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. CBD or cannabidiol is a vital phytocannabinoid found in hemp. It is known for supporting the body and mind in myriad ways. But, as opposed to its tetrahydrocannabinol (THC) counterpart, CBD does not induce any psychoactive effects. CBD is everywhere one looks these days. Yoga studios, farmer’s markets, health food stores, and more have started to provide their customers with a wide range of CBD products. News outlets and media too have caught the CBD wave, thus spreading the word regarding the all-natural CBD and the different CBD benefits.
CBD Extract and CBD Isolate
Every CBD product is created either using a CBD isolate or a CBD extract. CBD isolate as it sounds is a pure isolated CBD. This crystalline substance is available in white powder or slab form and has 99% potency of a single CBD compound. The majority find comfort in CBD isolates chiefly due to the fact that it contains no tetrahydrocannabinol (THC) that prevents any drug testing issues. CBD extract is basically an oily substance which varies from a honey color to dark black paste and consistency. The extract comprises plant materials such as terpenoids, cannabinoids, and fatty acids. The compound has been specially designed for offering the utmost medical benefits.
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Different Uses of CBD
CBD has a wide range of uses. Some of these are as follows,
- Beauty Products- CBD has become a popular ingredient in beauty products such as lip balm, shampoo, conditioner, beard oil, soaps, toners, cleansers, serums, lotion, and more. They offer additional benefits over traditional products. Some of its benefits include improve sleep quality, reduce stress, offer anti-aging benefits, reduce inflammation, improve skin repair, promote healthy circulatory system, and more.
- CBD Capsules- They come in two forms- powder-containing two-piece capsule and liquid containing soft gels. CBD capsules have become immensely popular as they provide accurate dosing, is easy to use, has long-lasting effects, and has no marijuana taste. These capsules offer an array of health benefits such as relief chronic pain, reduce acne, help quit drugs easier, reduce depression symptoms, ease anxiety, lower blood pressure, and above all is non-addictive.
- CBD Concentrates- These are the best CBD products to use as they offer the purest and the highest doses possible. CBD concentrates are available in different forms resting on the method used and the extracted source such as terpsolate, wax, shatter, and crumble. They are extracts of the hemp plant that have high levels of CBD and high potency.
- CBD Beverages- CBD-infused drinks have garnered immense popularity of late and for good reasons. As it is non-psychoactive, CBD does not offer users the high which they get from ingesting tetrahydrocannabinol (THC). Instead it offers the wellness advantages of CBD plants sans mind-altering effects. Today CBD beverages are available in different types such as CBD water, CBD infused coffee and tea, cocktails, energy drinks, sodas, coconut water, beers, and more. It has probiotic benefits, is convenient to consume, and ensures easy absorption.
- CBD Edibles- Edibles are an ideal product for people that need a fun twist to take CBD. Such products are made by adding CBD isolates or extracts into different food products. Generally, they are available in the form of baked goods or candies such as brownies, cookies, chocolate, or gummies. Its key benefit is the masking taste and the ease of use.
- CBD Oil- CBD oil is widely used for its therapeutic benefits to naturally cure different health issues such as insomnia, anxiety and depression, cancer, chronic pain and inflammation, epilepsy, oxidative stress, heart ailments, type 1 diabetes, schizophrenia, eczema, and withdrawal symptoms. Its use in any form is safe chiefly due to the fact that CBD does not lead to tolerance or dependence on the drug.
The list of CBD products does not end here. It also includes topicals such as balms and rubs, transdermal patches, vape products (disposable vape pens, vape cartridges, eLiquid, or vape oil), and emulsified/water-soluble CBD (water-soluble capsules, hemp powder, tinctures). CBD benefits are immense; no wonder its demand is on the rise.
CBD (Cannabidiol) Market Analysis
The term CBD is popping up in almost every product right from hummus, face cream, to the morning latte. Cannabidiol or CBD, simply put, is a chemical compound extracted from cannabis plants. This is a naturally occurring substance that is used in products such as edibles and oils for imparting a feeling both of calm and relaxation. As opposed to THC (tetrahydrocannabinol), this is not psychoactive.
CBD is extremely beneficial for different conditions, such as helping sexual dysfunction, improving cardiovascular health, reducing acne, moisturizing skin, soothing inflammation, calming anxiety, among others. Though CBD beverages and edibles have gained a lot of popularity, the most effective and the most widely used methods to take CBD include CBD oil tinctures, CBD capsules, vaping, and topical CBD such as balms and creams. With CBD turning increasingly mainstream, today, it is readily available in most health food stores and pharmacies.
The CBD market is witnessing increasing demand due to several factors such as its increasing use during drug withdrawal and cancer cases, the different benefits that CBD products offer, such as contains anti-inflammatory properties, treat epilepsy and mental health disorders, and protection from Alzheimer’s. Additional factors propelling the growth of the CBD market include rapid technological advancements, rising investments in R&D activities, increasing usage in medical applications, increasing investments made by consumers on cannabis products, and the adoption of different cannabis products.
On the flip side, strict rules related to the utilization of CBD is likely to impede the CBD market growth during the forecast period.
CBD (Cannabidiol) Market Key Players
CBD market comprises a host of key players which includes Medical Marijuana, Inc., Elixinol Global Limited, ENDOCA, Canopy Growth Corporation, Green Roads of Florida, Folium Biosciences, CBD Health Solutions, LLC, Aphria Inc., Isodiol International Inc, Freedom Leaf, Inc, CV Sciences, Inc, and LLC. Key players have incorporated specific strategies to create a footprint in the market, such as product innovations, mergers, acquisitions, recent developments, joint ventures, collaborations, partnerships, and more.
CBD (Cannabidiol) Industry News
November 2019: The Kadena network has joined hands with Ryemdi to come up with a platform for tracking CBD oil, which can transition to prescription medications.
CBD (Cannabidiol) Market Segmentation
Global CBD market report has been segmented in terms of product, application, form, source, route of administration, and end user.
By form, the CBD market has been segmented into solid and liquid. The liquid segment is again segmented into tincture, e-liquid, CBD oil, cream, and others. The solid segment is again segmented into CBD wax, softgel/capsule, CBD crystals, hash, and others.
By product, the CBD market is segmented into food-grade, therapeutic grade, and others. Among these, the therapeutic grade segment will dominate the market during the forecast period.
By application, the CBD market is segmented into fibromyalgia, protein bars, diabetes, neurogenerative disorder, energy drinks, and others. Among these, fibromyalgia will have the maximum share in the market during the forecast period.
CBD (Cannabidiol) Market Regional Analysis
Global CBD market is geographically distributed across the following key regions- Europe, the Asia Pacific, Latin America, the Middle East and Africa, and North America. Among these, North America will have the lion’s share in the market during the forecast period. Various factors propelling the growth of the CBD market in the region include the presence of popular cannabis giants in the region, increasing awareness regarding the perks of taking cannabis, increasing legalization of CBD for medical and recreational purposes, easy accessibility of cannabis-based products on online platforms, and increasing consumption of products that are cannabis-based.
In the Asia Pacific region, the CBD market will have healthy growth during the forecast period for the region’s economic conditions that are taking the CBD market to new heights. In Europe, the CBD market will grow at the fastest pace during the forecast period for the changing legislative framework. In the MEA, the CBD market will have stable growth during the forecast period.
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