Cannabidiol (CBD) is non-intoxicating ingredient which is obtained from cannabis species (hemp plant) and safe to use as medicine. Global CBD market size and share is anticipated to reach USD 220.7,162 million with expanding at a CAGR of 125.58% over the forecast period (2019-2026). Cannabidiol market is expected to witness significant growth owing to wide range of therapeutic benefits that include anti-anxiety and anti-depression properties, analgesic properties, reduction in carcinogenic symptoms, seizure-suppressant properties and anti-inflammatory properties.
CBD market is showing the progressing growth due to growing research & development (R&D) along with financial support by different private and government organizations for cannabinoid research. Other important market drivers include rising occurrence of chronic ailments, complications related to chronic ailments, and legalization of CBD in many countries, especially European countries. However, adverse effects of cannabis and stringent government policies can restrain market growth.
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Cannabidiol Market Key Players:
Leading Companies in the global CBD market include
- Aphria Inc. (Canada)
- Canopy Growth Corporation (Canada)
- CBD Health Solutions LLC (USA)
- CV Sciences Inc. (USA)
- Endoca (The Netherlands)
- Elixinol Global Limited (Australia)
- Freedom Leaf Inc. (USA)
- Folium Biosciences (USA)
- Green Roads of Florida LLC (USA)
- Isodiol International Inc. (Canada)
- Medical Marijuana Inc. (USA)
Cannabidiol (CBD) Market Segmentation:
The global CBD market segmentation encompasses
- Application
- End-user
- Form
- Product
- Route of administration
- Source
The application-based segmentation of this Cannabidiol market covers
- Diabetes
- Energy drinks
- Fibromyalgia
- Neurogenerative disorder
- Protein bars
In the context of end-users, the Cannabidiol market has been segmented into
- Food & beverage
- Healthcare
- Others
Based on the product, the CBD market has been segmented into
- Food grade
- Therapeutic grade
- Others
Observing the source, the Cannabidiol market has been segmented into
- Organic
- Inorganic
Regarding form, the CBD market has been segmented into
- Solid
- Liquid
The solid form has been sub-segmented into
- Capsule/softgel
- CBD crystals
- CBD wax
- Hash
- Others
The liquid form has been sub-segmented into
- Tincture
- CBD oil
- Cream
- e-liquid
- Others
As per the route of administration the Cannabidiol market has been segmented into
- Aerosol spray
- Capsules
- Inhalation (smoke or vapor)
- Tincture
During the forecast period, the capsule segment can grow at 128.37% CAGR. Consumers can use CBD capsule without experiencing the taste of CBD.
CBD Market Regional Analysis:
A geographical outlining of the global CBD market covers
- Americas (North America & South America)
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
The Americas region dominates the global market as North America alone is strong enough to dominate it, whereas Latin America joins the CBD market segment as a bonus. Due to technological advancement, availability of advanced medical facilities, and presence of key Cannabidiol market players, North America is a bigger market segment compared to Latin America. Other factors forwarding the Cannabidiol market growth in this region are increasing consumption of cannabis-based products, rising demand for cannabis, medicinal use of cannabis being legal in 28 states of the USA. All the major CBD market players in this region are based in USA and Canada.
Europe having the second-largest regional Cannabidiol market share due to the rising awareness about clinical applications of cannabis. In Bulgaria, despite certain restrictions, the sales of CBD products are legal. In Czech Republic, use of medical cannabis is limited to 180 grams of dry matter per month. Marijuana and cannabis laws are different many European countries. For example, earlier Germany used to import cannabis but later, domestic production was allowed by the government. Canipa Holdings in Romania can also boost Cannabidiol market growth. In terms of strong economies, France and UK also hold the potential of being important regional markets someday.
The Asia Pacific region is the third-largest regional Cannabidiol market as China has legalized the cultivation of CBD (Hemp) and extraction for the derived product. Although China exports these products, domestic sales are not allowed. The entry of Chinese companies in the CBD market spells great potential for expansion and growth. In most countries of Asia Pacific region, the use of cannabis-based products is allowed only in the increasing cases of epilepsy. Australia focuses on the medical use of cannabis products, but the use is not unrestricted. In terms of strong economies, India and Japan hold the potential of being powerful markets someday.
The MEA region is expected to see a restricted growth during the forecast period, due to adverse effects associated with cannabis, stringent government policies, and the illegal use of marijuana. In the Middle East, some Arab countries are imposing trick laws over the use and handling of cannabis-related products. Thus, the scope of Cannabidiol market growth during the forecast period is limited.
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