The global Cannabidiol (CBD) Market was valued at USD 395.2 Million in 2019 and is projected to reach USD 3,420.4 Million by 2027, expanding around a CAGR of 30.4% during the forecast period. Cannabidiol (CBD) is a naturally occurring chemical compound found in cannabis plants and accounts for 40% of plant extract. It is immiscible in water but miscible in organic solvents such as hexane or pentane. It is a colorless crystalline solid at room temperature and can be cyclized to Tetrahydrocannabinol (THC) under acidic conditions. CBD-based products such as oils, gums, supplements, and high concentration extracts are used for the treatment of many ailments such as anxiety, cognition, disturbed sleep, diabetes, and pain.
Rising use of cannabis in several products due to increasing consumer preference for CBD products is fueling the growth of the market. Approval of pharmaceutical CBD products for several cancer patients to manage pain is driving market growth. Increasing usage of CBD in medical applications, skin care products, beverages, and supplements is anticipated to propel market growth. The growth of the market can be attributed to the substantial R&D and investments in the pharmaceutical industry. In term of consumption, market share of North America is growing due to the rise in use of CBD for medical purposes such as pain management. Moreover, legalization of CBD has eliminated the need for prescription. This, in turn, is expected to fuel market growth. Market players are creating their online selling platforms for the sale of products, which is boosting the sale of CBD, thus catapulting the market growth.
On the basis of product type, the global Cannabidiol (CBD) Market is segmented as isolate, full spectrum, and broad spectrum. Isolate segment is anticipated to expand at a CAGR of around 30.5% during the forecast period as it produces cleaner and healthier oil as compared to alcohol extraction. Full spectrum segment is estimated to hold approximately 33.1% share of the market in 2020 as contains a complete range of cannabinoid and terpene profiles and provides high level of effectiveness. The broad spectrum segment is estimated to hold around 28.9% share of the market in 2021 offer a full range of cannabinoid profiles as it does not contain THC.
Based on source, the market is divided into hemp, marijuana. Hemp account for the major share as hemp derived CBD is obtained from industrial hemp plants, which are harvested for their seeds and fibers. CBD extracted from marijuana is consumed for its intoxicating properties. Correct products for consumers' needs can be found by experimenting with both by changing levels of THC and CBD.
Based on application, the market is segmented into anxiety, fibromyalgia, diabetes, and others. Anxiety account for the major share as to reduce the disorder. Traditional options for treating anxiety include prescription drugs, which can result in several major side effects; hence, people with anxiety can be treated with CBD oil.
Anxiety is a type of feeling people experience when confronted with a threat, danger, or under stress. People feel upset, nervous, and tense when anxious. Anxiety disorders can be caused by various factors such as genetics, brain chemistry, and personality issues. Furthermore, anxiety can be a consequence of life experiences such as job loss, relationship failure, serious disease, major accident, or the death of a loved one. According to the Anxiety and Depression Association of America (ADAA), anxiety affects 40 million adults in the US aged 18 and above, or 18.1% of the population every year. Research has shown consumption of CBD oil by people with anxiety can significantly help to reduce the disorder. Traditional options for treating anxiety include prescription drugs, which can result in several major side effects; hence, people with anxiety can be treated with CBD oil.
Fibromyalgia is an ailment characterized by musculoskeletal pain, fatigue, sleep, and mood and memory issues. General symptoms of fibromyalgia start after a physical trauma, infection, or significant psychological stress. Women are more prone to fibromyalgia than men. CBD can help relieve pain induced by fibromyalgia.
Diabetes is a chronic disease in which the body does not properly process food for use as energy. The body of a diabetic person does not produce enough insulin. This increases sugar or glucose in the blood and this can cause serious health-related issues including heart diseases, lower-extremity amputations, and kidney failure. Type 2 diabetes is an inflammatory disease and CBD can improve the condition as it possesses anti-inflammatory properties. Some research on CBD has shown a reduction in insulin resistance and blood sugars for type 2 diabetes patients. CBD oil can also be used for serious ailments such as cancer, and cerebral ischemia, and neuroprotection.
In terms of regions, the market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is a promising region for the market. The region constituted approximately 50% share of the market in 2020. The market in the region is projected to expand at a CAGR around 29% during the forecast period as there is increase in demand for Cannabidiol (CBD) in Asia Pacific, increasing focus of players in development of Cannabidiol (CBD), rise in government initiatives are some of the factors expected to boost the market growth on the region.
Key players in the market include Canopy Growth Corporation, Gaia Herbs, IRIE CBD, Isodiol International Inc, Aurora Cannabis, Cannoid, Inc., CBD American Shaman, CV Sciences, Inc., Elixinol, Endoca., FOLIUM BIOSCIENCES, Medical Marijuana, Inc., NuLeaf Naturals, LLC PharmaHemp. These companies are considered manufacturers of Cannabidiol (CBD) based on their revenue, research development (R&D) activities, regional presence, and supply chain management system.
The players are adopting key strategies such as acquisition, and geographical expansion where potential opportunity for the Cannabidiol (CBD) is added in the company’s capacity.
In 2017, IRIE CBD completed the acquisition of IRIE which is a formulator of CBD products, adds another level of integration of vertically-integrated business model.
Jan. 9, 2020- Medical Marijuana, Inc. the first-ever publicly traded cannabis company in the United States that launched the world’s first-ever cannabis-derived nutraceutical products, brands and supply chain, announced that its investment company AXIM Biotechnologies, Inc. has signed a binding term sheet to acquire leading oncology research and development company Sapphire Biotech, Inc. as a wholly-owned subsidiary.
In-depth Analysis of the Global Cannabidiol (CBD) Market
Historical, Current and Projected Market Size in terms of Value and volume
Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
Industry Drivers, Restraints and Opportunities Covered in the Study
Recent Industry Trends and Developments
Competitive Landscape & Strategies of Key Players
Neutral Perspective on Global Cannabidiol (CBD) Market Performance
Some frequently asked quetions about this report!
Additional company profiles can be provided on request.
Yes, the report covers volume details of products.
According to this Growth Market Reports report, the market from Cannabidiol (CBD) is likely to register a CAGR of approximately 30.4% during forecast period 2020-2027, with an anticipated valuation of US$ 3,420.4 million by the end of the 2027.
In addition to market size (in US$ Million) and Company Market Share (in % for base year 2019), other data such as Macro-economic factors, COVID 19 impact on the market is available in final report.
Rising use of cannabis in several products due to increasing consumer preference for CBD products, approval of pharmaceutical CBD products for several cancer patients to manage pain Increasing usage of CBD in medical applications, skin care products, beverages, and supplements is anticipated to propel market growth and growing disposable income are key factors driving the Cannabidiol (CBD) market growth.
Anxiety are the key end-user that are driving the Cannabidiol (CBD) Market.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
The market is expected to decline between 2019 and 2020 owing to the slight impact of COVID-19 pandemic on the Cannabidiol (CBD) market. The ongoing research of Cannabidiol (CBD) for COVID-19 string is expected to decrease the production Cannabidiol (CBD) product.
The base year considered for the global Cannabidiol (CBD) Market report is 2019. The complete analysis period is 2017 to 2027, wherein, 2017 & 2018 are the historic years and the forecast is provided from 2021 to 2027.
Major Manufactures include, Canopy Growth Corporation, Gaia Herbs, IRIE CBD, Isodiol International Inc, Aurora Cannabis, Cannoid, Inc., CBD American Shaman, CV Sciences, Inc., Elixinol, Endoca, FOLIUM BIOSCIENCES, Medical Marijuana, Inc., NuLeaf Naturals, LLC PharmaHemp.
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