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. Cannabidiol is derived from either cannabis or hemp, however hemp is preferred due to its naturally high CBD content. The substance is frequently confused with its psychoactive counterpart, tetrahydrocannabinol (THC), which is derived from the same plant. It is beneficial in treating anxiety, preventing seizures, lowering inflammation, and relieving pain.
CBD Market Dynamics
The market is growing at a higher rate than expected due to its increased use in the cosmetics, culinary, and pharmaceutical industries. The market has enormous growth potential as customers become more aware of the product’s benefits. The FDA is committed to safeguarding public health and streamlining the regulatory process for bringing suitable products to market (including cannabidiol acids). Manufacturers are increasingly focusing their efforts on acquiring CBD for usage in food and other products. Thus, growing reliance on products will support the global CBD industry’s growth over the predicted period.
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Increased investment in research and development and financial support for cannabinoid research by various private and public organizations, rising prevalence of chronic diseases and their complications, and the legalization of CBD in various regions are all expected to benefit the global cannabidiol (CBD) market. The rapid development of therapies, medicines, and other consumer items derived from cannabis, as well as the favorable health advantages associated with it, has led in a spike in CBD product approvals.
On the other hand, the adverse effects of cannabis and rigorous government regulations are expected to restrain the growth of the CBD industry.
CBD Market Segmental Analysis
The global CBD market is segmented into solid and liquid CBD products.
The market’s application segments include diabetes, energy drinks, fibromyalgia, protein bars, and neurodegenerative illness.
CBD (Cannabidiol) is classified further into food & beverage and pharmaceutical applications.
The market is split into food-grade and therapeutic-grade goods.
CBD (Cannabidiol) is further classified into organic and inorganic delivery modalities in the global market.
Furthermore, the CBD market is categorized by administration technique, which includes tincture, capsules, aerosol spray, inhalation, and product.
CBD Market Regional Overview
The Americas dominate the worldwide CBD market, owing to rising cannabis-based product consumption. The US Food and Drug Administration (FDA) expects to approve derivatives by 2022, according to sources. The majority of that growth will occur once edible goods become available and legalization spreads across the country. Consumers actively pursuing functional benefits such as pain reduction, increased sleep, and stress and anxiety management will fuel this increase.
Europe is the second largest CBD market, owing to increased awareness of cannabis’ therapeutic properties. Europe is boosting the growth of the CBD market in the region. Regardless of approvals and considerations, positive limitations on the products’ use exist.
China, India, Japan, and the rest of Asia-Pacific comprise the Asia-Pacific area. It is the market’s third largest participant. China allowed the cultivation and extraction of CBD hemp and its derivatives recently. It is the largest country in the world in terms of land area, population, and economic output. China’s introduction into the market presented enormous opportunity for expansion and growth. In the Asia-Pacific area, cannabis-infused items are entirely unacceptable. Nonetheless, as the prevalence of epilepsy continues to rise, some physicians are prescribing cannabis-based therapy. In Australia, the primary focus is on medicinal marijuana.
The Middle East and Africa are expected to see limited development as a result of severe government regulations, marijuana’s negative effects, and underground marijuana use. Several Arab countries in the Middle East have enacted dubious legislation regulating the use and handling of cannabis-related items. As a result, the market in these regions will have restricted expansion over the projection period.
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CBD Market Competitive Dynamics
The prominent players in the global CBD 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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