CBD (Cannabidiol) Market: Information 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) – Global Forecast till 2026
Cannabidiol (CBD) Market Overview
CBD is used for the treatments of problems like pain, seizures, anxiety, stress, and others because of its analgesic and antibiotic properties. CBD is derived from the hemp plant and is a non-addictive product, which is helping the market in growing and increasing the usage. On observing the current market trends. The global CBD market is expected to touch 125 % annual growth mar during the survey period. It is also used for the treatment and after-effects of many diseases like chemotherapy in cancer and others. Recent advancements have uncovered its outlook, which has increased its usage in cosmetics, food & beverages, and pharma industries.
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On observing its usage and properties, some regions have already legalized the usage of CBD, and some parts are moving forward in this direction. The companies are collaborating for enhancing the research & development speeds and helping the market in gaining rates and recognition. The people are getting aware of the benefits of CBD as this anew product in the market. The companies with the help of social media platforms are promoting the products and themselves on global levels.
Apart from the current market structure and future aspects, the market is facing challenges against the rigid regulations against its usage and high costs of CBD products. Also, the illegal use of marijuana has forced the authorities to implement stringent rules, which is a piece of bad news for the industry.
How is COVID-19 Affecting the CBD Industry?
As the spread of COVID-19 has ramped up, many stores are shutting down. The industry is seeing an e-commerce sales spike amongst some of the largest CBD companies. This is a motivating shift, as many brands have worked hard to get on the shelves of mass retailers in the past year. However, those that are best placed for success through the COVID-19 crisis are those who have a robust Direct-to-Consumer strategy.
A recent research study indicates the CBD industry can expect improved consumption, particularly amongst regular users, which is an indication of how the market could fare over the next weeks and months to come. Moreover, in a study of CBD consumers, 39% indicated they expected to use more CBD during the COVID-19 crisis. This is predominantly true amongst Millennials and Gen Z consumers, as 49% plan on using more CBD in the coming weeks and months.
Market Research Future (MRFR) collected data on several factors including implications of COVID 19 Impact on Cannabidiol (CBD) Market and demographic challenges, showed how it could move forward in the coming years.
Global Cannabidiol (CBD) Market segments
The global CBD market is segmented into five parts mentioned below:
Product types: CBD is available in the form of tablets, lotions, capsules, oils, isolates, tinctures, and others.
Uses: It is used for treating chronic pains, migraine, skin problems, anxiety, stress, and other conditions.
Source: CBD is available through organic and inorganic sources.
End-Users: Healthcare and food & beverage industries are the major end-users.
Supply: CBD is available through online and offline portals.
Cannabidiol (CBD) Market Regional Summary
America, Europe, Asia Pacific, and The Middle East & Africa are the major regions observed for the global CBD market.
In the current era, the American region is the market leader with North America as the major shareholder. Growing legalization of CBD, increasing awareness, presence of major manufacturers, and other factors are driving this market.
The European region is the next biggest market due to rising awareness, emphasis on new technologies, change in regulations and other factors
The Asia Pacific region is the third-largest CBD market. Still, it is expected to show the highest growth rates during the survey period due to increasing diseases, rising awareness, production capacities, and other factors.
The rest of the regions are still struggling because of rigid regulations, and marijuana is illegal here.
Cannabidiol (CBD) Industry News
The global CBD market is a field with huge potentials, but factors like the rigid regulations, illegal use of marijuana, and high production costs are damaging the market’s structure. The American region, with North America as the primary shareholder, is the current market leader. In contrast, The Asia Pacific region is expected to emerge as the fastest growing market in this period.
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