CBD Market Overview:
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.
Among the major factors, growing acceptance in the healthcare industry, rising approval rate by various countries and states, increase in funding for research works, branding, innovation, and others are expected to help the CBD market growth. Also, healthy competition among companies and FDA approvals will help the product gain more market in the coming years.
However, the approval rate by the FDA is still far away from the normal standard owing to which the market may face some restraints.
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COVID-19 Impact Analysis:
The CBD terpene formulation is known for its use in treating and containment of viral infections. In various countries, researchers are using this as a substance to prevent infections from diverse infections like the COVID-19 novel strain of coronavirus, which is a trouble for densely populated areas. The research is on since the outbreak of the SARS virus in 2002. The substance has proved its mettle as an effective antiviral agent as specific terpenes when it comes in contact with the SARS virus reduce the severity of the disease and eases the possibility of quick recovery (both in-vitro and in-vivo). This entire method takes place as the substance helps in withholding certain protein that replicates the RNA. This further prevents the penetration of healthy cells and replication.
Market Research Future (MRFR) collected data on several factors including implications of COVID 19 Impact on CBD Market and demographic challenges, showed how it could move forward in the coming years.
CBD Market Segmentation:
The global CBD market, as mentioned by analysts in the MRFR report, can be segmented on the basis of form, routes of administration, application, source, end user, and product.
By form, the global market for CBD has been segmented into solid and liquid. The solid form includes capsule/soft gel, hash, CBD crystals, CBD wax, and others. The liquid form includes oil, tincture, cream, e-liquid, and others. The oil segment is the most popular one.
By route of administration, the report studies the market on the basis of tincture, capsule, inhalation, and aerosol spray.
By product, the report contains details of food grade and therapeutic grade. The therapeutic grade is getting good traction.
By application, the report on the CBD market has been segmented into neurogenerative disorder, fibromyalgia, diabetes, protein bars, and energy drinks. In treating diabetes, CBD is getting significant traction.
By end user, the report digs deep into segments like food & beverage and healthcare. Various research works are spurring the intake of the product in the healthcare segment.
By source, the global report studying the CBD market reveals segments like organic and inorganic. Lesser side-effects boost the use of the organic segment.
CBD Market Regional Analysis:
North America is expected to dominate the CBD market with Canada and the US performing extraordinarily. In Europe, lenient regulations in some countries would help the market in expansion as it will allow researchers to work on new products in a better way.
CBD Market Competitive Landscape:
The global market for CBD is benefiting from various companies like Freedom Leaf, Inc, Aphria Inc., Folium Biosciences, CBD Health Solutions, LLC, Green Roads of Florida, LLC, Isodiol International Inc, ENDOCA, Medical Marijuana, Inc., Canopy Growth Corporation, CV Sciences, Inc, and Elixinol Global Limited. This is due to their implementation of diverse strategies, including mergers, joint ventures, acquisitions, and others. These methods often target expansion in the portfolio. The process also gets highlighted by other tactical tools like an investment in research and development, focus on innovations, branding, and launching of latest products to edge out peers. MRFR tracks these companies to find out their latest moves and help in developing a proper strategic move.
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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NOTE: Our team of researchers are studying Covid-19 and its impact on various industry verticals and wherever required we will be considering covid-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.