Global CBD Market Size, Growth and Share Analysis By Form (Solid and Liquid), Route of Administration (Tincture, Capsules, Inhalation (Smoke or Vapor) , Aerosol Spray), Product (Food Grade and Therapeutic Grade), Application (Neurogenerative Disorder, Fibromyalgia, Diabetes , Protein Bars , Energy Drinks) End User, Region (North America, Europe, Asia Pacific, ROW) Forecast till 2030
Market Insights:
The cannabidiol market size was valued USD 9.1 billion in 2021 and is expected to reach USD 59.3 Billion by 2030 at 18.2% CAGR during the forecast period 2022-2030. legalization of CBD, rising occurrence of chronic diseases, increased government funding for research and developments for private and government organization is various regions is anticipated to flourish the global CBD market.
Rising awareness regarding health benefits relating to cannabidiol consumption is expected to fuel the CBD market growth. Growing demand for cannabidiol owing to its healing properties for pharmaceutical formulations is expected to support the market during the forecast period. Composition of CBD in skincare products such as cleansers, moisturizers and creams, sunscreens, oils, and serums has boosted the demand rate to the peak. Effectiveness and anti-aging properties for all skin types, comprising acne-prone skin and sensitive, is expected to propel the demand for cannabidiol in cosmetic products and skincare. Emergence of new applications for CBD such as serums and lip balms will also trigger the growth of the global market.
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Cannabidiol Market Segmentation:
The global CBD market is majorly bifurcated based on its form, route of administration, production, inhalation, application, and end-user.
The form segment is divided into liquid and solid.
On the basis of route of administration, the global cannabidiol market is bifurcated into tincture inhalation, aerosol, and capsules. The inhalation segment is further divided into vapor and smoke.
Based on the product, the global market is classified into therapeutic grade and food grade.
Further, the application segment is bifurcated into protein bars, neurogenerative disorder, diabetes, fibromyalgia, and energy drinks.
The global cannabidiol (CBD) market is segmented into healthcare, personal care, and food & beverage; based on end-user industry.
CBD Market Regional Insights:
The Americas lead the global CBD market, due to rising growing product and consumption of cannabis-based products. According to World Health Organization (WHO), around 22.2 million Americans of the age group 12 years above use cannabis and related products.
Europe stands at the second position owing to the largest market share, following the Americas. This growth is attributed to the growing consciousness about medical applications of cannabis. Legalization of CBD and access of the related product to the market in certain European countries and approved with free certificate of sale is one of the key factors responsible for the growth of CBD market in the region.
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Asia Pacific comes third in the global CBD market. China is the key contributor in the regional market. The flourishing growth of China is dedicated to permission to produce CBD and production of related products. The growth of the region is also due to entrance of China in the CBD market and growing exports.
The Middle East and Africa is foretold to show a restraint CBD market growth owing to strict regulatory policies, prohibited use of marijuana, contrary impacts linked to cannabis intake. The scope of growth in the regions is expected to be limited as majority of Arab nations have opposed the usage of handling of cannabis or products related to it.
Major Players:
The key players functioning with their product offering maintaining the momentum of the global CBD market are CV Sciences, Elixinol Global Limited, Green Roads of Florida, Folium Biosciences, Elixinol Global Limited, Medical Marijuana, Inc., Canopy Growth Corporation, CBD Health Solutions, ENDOCA, and Freedom Leaf.
Recent Updates
The athleisure industry players are heading with advanced development in their product portfolio with the integration of CBD oil. As CBD is venturing in every consumer category, the industry players are looking ahead to make every possible move to stay competitive in the intense market. Acabad, an athleisure brand is lacing the work outwear with the oil. The company claims that the oils infused in fabric helps to soothe sore muscles and helps in healing.
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