The use of cannabidiol is increasing at a rapid rate over the years. Cannabidiol is a widely used type out of all cannabinoids. The healing properties and the overwhelming demand for cannabidiol for health and wellness purposes will bring tremendous growth opportunities for the global cannabidiol market during the forecast period of 2020-2030.
The acceptance of cannabidiol has undergone a seismic shift. Earlier, cannabidiol was not accepted with open arms but as time progressed, it gained acceptance from many countries. This aspect will boost the growth prospects of the cannabidiol market to a certain extent.
Cannabidiol, also abbreviated as CBD, is derived from the cannabis plant. The plant is believed to have properties that can cure chronic pain and depression. It is a popular natural remedy used for treating various ailments. The wide range of benefits offered by cannabidiol will bring tremendous growth opportunities for the cannabidiol market.
The growing use of cannabidiol in a variety of applications such as pet care, cosmetics, pharmaceuticals, food and beverages, and others may serve as prominent growth boosters for the cannabidiol market. The main sources of cannabidiol are hemp and marijuana.
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Cannabidiol Market: Competitive Insights
The cannabidiol market is highly fragmented. A large number of players are involved in intense competition. Mergers and acquisitions play a major role in increasing the growth rate of the cannabidiol market.
Some well-established players in the cannabidiol market are;
- Nuleaf Naturals, LLC
- Cannoid, LLC
- CV Sciences
- Pharmahemp d.o.o,
- Isodiol International Inc.
Cannabidiol Market: Key Trends
The growing influence of cannabidiol in the pet industry is expected to bring tremendous growth opportunities for the cannabidiol market during the assessment period of 2020-2030. While skepticism is still prevalent among some pet owners, a large chunk of the populace is being informed through initiatives and campaigns about the benefits of cannabidiol for pets.
The World Health Organization (WHO) had stated in 2017 that CBD is not only safe but is well-received by pets. The growing use of CBD in pet food products will add extra stars of growth to the cannabidiol market.
Studies about the Efficacy of CBD Extracts in Treating COVID-19 to Bring Profitable Growth
The novel coronavirus outbreak has had a large impact on the livelihoods of the entire populace. Researchers have recently discovered that cannabidiol can be used for down-regulating ACE 2 expression in COVID-19 tissues. Such developments will bring extensive growth prospects for the cannabidiol market.
Innovative CBD Products to Fuel Growth
The utilization of cannabidiol in various food items such as oil, capsules, gummies, and others will sow the seeds of growth across the cannabidiol market. The ongoing research and development activities will further propel the demand for cannabidiol in various food products.
Cannabidiol Market: Recent Developments
Here are some recent developments that have the potential to increase the growth rate of the cannabidiol market:
- Canntab Therapeutics recently bagged an Australian patent for its proprietary cannabidiol formulation.
- Indena, a pharmaceutical company is now authorized by the Italian Health Ministry to produce cannabidiol extracts for the pharmaceutical industry, becoming one of the few companies in the world to develop CBD for the pharma sector.
Such developments bring intense growth opportunities for the cannabidiol market.
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Cannabidiol Market: Regional Prospects
The cannabidiol market in North America is anticipated to emerge as a champion in terms of regional growth during the assessment period of 2020-2030. The decriminalization of cannabidiol across various counties and states around the region will prove to be a prominent growth generator. Asia Pacific may also observe good growth due to the growing legalization and product approvals across various countries.
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