on the Global Cannabidiol (CBD) Market
The QMI team is closely monitoring the impact of COVID-19 on the global cannabidiol (CBD) industry, and it has been observed that the demand for cannabidiol (CBD) is uncertain during the pandemic. But it is projected to grow during the forecast period. To control the spread of the pandemic, many countries across the globe have enforced strict lockdowns, which is hampering business activities.
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The demand for and supply of raw materials and product manufacturing and distribution have been disrupted due to the closing down of the marketplace. Among various industries, transportation, healthcare, and infrastructure have suffered huge financial losses. This has created weak demand for several products and components, and cannabidiol (CBD) is one of them. All these factors have been analyzed in details in this report.
Global Cannabidiol (CBD) Market, by Source
Based on source, the market is divided into hemp and marijuana. The hemp segment is expected to grow rapidly during the forecast period. The demand for hemp plants and seeds for medicinal purposes is rising, which can strengthen market growth. The marijuana segment is expected to account for a significant market share due to the rising demand for treating muscle pain, nausea, and cancer. The legalization of marijuana for personal medical use is also likely to have a positive impact on the CBD market.
Global Cannabidiol (CBD) Market, by Distribution Channel
Based on distribution channel, the global cannabidiol (CBD) market is bifurcated into B2B and B2C. The B2C segment is further divided into hospital pharmacies, online and retail stores. The business to business (B2B) segment is expected to grow rapidly during the forecast period. The growing demand of CBD oil as a raw product is expected to augment market growth.
The hospital pharmacies segment is projected to dominate in the B2C segment due to the rising demand for personal cannabis medical products. The pharmacies and other online stores have a wide range of CBD products that will assist the growth of the B2C segment.
Global Cannabidiol (CBD) Market, by End-Use
Based on end-use, the market is segmented into medical, personal use and cosmetics, pharmaceuticals, and food and beverage. The medical segment is further classified into chronic pain, mental disorder, cancer, and others. The medical segment is estimated to grow rapidly during the forecast period due to the ability of CBD to fight certain diseases. The rising clinical trials, and collaborations between companies, research institutes, and pharmaceutical companies are estimated to enhance the CBD products network and support market growth.
Global Cannabidiol (CBD) Market, by Region
Based on region, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. The North American region is projected to dominate the market during the forecast period. The presence of various prominent players, rising number of start-ups, and growing clinical trials are expected to contribute to the regional market growth. Moreover, legalization of marijuana and hemp, and liberalization of government regulations in the region can boost the CBD market growth during the predicted period.
In European countries, legalization of CBD-based products has significantly impacted the market growth. For recreational purposes, hemp-derived CBD products are largely permitted in Europe. These factors can assist in the growth of CBD market in Europe.
Major Findings of the Cannabidiol (CBD) Market Report Include:
- Major global market trend and forecasts analysis along with a country-specific market analysis for up to 25 countries
- An in-depth global cannabidiol (CBD) market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors
- Profiles of major market players operating in the global cannabidiol (CBD) market, which include Medical Marijuana, Pharmahemp, Folium Biosciences, NuLeaf Naturals, ENDOCA CV Sciences Inc, Isodiol International Inc, Cannoid LLC, Elixinol Global Ltd, Mile High Labs International Ltd, CBD Health Solutions, Charlotte’s Web, Garden of Life, Irwin Naturals, GW Pharmaceuticals, and Green Roads of Florida LLC.
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges prevailing in the global cannabidiol (CBD) market
- Impact of COVID-19 on the global cannabidiol (CBD) market
Browse key industry insights spread across 195 pages with 135 market data tables and 91 figures & charts from the report, “Cannabidiol (CBD) Market, by Source (Hemp, Marijuana), Distribution Channel (B2B, B2C) End-Use (Medical, Personal Use and Cosmetics, Pharmaceuticals, Food and Beverage), and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) — Market Size and Forecasting (2021–2030)” in depth analysis along with the table of contents (ToC).
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