According to a recent market study published by Growth Market Reports (GMR), titled, “Global Cannabidiol (CBD) market by product type, source, application, and Region: Size, Share, Trends and Opportunity Analysis, 2017-2027”, the market was valued at USD 395.2 Million in 2019 and is expected to grow at a healthy growth rate of around 30.4 % by the year 2027. Rise in the use of CBD can be attributed to cannabis legalization in several countries across the globe. Under specific conditions, medical use of cannabis was legalized in Israel (2001), the Netherlands (2003), Switzerland (2011), Czech Republic (2013), Australia (2016), and Germany (2017). Furthermore, in 2018 the US passed the Farm Bill, which sanctioned the farming of hemp – cannabis with less than 0.3% THC by weight. This, in turn, has enabled many farmers to adopt hemp farming, and the domestic supply of the plant has increased drastically.
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The global Cannabidiol (CBD) market is fragmented based on product type, source, application, and region. In terms of product type, the market is segmented into isolate, full spectrum, and broad spectrum. On the basis of source, the market is divided into hemp and marijuana. On the basis of application, the market is segmented into anxiety, fibromyalgia, diabetes, and others. Based on region, the global Cannabidiol (CBD) market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, Asia Pacific is further segmented into, India, China, Australia, Japan, South Korea, and Rest of Asia Pacific. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe, and the MEA region is further divided into Saudi Arabia, South Africa, UAE, and Rest of MEA.
The effect of COVID-19 is anticipated to be strongly felt in the consumer durable industry due to high dependency of different global industries for imports. Moreover, the pandemic situation has led to the closure of several non-essential businesses reducing the demand for consumer durables in the world, which in turn, is impeding the packaging industry. Since the COVID-19 pandemic is diminishing the end- user demand for daily packaging products worldwide, the demand for Cannabidiol (CBD) is reducing in the short-term. The COVID-19 effects majorly on manufacturing units which are currently working with 50% workforce. The global supply chain has at the same time slowed down due to restrictions on national borders.
As per GMR industry analyst Rajat Verma & Vidya Jadhav, “The global Cannabidiol (CBD) Market is anticipated to witness significant growth during forecast period 2021-2027 driven by Cost-efficient, rapid urbanization and industrialization, and Rising demand in food and beverages packaging are boosting the market. The Cannabidiol (CBD) market is growing significantly due to the high demand for these films for packaging, preserving, and bundling of products during distribution and warehousing. Increasing global emphasis on the use of sustainable packaging materials and the growth of organized retail sectors are key drivers of the packaging and labels industries.”
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Key Takeaways from the Study:
- North America based Isodiol International Inc, holds approximately 1/4th of market share of global Cannabidiol (CBD) market in year 2019.
- North America accounts for a major share of the market, followed by Europe. The market in North America is projected to expand at significant CAGR during the forecast period.
- In terms of value, isolate segment is anticipated to expand at a significant CAGR during the forecast period.
- Physical stores require many employees and high fixed costs (rent) to run stores and thus are unable to offer a wide selection of goods due to the presence of limited space, which offers opportunities for online sales channels. Online retailers can deliver a vast selection of products without having to pay as many workers and needing access to shipping companies to sell their products.
- Many businesses with both an online and offline presence (physical stores) view the two different channels as way to increase sales & revenue and expand the business regionally.
- The Middle East & Africa and Latin America are expected to generate large revenue during the forecast period owing to growing population, increasing urbanization. Cannabidiol (CBD) consumption has increased considerably in these regions in the past few years.
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|Market Value in 2019||USD 395.2 Million|
|Market Growth Rate (from 2021 to 2027)||30.4 %|
|Historical Data||2017 & 2018|
|Forecast Period||2021 – 2027|
|Units Considered||Value (USD Million)|
|Market Segments||By Product type, By Source, By Applications|
|Regional Scope||North America, Europe, Latin America, Asia Pacific, Middle East & Africa (MEA)|
|Country Scope||U.S., Canada, Germany, France, Italy, U.K, Spain, Russia, Rest of Europe, China, Japan, South Korea, India, Australia, Rest of Asia Pacific, Brazil, Mexico, Rest of Latin America, Saudi Arabia, South Africa, UAE, Rest of MEA|
|Key Companies Profiled||Canopy Growth Corporation, Gaia Herbs, IRIE CBD
Isodiol International Inc, Aurora Cannabis, Cannoid, Inc., CBD American Shaman,CV Sciences, Inc., Elixinol, Endoca., FOLIUM BIOSCIENCES, Medical Marijuana, Inc., NuLeaf Naturals, LLC, PharmaHemp
|Customization Scope||Report customization available on request|
|Pricing and Purchase Options||Avail tailor-made purchase options to meet your research requirements.|
- Supply-side: Cannabidiol (CBD) manufacturers, raw material suppliers, primary respondents, and distributors.
- Demand Side: Hospitals, Specialty Clinics, Cancer Research Institute etc.
- Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies
- Associations and Industry Bodies: Centers for Disease Control and Prevention (CDC), National Institute of Allergy and Infectious Diseases (NIAID), Food and Drug Administration (FDA), World Health Organization (WHO), Medicines and Healthcare Products Regulatory Agency (MHRA), Therapeutic Goods Administration (TGA), Central Drug Standard Control Organization (CDSCO), Ministry of Health, Labor and Welfare (MHLW), International Federation of Pharmaceutical Manufacturers & Association (IFPMA), World Trade Organization (WTO), Indian Medical Research Council (ICMR).
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