CBD Market Overview
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.
Due to its lack of intoxicating effects, cannabidiol is the most widely used cannabinoid for therapeutic purposes. Cannabidiol oil is used medicinally in a variety of ways, including anxiety and depression treatment, stress management, diabetes prevention, pain relief, cancer symptom relief, and inflammation. The global CBD market is likely to expand profitably over the forecast period, owing to growing acceptance of CBD-based products for disease treatment.
Buyers have been compelled to acquire cannabidiol products regardless of their price due to a rising understanding of cannabidiol’s medical potential. Due to the better profit margins on cannabis-based products, commercial merchants are increasingly focusing their attention on them.
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The increasing investment in research and development and financial support for cannabinoid research by various private and public organizations, the rising prevalence of chronic diseases and their complications, and the legalization of CBD in various regions are all expected to have a positive effect on the global cannabidiol (CBD) market. On the other hand, the detrimental effects of cannabis and strict government regulations are projected to restrain the CBD market’s growth.
CBD Market Segmental Analysis
The worldwide CBD market is split into solid and liquid forms.
Diabetes, energy drinks, fibromyalgia, protein bars, and neurodegenerative illness are the application segments of the market.
CBD (Cannabidiol) is further divided into food and beverage and healthcare uses.
The market is segmented into products of food and therapeutic grade.
The global market for CBD (Cannabidiol) is further segmented into organic and inorganic delivery techniques.
Additionally, the market is segmented by method of administration, including tincture, capsules, aerosol spray, inhalation, and product.
CBD Market Regional Overview
The Americas dominate the global CBD market, owing to the increasing consumption of cannabis-based products. According to reports, the US FDA intends to approve derivatives by 2022. If the FDA’s projection is correct, there will surely be an increase in interest from both traditional food and beverage companies and large retailers. The majority of that growth will occur once ingestible products become available and legalization expands throughout the country. This spike will be fueled by consumers actively seeking functional benefits such as pain relief, improved sleep, and stress and anxiety management.
Europe is the second largest CBD market, owing to rising knowledge of cannabis’s therapeutic benefits. Europe is accelerating the region’s CBD market growth. Despite approvals and considerations, there are positive limits on the products’ use.
The Asia-Pacific region is made up of China, India, Japan, and the rest of Asia-Pacific. It is the third largest participant on the market. China recently legalized the growing and extraction of CBD hemp and its derivatives. It is the world’s largest country by land size, population, and economic output. China’s entry into the business created tremendous expansion and growth potential. Cannabis-infused products are completely unacceptable in the Asia-Pacific region. However, since epilepsy continues to climb in prevalence, some physicians are prescribing cannabis-based treatments. The primary focus in Australia is on medicinal marijuana. Australian regulatory organizations are entrusted with producing standards for the safe and effective use of CBD products. This is expected to aid in the growth of the CBD sector in Australia.
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The Middle East and Africa are anticipated to experience restricted development as a result of stringent government rules, marijuana’s detrimental effects, and clandestine marijuana use. In the Middle East, a few Arab countries have enacted dubious legislation governing the use and handling of cannabis-related products. As a result, the market in these regions has limited growth potential throughout the forecast period.
CBD Market Competitive Dynamics
The prominent players in the global market are Aphria Inc., Folium Biosciences, Freedom Leaf, Inc, Green Roads of Florida, LLC, CBD Health Solutions, LLC, ENDOCA, Isodiol International Inc, CV Sciences, Inc, Medical Marijuana, Inc., Canopy Growth Corporation, Elixinol Global Limited.
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CBD Oil Market Research Report- Global Forecast Till 2027
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