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.
Owing to the lack of psychoactive effects, CBD that is cannabidiol, has become the most broadly used among all other cannabinoids. CBD has several medical usages, such as reducing anxiety, cancer symptoms, pain, stress and diabetes, depression, and inflammation. The global CBD market has witnessed a record-worthy growth over recent times. The extensive usage is driving the growth of the market for CBD in ailment purposes, adequate aid from varied private organizations and government bodies, the surge in the research and development activities, the increase in chronic diseases and complications, and legalization of Marijuana in several countries. However, the stringent government policies and misconceptions and adverse effects of cannabis are likely to restrict the growth of the CBD market over the review timeframe.
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Segment Analysis
The global CBD market is fragmented into numerous segments based on the route of administration, form, source, end-user, application, product, and region.
Based on form, the CBD market is divided into liquid and solid.
The global CBD market is divided into inhalation (smoke or vapor), aerosol spray, tincture, and capsules by route of administration.
The market is divided into therapeutic grade and food grade based on product.
By application, the CBD market is split into energy drinks, neurogenerative disorders, protein bars, fibromyalgia, and diabetes.
The CBD market is divided into food & beverage and healthcare based on end-user.
Based on the source, the market is divided into inorganic and organic.
Regional analysis
The global CBD market is studied across four major regions, including the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The American regional CBD market has recorded the maximum share in the global market over recent years. The regional market’s growth is attributed to the high consumption of cannabis-based products. As per WHO’s reports, the American region has over 22.2 million people consuming CBD-based products aged 12 years and up.
The European regional CBD market secures the second position globally. The regional market’s growth is being driven by the legalization of CBD across several parts of the region. Moreover, the approval from several renowned agencies such as the Bulgarian Food Safety Agency, Ministry of Agriculture, and Ministry of Agriculture are also anticipated to catalyze the regional market’s growth. Furthermore, the growing participation of new entrants, domestic production of cannabis, and access to medical cannabis are also likely to accelerate the regional market’s growth.
Competitive Analysis
The global CBD market has an intensely competitive landscape. The list of leading players in the CBD market includes Folium Biosciences, Elixinol Global Limited, Aphria Inc., Medical Marijuana, Inc., Isodiol International Inc, CBD Health Solutions, Green Roads of Florida, ENDOCA LLC, Canopy Growth Corporation Inc, Freedom Leaf, Inc LLC, CV Sciences, and several others.
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Recent Developments
- December 2021 – Sky Wellness, a leading challenger brand in the CBD consumer goods industry, extends its collection of personal wellness products with a variety targeted to relief and pain support. The selection includes six supportive relief products from body aches, discomfort, and muscle tension. The CBD collection is designed as vapes in doses, topicals, oil drops, and topicals ranging from 250 to 1500mg per bottle.
- December 2021 – a leading CBD and wellness company, Cibdol, is set to introduce its exclusive CBD Oil 2.0 range. The upgraded formula links the synergy of multiple hemp excerpts to work alongside CBD.
- December 2021 – Hemp retailer and distributor Pure CBD Vapors has announced the acquisition of Cloud9Hemp.com, a Nashville-based brand that focuses on CBD (cannabidiol) products. Established in 2014, the Tennessee-based company needed to provide a legal substitute to medical cannabis, seeing CBD derived from hemp as a completely capable option based on decades of research listing the cannabinoid’s properties. Since then, the brand has developed an enormous following. Their CBD products are popular for being extremely effective and providing a wide variety of cloud-pleasing, carefully formulated product options, including vape cartridges, concentrates, tinctures, and others.
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