Global Cannabidiol Market to surpass USD 29.25 billion by 2030 from USD 5.49 billion in 2018 at a CAGR of 21.8% throughout the forecast period, i.e., 2019-30. The increase in the use of cannabidiol (CBD) in medical applications, supplements, beverages, and skincare is primarily driving the market. The cannabidiol marketplace is likely to witness significant R&D investment in the pharmaceutical industry as a broad-spectrum pharmaceutical treatment. Multiple scientific studies have shown promising results for cannabidiol because of its potential in the treatment of a number of diseases. As a result, a significant cannabidiol therapy receiving FDA approval or moving forward in human clinical trials is characterized by the cannabidiol market. The interest in cannabidiol (CBD) is further driven by increased use of cannabidiol (CBD) in clinical use, enhancements, drinks, and healthy skin. In addition, changing administrative circumstances and increasing awareness of the possible benefits of cannabidiol-based products are dependent on observing an exponential development during the estimated time frame.
Cannabidiol (CBD) is a botanical concentrate of natural origin that is high in the compound CBD. CBD is the second most common after tetrahydrocannabinol (THC) out of the more than 85 cannabinoids so far identified in the cannabis plant. A normally occurring compound obtained from cannabis plants is cannabidiol (CBD). It is a terpene phenolic compound of 21 carbons which is framed by the accompanying decarboxylation from a corrosive cannabidiol background. Cannabidiol (CBD) has a number of beneficial benefits, including cancer prevention agents and neuroprotective properties, for example. It is a pharmacologically expansive tranquillize range that has been taken into account as a therapy for a shifted scope of problems related to uneasiness and also helpful for the treatment of other ailments. The second major cannabinoid obtained from extraction is CBD, just after THC. The evolving understanding and acceptance of CBD products will drive the growth of the CBD market because of its potential medical benefits.
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Global Cannabidiol Market: Key Players
Isodiol International Inc.
Medical Marijuana Inc.
NuLeaf Naturals LLC
Global Cannabidiol Market: Segments
Hemp Source Segment to grow with the highest CAGR of 15.2% during 2019-30
Global Cannabidiol Market is segmented by source type as marijuana and hemp. The marijuana segment dominated the market with a revenue of USD 3.9 billion in 2018 coupled with the increasing legalization of medical marijuana, increasing adoption of refined cannabidiol products. In addition, the high efficacy of CBD derived from marijuana is one of the key reasons for the large share of the market. In dispensaries as well as government-approved pharmacies and stores, marijuana-derived CBD products are available. Another major factor projected to promote the growth of this segment over the forecast period is the increasing adoption of CBD-infused marijuana products for medical and health purposes. Hemp-derived CBD is used in a variety of industries, including pharmaceuticals, personal care, and cosmetics, nutraceuticals, foods, and beverages. Due to its anti-inflammatory, anti-aging, and antioxidant properties, the market for CBD-infused personal care and cosmetic products is rising. In the manufacture of hemp-derived CBD products, various skincare, and cosmetic brands are involved. Therefore, the above variables will be responsible for this segment’s highest growth rate over the forecast period.
Business to Consumer Segment to grow with the highest CAGR during 2019-30
Global Cannabidiol Market is segmented by distribution channel into Business to Consumer (B2C) and Business to Business (B2B). The greater market share in 2018 holds by the B2C segment and is expected to grow at a lucrative rate over the forecast period. One of the main factors driving the growth of this segment is the simple availability of these goods to consumers. In addition, the growth of this segment over the forecast period is expected to increase the acceptance of CBD oil and tinctures for personal and medical applications available through pharmacies, retail stores, and online stores. In addition, the legalization of cannabidiol-infused pharmaceuticals has influenced the market for these drugs for different medical conditions, which in turn has helped the development of the hospital pharmacy segment.
Pharmaceutical Segment to grow with the highest CAGR during 2019-30
Global Cannabidiol Market is segmented by End-User into Medical, Personal Use, Pharmaceuticals, and Wellness. The medical end-user segment dominated the market with a market share of 44.21% in 2018 and is expected to grow at a lucrative growth rate over the forecast period. The large proportion has been due to factors such as increasing CBD use for medical conditions such as epilepsy, schizophrenia, chronic pain, sleep disorders, and multiple sclerosis symptoms. In addition, people suffering from chronic pain are now opting to treat associated conditions with CBD-based drugs, which is expected to boost demand growth over the forecast period. Over the projected era, the pharmaceutical segment is expected to see the highest growth rate. Companies developing CBD-infused pharmaceuticals to treat various medical conditions such as epilepsy and symptoms of multiple sclerosis (MS) are expected to fuel the growth of this market.
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Global Cannabidiol Market: Market Dynamics
Growing medical applications of CBD
The increasing understanding and acceptance of CBD products would positively propel the growth of the CBD market due to its potential health benefits. There has been an increased demand for CBD-based products, particularly in countries such as the United States, Canada, France, the United Kingdom, and Japan, among others, following the implementation of the Agriculture Improvement Act of 2018. Few CBD-treated medical problems include neurological conditions such as Parkinson’s, cancer chemotherapy-related vomiting and nausea, persistent pain conditions, and other ailments. Following the introduction of the Farm Bill (2018), the steady increase in product approvals, coupled with the rise in CBD product manufacturers, has encouraged market growth.
Increasing legalization of cannabis
Cannabis legalization is frequently presented with dual expectations in which skepticism associated with potential misuse has been met with its legalization. On the contrary, it is assumed that legalization will encourage individuals to practice the use of safe drugs while also reaping its medicinal advantages. As a result, there is a growing number of nations around the world that are increasingly legalizing cannabis use. In essence, in ten of these states, the recreational use of cannabis is permitted. Although most nations across the globe have not yet legalized the use, the use and sales strategy has been relaxed over the years. The demand for cannabis will experience a positive trend as more countries step towards its partial or full legalization.
Duplicate & synthetic products available in the market
Companies that offer cannabis and cannabis-infused products are expected to comply internationally with various regulatory guidelines. Although countries around the world practice various degrees of legalization for various marijuana uses, it may be tedious for growers and stakeholders to comply with strict regulatory requirements on the cultivation and selling of cannabis across multiple states in the same country. In addition, the laws relating to the single use of cannabis remain highly varied from state to state, contributing further to problems associated with the trading of the drug. The ambiguity of cannabis use-related legislation is not only limited to the form of legal variation but also remains somewhat vague in nature. In addition, the laws relating to the trade, cultivation, and prescription of cannabis remain extremely complicated and varied across states and countries, making the sector one of the most extensive.
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Global Cannabidiol Market: Regions
Global Cannabidiol Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Global Cannabidiol Market in North America held the largest market share of 20.04% in the year and will continue to retain its leading position in the market. Some of the key factors driving the region’s development are the growing legalization of medical cannabis in independent states of the U.S., the liberalization of government legislation surrounding the same, and an overall rise in the acceptance of cannabidiol for medicinal, health, and personal usage. In addition, for medicinal purposes, Canada has authorized the cultivation and sale of both CBD and THC potent marijuana. Therefore, the country’s availability of CBD-based products is also supporting the growth of the region’s industry. The Asia Pacific market is expected to experience the fastest growth in the forecast period due to the establishment of hemp manufacturing plants, especially in China. China is Asia’s largest hemp farmer and cultivates almost half of the world’s hemp output. In addition, players in end-use industries such as personal care and cosmetics are striving to increase their profitability and sales in emerging economies. The growing emphasis, Therefore, Some of the major factors driving the growth of the market are the rising emphasis on cannabidiol-based pharmaceutical manufacturers in Asia Pacific countries and the increasing legalization of cannabis for medicinal purposes in these regions.
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