CBD Market Trends, Dynamics and Insights 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 2026
The global CBD Market size is poised to reach USD 22,07,162.54 million by 2026. It can achieve this mark by exhibiting a CAGR of 125.58% from 2019 to 2026 (forecast period). The use of CBD by patients for alleviating pain levels to a considerable degree is likely to drive the market demand till 2026. According to the National Center for Biotechnology, close to 62% of the global population used CBD for treating medical conditions between 2017 and 2018.
CBD market is expected to witness significant growth owing to rising awareness regarding health benefits relating to cannabidiol consumption is expected to fuel the CBD market growth. Cannabidiol (CBD) is a non-addictive compound found in the cannabis plant. Its properties of anti-inflammation, anti-anxiety, analgesic, and seizure-suppression are likely to induce heavy demand for the compound in food & beverage and personal skincare sectors. The global CBD market report written by reputed analysts at Market Research asserts a growth trajectory for the period between 2019 and 2026.
The rising interest of the applications of CBD is likely to lead to a surge of investment in research and development centers globally. Heavy investment rates by government research organizations signal the positive potential of the market in the coming years. For instance, the National Institute of Health (NIH) spent close to USD 140 million on cannabis research and development in 2017. The need for organic formulations due to rising cases of irritability as well as sensitivity among skin care is anticipated to widen the ambit of the CBD market over the forecast period.
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CBD Market Segmentation:
CBD market is segmented by form, routes of administration, product, application, end user, and source.
By form, the global CBD market is segmented into solid and liquid. The solid form of CBD consists of CBD crystals, CBD wax, capsule/softgel, hash, and others. The liquid form of CBD includes CBD oil, tincture, cream, e-liquid, and others. Among these, the liquid segment is expected to accrue revenues at a CAGR of 127.24% during the forecast timespan. The tincture segment is the highest performing segment within liquids and purported to exhibit a CAGR of 126.54% till 2026.
By route, the global CBD market of administration, it is segmented into capsules, tincture, aerosol spray, and inhalation (smoke or vapor). Capsules can register a CAGR of 128.37% during the assessment period due to the advantage of digesting CBD pills without it affecting the palate.
By product, the global CBD market it is segmented into food grade and therapeutic.
By application, the global CBD market is segmented into energy drinks, protein bars, neurodegenerative disorder, fibromyalgia, and diabetes.
By end user, the global CBD market is segmented into healthcare and food & beverage. By source, it is segmented into organic and inorganic.
CBD Market Regional Analysis
The Middle East & Africa (MEA), Europe, Asia Pacific (APAC), and the Americas are regions taken into consideration during the compilation of the global CBD market report.
The Americas is likely to dominate the global market till the end of the forecast timespan due to awareness of the benefits of CBD as well as heavy consumption of non-alcoholic beverages. The Americas are divided into North and South America. Legalization of the cultivation of hemp is one of the biggest drivers of the region. The approval of cannabis for medical use in nearly 28 states of the U.S., a prominent country in North America, can tilt the winds in the favor of the global CBD market. Availability of CBD products online can further raise the earnings of the market in the region.
The APAC region possesses the latent potential for growth due to legalization of hemp in China. This is exemplified by the establishment of the first industrial hemp plant extraction unit in Yunnan province, Southwest China. Rise in the incidence of epilepsy among children in China and Australia is expected to favor the CBD market. This is owing to the prescription of CBD products for mitigating the symptoms.
CBD Market Competition Outlook
Freedom Leaf, Inc, CV Sciences, Inc, Canopy Growth Corporation, Green Roads of Florida, LLC, Isodiol International Inc, Folium Biosciences, Medical Marijuana, Inc., CBD Health Solutions, LLC, Elixinol Global Limited, Aphria Inc., ENDOCA, and others are notable players in the global CBD market.
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Recently, Monster Beverages has decided to foray into the global market with the launch of CBD infused energy drinks. The high consumption of these beverages by American teenagers is likely to provide the company to carve a new niche and generate significant earnings.
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