New York, USA, March 29, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Cannabidiol (CBD) Market Information By Form, Route of Administration, Product, Application, End User and Region – Forecast till 2030“, the market size was valued at USD 15.6 billion in 2021 and is projected to grow from USD 18.43 Billion in 2022 to USD 59.43 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 18.2% during the forecast period (2022 – 2030).
Cannabidiol (CBD) Market Overview
The rising occurrence of chronic diseases and related complications and the legalization of CBD in various regions are the key market drivers enhancing the market growth. Hemp is the most popular source of cannabidiol for distillation since it naturally contains a large amount of cannabidiol (CBD), a chemical compound found in the sativa strain of cannabis. It lowers discomfort in managing anxiety and seizures. Because of its medicinal properties, the key driver impacting the market is the growing call for CBD for wellness and good health. The greater acceptability and use of products due to regulatory approvals is one important factor projected to increase the production of items infused with CBD. Moreover, cannabis has long been used to alleviate pain, and more recent research has shown that CBD and other cannabis constituents, including it, have pain-relieving properties.
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Pain, anxiety, dystonia, Crohn’s disease, Parkinson’s disease, and many other medical problems are all treated with cannabidiol (CBD). As a result, cannabidiol is becoming increasingly well-liked worldwide. The second most common active component in marijuana is cannabidiol (CBD). A phytocannabinoid called cannabidiol can be employed as an active component in various personal care and cosmetic products. Products containing cannabidiol are rapidly becoming popular in society. Examples include pet supplies, cosmetics, and health and beauty goods. Cannabidiol is the cannabinoid most frequently utilized for therapeutic purposes because it has no psychoactive side effects. Cannabidiol oil is utilized in numerous medical procedures, including the treatment of anxiety and depression, stress reduction, diabetes management, pain relief, cancer symptom management, and inflammation. The global market is predicted to expand profitably throughout the forecast period due to the growing use of CBD-based products to cure illnesses.
Cannabidiol Market Competitive Landscape:
The notable contenders in the cannabidiol market are:
- Folium Biosciences
- Elixinol Global Limited
- LLC CBD Health Solutions
- CV Sciences
- Isodiol International Inc
- Canopy Growth Corporation
- Aphria Inc.
- Green Roads of Florida
- Freedom Leaf Inc
- Medical Marijuana Inc
|Market Size in 2030||USD 59.43 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Form, Route of Administration, Product, Application and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Rising use of cannabidiol (CBD) for medicinal purposes will boost the market growth|
|Increased approvals for CBD products result from the quick development of treatments, medications, and other consumer goods derived from cannabis|
Cannabidiol Market Trends:
Products containing cannabidiol have become more popular in recent years due to growing acceptance for various medicinal problems. Because of this, it is now possible for unlicensed producers to create synthetic products devoid of cannabidiol that have the same effects as the drug while also being harmful to the user’s health. These illegal goods are allegedly more affordable than the originals and contain higher concentrations of CBD, which may be used to treat various illnesses. Growing manufacturing technology-related technological breakthroughs are contributing to an increase in market value. Growing industrialization and the number of technical innovations aimed at reducing production costs and waste have increased the usage of hemp materials in various applications, further ensuring the market’s promising future. The rise and expansion of the cosmetics and personal care industries aided this market’s direct and indirect development. This is because eczema, psoriasis, and other skin disorders that produce irritation and swelling of the skin can be effectively treated with cannabidiol.
Small and medium-sized businesses use cannabidiol more frequently due to growing public awareness of its therapeutic effects. Also, hemp oil is widely used in the pharmaceutical industry since it eases physical pain, which is a good indicator. This supports the market’s expansion in turn. The change in customer attitudes regarding cannabis-derived goods and the wide range of applications for cannabidiol products are the main drivers of the increase in popularity. Cannabidiol’s therapeutic benefits are becoming well known, encouraging customers to buy its products regardless of cost. Commercial shops are now concentrating on marketing cannabis-based items as these have a higher profit margin.
On the other hand, the market’s expansion is significantly hampered by rigorous laws and the high price of cannabidiol products. Another significant issue hindering market expansion is the absence of legalization measures in several Asian and African nations.
Browse In-depth Market Research Report (104 Pages) on Cannabidiol (CBD): https://www.marketresearchfuture.com/reports/cbd-market-8090
COVID 19 Analysis
On the contrary hand, the COVID-19 outbreak has resulted in widespread lockdowns that have severely disrupted daily operations and changed consumer behavior across nearly every industry. Retail businesses have closed as COVID-19 response measures to ramp up. The sector started to confront a supply shortage due to the nationwide stoppage of manufacturing and transportation in important raw material-producing countries like China and India. Also, the production of CBD consumable health products and the distribution system has been impacted by the lack of additional raw materials due to supply chain delays in the U.S.
Due to the interruption of the supply chain, limited retail access, and restrictions on people’s freedom of movement, the CBD business saw a large decline. This has greatly impacted the operations of numerous companies. Also, the industry participants reported that despite overall CBD sales declining during the outbreak, they gradually increased due to the growing demand for CBD supplements and vitamins. As retail store owners began using different distribution methods, like delivery services and curbside collection for the product’s sale, slow growth was seen in the CBD supplement market.
Cannabidiol (CBD) Market Segmentation
The market offers inhalation, tinctures, capsules, and aerosol spray by administration method.
The market has two types of food-grade and medicinal-grade products. The market offers both solid and liquid products.
The market comprises applications for diabetes, fibromyalgia, neurodegenerative diseases, protein bars, and energy beverages.
Food & beverage and medical are two segments of end users in the market.
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Cannabidiol Market Regional Insights
With a profit share of over 85%, North America led the market and will continue to hold the top spot. the region’s large population of health-conscious individuals, increased consumer acceptance of CBD-based items, and the existence of significant producers. In addition, establishing hemp-producing facilities, particularly in China, is expected to lead to significant growth in countries like Asia-Pacific and Europe throughout the projection period. About half of the world’s hemp is grown in China, the largest producer of hemp in Asia. In the United States, Canada, and the European Union, hemp enterprises with low-cost CBD supply are projected to face tough competition from the lowest cannabidiol production costs, newfound government laws supporting the industry, and special large-scale manufacturing equipment and experience.
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