Cannabidiol (CBD) Market accounted for US$ 2.9 billion in 2020 and is estimated to be US$ 17.39 billion by 2030 and is anticipated to register a CAGR of 19.8%. Cannabidiol (CBD) is a chemical, found in the cannabis Sativa plant, also known as hemp or cannabis. Delta-9-tetrahydrocannabinol (THC) is the most famous ingredient in cannabis, but has small amount in cannabis. Cannabidiol-based product includes dried cannabis, capsules, oil, and liquid solution. The products can be consumed in various ways such as inhaling smoke or vapor and eating. CBD is used for pain, anxiety, muscle disorder called dystonia, chronic disease, Parkinson disease, and many other conditions but there is no good scientific evidence to support these uses. CBD is an approved prescription drug but it can’t be legally included in foods or dietary supplements. CBD is only included in cosmetic products, but there are still CBD products in the market that are labeled as dietary supplements.
The report " Global Cannabidiol (CBD) Market, By Source (Hemp and Marijuana), By Application (Pharmaceuticals, Cosmetics & Personal Care, Food & Beverages, and Others), By Distribution Channel (Online Stores, Retail Pharmacies, Hospitals, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”
Key Highlights:
On Oct. 14, 2021, Agra Ventures Ltd. Company focused on the international cannabis industry and announced a wholly-owned subsidiary, has expanded its portfolio of cannabis identity testing kits for testing both tetrahydrocannabinol (“THC”) and cannabidiol (“CBD”).
The U.S. Cannabis & CBD investment company, declares a $13.25m acquisition ofmellow, the UK's top CBD and wellness marketplace on Oct. 20, 2021.
Aurora Cannabis Launched Bidiol, its First Medical cannabis oil in Uruguay on Sept. 29, 2021. The oil is available in 3% and 10% concentrations and it comes in 10mL and 30mL bottles, available in pharmacies across the country.
On Oct. 20, 2021, Cronos Group Inc. Company launched its SPINACH FEELZ Chill Bliss 2:1 THC|CBG gummy, the first cannabis edible brand in Canada to feature THC and cultured cannabigerol (“CBG”) from fermentation used in sweet, delicious gummy for adult consumers.
Analyst View:
Cannabidiol has greater healing properties, so the demand for cannabidiol for wellness and health purpose is greater, which is a major factor driving the market growth. The growing acceptance and use of products due to government approvals is a major factor expected to increase the production of CBD-infused products. Cannabidiol is mostly used for therapeutic reasons due to the lack of psychoactive effects. Due to the rising adoption of CBD-based products to treat ailments, the global cannabidiol market is expected to grow at a lucrative rate over the forecast period. Rising awareness of cannabidiol's therapeutic benefits has influenced buyers to buy cannabidiol products, regardless of its cost.
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Key Market Insights from the report:
Global Cannabidiol (CBD) Market accounted for US$ 2.9 billion in 2020 and is estimated to be US$ 17.39 billion by 2030 and is anticipated to register a CAGR of 19.8%. The Global Cannabidiol (CBD) Market is segmented by Source, Application, Distribution channel, and Region.
By Source, Global Cannabidiol (CBD) Market is segmented into Hemp and Marijuana.
By Application, Global Cannabidiol (CBD) Market is segmented into Pharmaceuticals, Cosmetics & Personal Care, Food & Beverages, and Others.
By Distribution channel, Global Cannabidiol (CBD) Market is segmented into Online Stores, Retail Pharmacies, Hospitals, and Others.
By Region, Global Cannabidiol (CBD) Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape:
The key players operating the global cannabidiol (CBD) market involves Cannoid, LLC, Mary's Medicinals, Medical Marijuana, Inc., Canopy Growth Corporation, Elixinol LLC, NuLeaf Naturals, LLC, Aphria Inc., Folium Biosciences, Aphria, Inc., ENDOCA, Isodiol International, Inc., and CV Sciences, Inc. Prominent players operating in the target market are focusing on the strategic partnerships as well as launching of the products in order to gain competitive edge in the target market.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
