Global Cannabidiol Market Size & CAGR (2021 to 2026)
The size of the global cannabidiol market is expected to be worth USD 11.36 billion in 2021 and USD 30.97 billion by 2026, growing at a CAGR of 22.2% from 2021 to 2026.
Impact of COVID-19 on the global cannabidiol market:
The pandemic of COVID-19 has had a significant impact on the cannabidiol industry. Demand for the product is suffering major shocks across multiple end-use markets, global supply chains are disrupted, and the competitive order of manufacturers/producers has shifted. Due to the shutdown of production, it had a significant impact on many industries, including pharmaceutical, F&B, cosmetic. However, the positive impact on the cosmetic industry from online sales by e-commerce businesses is growing. Cannabidiol and other products are being promoted for the treatment of COVID-19-related mental health problems. The global effects of the COVID-19 were also beginning to emerge, and they will have a significant impact on CBD Skin Care Product demand in 2020. Companies are building different collaborations and developing novel products to expand their distribution networks and consumer base. However, it will improve by 2021.
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KEY DRIVING FACTORS:
Cannabidiol (CBD) is in high demand for medical and wellness purposes, which is a key driver of market growth.
Cannabidiol is also known as CBD. Globally, the prevalence of chronic diseases is increasing, as is the global geriatric population. CBD is also used to treat anxiety, pain, Parkinson’s disease, dystonia, epilepsy, chronic pain, Crohn’s disease, and other conditions, but there is no good scientific evidence to back up these claims. Also, CBD is used the relieve cancer-related symptoms, in the treatment of various types of chronic pain, and the cure of seizure disorders (epilepsy). The veterinary sector is one of the fastest-growing CBD market segments. CBD is an approved prescription drug. CBD is also used in some F&B products. As evidence of various therapeutic outcomes has grown, additional clinical and non-clinical populations, including athletes, have become interested. The World Anti-Doping Agency has approved the use of cannabidiol (WADA). According to FDA, CBD products derived from hemp are legal in all 50 states. In 2018, laws were passed that made the sale of hemp and hemp products legal in the US. It is only permitted in cosmetic & medical products. About 64% of Americans have aware of CBD or CBD products.
Increased adoption of CBD skincare products acts as a demand compound is projected to boost the cannabidiol market.
CBD oil for skincare can be created by combining CBD with an oil, such as hemp or coconut oil. According to some evidence, CBD oil may be beneficial to skin health and may have applications for a variety of skin conditions. CBD skincare products are a safe and effective treatment for a variety of skin problems, including moisturizing and nourishing the skin, as well as reducing sebum production. Cannabinoids have long been known to be effective antioxidants. CBD’s anti-inflammatory properties make it used to treat a variety of skin conditions, including acne, psoriasis, and eczema.
Some countries still prohibit the use of CBD. The increasing cost of the CBD and stringent regulations by the government is hindering the growth of the global cannabidiol market.
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KEY MARKET INSIGHTS:
- Based on source type, in 2020, the hemp segment dominated the market, accounting for 59.7% of total revenue.
- Based on End-user, in 2020, the pharmaceuticals segment dominated the Cannabidiol (CBD) market, accounting for 42.9%of total revenue.
- Geographically, the North American cannabidiol market currently dominates the global market, with a revenue share of 37.4% in 2020. Because of the growing popularity of CBD-based products.
- To build product value, cannabidiol producers must work with major market players are ENDOCA., FOLIUM Biosciences, Nordic, Ecogen Labs, Kiehl’s, Medical Marijuana, Inc., Elixinol Global Ltd, CBD Skincare. In the event of a pandemic, cosmetics are more likely to be sold than medical supplies. Businesses will have many alternatives as demand for CBD grows across a variety of consumer items, from foods to healthcare to cosmetic products. For the time being, it is necessary to generate safety and efficacy data for various formulations while preparing to enter the cannabidiol market. This report recognizes competitive advantages and provides competitive analyses for each opponent individually.
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Recent Market Developments:
- In March 2021, Elixinol is acquiring CannaCare Health in its entirety. Elixinol is a leader in CBD products and is rapidly approaching profitability.
- In March 2021, Folium Biosciences is the latest US company to submit a CBD Novel Food application in the United Kingdom.
- In December 2019, Kiehl’s has launched a cannabis-infused facial oil. Cannabis Sativa Seed Oil Herbal Concentrate comes in a clear dropper bottle.
SEGMENTS IN THE REPORT:
By Distribution Channel:
- Hospital Pharmacies
- Retail Stores
By End Users:
- Chronic Pain
- Mental Disorders
- Personal Use
- Food & Beverages
- Personal Care & Cosmetics
- North America
- Latin America
- Middle East and Africa
KEY MARKET LEADERS PROFILED IN THIS REPORT:
- Pharmahemp d.o.o
- NuLeaf Naturals LLC
- Folium Biosciences
- Cannoid LLC
- Medical Marijuana Inc.
- Isodiol International Inc.
BROWSE REGIONAL AND RELATED REPORTS:
- North America Cannabidiol Market
- Europe Cannabidiol Market
- APAC Cannabidiol Market
- Latin America Cannabidiol Market
- Industrial Hemp Market
- Cannabis Testing Market
- CBD Skin Care Market
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