The global cannabidiol market is projected to exceed $ 29.25 billion by 2030 from $ 5.49 billion in 2018, with an annual growth rate of 21.8% over the forecast period i.e. 2019-30. The increasing use of cannabidiol (CBD) in medical applications, nutritional supplements, beverages, and skin care products is primarily driving the market. The cannabidiol market is likely to see significant R&D investment in the pharmaceutical industry as a broadband pharmaceutical treatment. Several scientific studies have shown promising results for cannabidiol due to its potential in treating a range of diseases. As a result, a major cannabidiol therapy that has been approved by the FDA or is being further developed in human clinical trials is featured by the cannabidiol market. Interest in cannabidiol (CBD) is further driven by the increased use of cannabidiol (CBD) in clinical applications, improvements, beverages and healthy skin. In addition, changing administrative circumstances and increasing awareness of the potential benefits of cannabidiol-based products depend on observing an exponential development over the estimated time frame.
Cannabidiol (CBD) is a botanical concentrate of natural origin that is rich in CBD. After tetrahydrocannabinol (THC), CBD is the second most common of the more than 85 cannabinoids identified in the cannabis plant to date. A compound normally obtained from cannabis plants is cannabidiol (CBD). It’s a 21-carbon terpene phenolic compound framed by accompanying decarboxylation against a corrosive cannabidiol background. Cannabidiol (CBD) has a number of beneficial benefits including, for example, cancer preventives and neuroprotective properties. It is a pharmacologically expansive calming area that has been considered as therapy for a shifted spectrum of problems related to discomfort and is also helpful in treating other illnesses. The second major cannabinoid obtained through extraction is CBD immediately after THC. The evolving understanding and acceptance of CBD products will fuel the growth of the CBD market because of its potential medicinal benefits.
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Global Cannabidiol Market: Key Players
ENDOCA Isodiol International Inc. Medical Marijuana Inc. Cannoid LLC Elixinol Folium Life Sciences NuLeaf Naturals LLC Pharmahemp doo
Global Cannabidiol Market: Segments
The hemp source segment is expected to grow with the highest CAGR of 15.2% in the period 2019-30
The global cannabidiol market is segmented on the basis of source types such as marijuana and hemp. The marijuana segment dominated the market with sales of $ 3.9 billion in 2018, coupled with the increasing legalization of medical marijuana and increasing adoption of refined cannabidiol products. In addition, the high effectiveness of CBD from marijuana is one of the main reasons for its large market share. CBD products made from marijuana are available in pharmacies as well as in state-approved pharmacies and shops. Another important factor that should drive this segment’s growth over the forecast period is the increased adoption of CBD-infused marijuana products for medical and health purposes. Hemp CBD is used in a variety of industries including pharmaceuticals, personal care and cosmetics, nutraceuticals, food and beverages. Because of its anti-inflammatory, anti-aging, and antioxidant properties, the market for CBD-infused personal care and cosmetic products is growing. Various skin care and cosmetic brands are involved in making CBD products from hemp. Therefore, the above variables will be responsible for the highest growth rate for this segment over the forecast period.
The business-to-consumer segment is expected to grow with the highest CAGR in the period 2019-30
The global cannabidiol market is divided into business to consumer (B2C) and business to business (B2B) according to sales channels. The larger market share in 2018 will be held by the B2C segment and is expected to grow lucratively in the forecast period. One of the main factors driving the growth of this segment is the easy availability of these goods to consumers. In addition, the growth in this segment is expected to increase the adoption of CBD oil and tinctures for personal and medicinal uses over the forecast period, which are available in pharmacies, retail stores and online stores. In addition, the legalization of cannabidiol infused drugs has affected the market for these drugs for various medical conditions, which in turn has contributed to the development of the hospital pharmacy segment.
The pharmaceutical segment is expected to grow with the highest CAGR in the period 2019-30
The global Cannabidiol market is segmented into Medicine, Personal Use, Pharmaceuticals, and Wellness on the basis of end-users. 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 is due to factors such as the increasing use of CBD in conditions such as epilepsy, schizophrenia, chronic pain, sleep disorders, and symptoms of multiple sclerosis. Additionally, people with chronic pain are now choosing to treat conditions with CBD-based drugs, which is expected to spur demand growth over the forecast period. The highest growth rate is expected in the pharmaceutical segment for the forecast age. Companies developing CBD-infused drugs to treat various 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 uses of CBD
The increasing understanding and acceptance of CBD products would positively fuel the growth of the CBD market due to its potential health benefits. After the implementation of the Agriculture Improvement Act of 2018, the demand for CBD-based products has increased, particularly in countries like the US, Canada, France, the United Kingdom, and Japan. Few CBD Treated Products Medical problems include neurological conditions like Parkinson’s, vomiting, and nausea associated with chemotherapy for cancer, persistent pain, and other illnesses. After the introduction of the Farm Bill (2018), the steady increase in product approvals combined with the increase in manufacturers of CBD products has fueled market growth.
Increasing legalization of cannabis
Cannabis legalization is often faced with double expectations, with skepticism related to potential abuse being met with its legalization. On the contrary, legalization is believed to encourage individuals to practice the use of safer drugs while reaping its medicinal benefits. As a result, there are a growing number of nations around the world that are increasingly legalizing cannabis use. Essentially, recreational use of cannabis is permitted in ten of these states. Although most of the nations around the world have not yet legalized its use, the use and sales strategy has been relaxed over the years. The demand for cannabis will develop positively as more and more countries work towards partial or full legalization.
Duplicate and synthetic products available on the market
Companies selling cannabis and cannabis-infused products are expected to adhere to different guidelines internationally. Although countries around the world have different degrees of legalization for different marijuana uses, it can be a pain for growers and stakeholders to comply with strict legal requirements for growing and selling cannabis in multiple states in the same country. In addition, the laws governing the one-time use of cannabis vary widely from state to state and continue to add to problems related to drug trafficking. The ambiguity of cannabis use legislation is not just limited to the form of the legal change, it also remains somewhat vague. In addition, the laws regarding the trade, cultivation, and prescribing of cannabis remain extremely complicated and vary between states and countries, making the sector one of the most extensive.
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Global Cannabidiol Market: Regions
The global Cannabidiol market is segmented into five major regions based on regional analysis. These include North America, Latin America, Europe, APAC, and MENA.
The global cannabidiol market in North America had the largest market share for the year at 20.04% and will continue to maintain its leading position in the market. Some of the key factors for the development of the region are the increasing legalization of medical cannabis in independent states of the USA, the liberalization of the related state legislation and an overall increase in the acceptance of cannabidiol for medical, health and personal use. In addition, Canada has approved the cultivation and sale of high-CBD and THC-strong marijuana for medicinal purposes. Hence, the availability of CBD-based products in the country also supports the growth of the regional industry. The Asia-Pacific market is expected to see the fastest growth over the forecast period due to the establishment of hemp production facilities, particularly in China. China is Asia’s largest hemp grower and grows almost half of the world’s hemp production. In addition, players in end-use industries such as personal care and cosmetics are striving to increase their profitability and sales in emerging markets. The Growing Emphasis Therefore, some of the main drivers of the market’s growth have been the increasing emphasis on cannabidiol-based drug manufacturers in Asia Pacific countries and the increasing legalization of cannabis for medical purposes in those regions.
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