Market Research Future (MRFR) collected data on several factors including implications of covid-19 impact on microbiome sequencing services market and demographic challenges, showed how it could move forward in the coming years.
The Global CBD Market was valued at USD 570 Million in 2018 and is expected to register a CAGR of 125.58% during the forecast period.
Cannabidiol (CBD) is a safe, non-addictive substance found in the cannabis plant. CBD is the second-most abundant cannabinoid found in cannabis after tetrahydrocannabinol (THC). CBD has significant therapeutic benefits such as anti-inflammatory, analgesic, anti-anxiety, and seizure-suppressant properties. According to a survey by the National Center for Biotechnology Information (NCBI) conducted between 2017 and 2018, about 62% of the population used CBD to treat a medical condition.
The growing research & development and financial support by various private and government organizations for cannabinoid research, rising occurrence of chronic diseases and related complications, and legalization of CBD in various regions are expected to have a positive impact on the global cannabidiol (CBD) market. However, adverse effects associated with cannabis and stringent government policies are anticipated to restrain the growth of the global CBD market.
Unique Formulation of CBD is Being Tested for its Efficacy in Treating Viral Infections, including COVID-19.
The CBD terpene formulation is exclusively dedicated to the treatment and prevention of viral infections. It is precisely designed for high-risk populations and the prevention of infections such as the COVID-19 novel strain of coronavirus. In previous research projects that were undertaken since the outbreak of the SARS virus in 2002, CBD terpenes are effective antiviral agents and specific terpenes that came into contact with the SARS virus were found to decrease its severity and influence (both in-vitro and in-vivo) by withholding a certain protein that replicates the RNA. This prevents it from penetrating healthy cells and using them as hosts for its replication.
The novel formulation is intended to be consumed by direct inhalation. For instance, the Chairman of CannaSoul, Professor Dedi Meiri of the Israel Institute of Technology, said: “Our lab has been permitted to operate as a corona lab, and in doing so, we are encouraging two studies based on existing cannabis studies.
First, we will try to detect the plant’s molecules that are capable of overpowering the immune response to the COVID-19 pandemic, which causes inflammation and severe disease to lower the immune system response without suppressing it, thereby providing better corresponding treatment to the steroids, which completely suppress the immune system.
The second study is looking at the ACE2 receptor, which allows the virus to inject its genetic expression into human cells and proliferate. Moreover, as per Eybna’s CEO, Nadav Eyal, “This type of delivery method is a game-changer, empowering us to achieve therapeutic qualities from these unique phytochemicals like never before.”
We have observed the massive impact of novel coronavirus on people’s lives over the last five months. It has also impacted various industries across the globe, eventually affecting the global economy. Some industries have experienced negative growth, whereas some industries have experienced tremendous demand and have generated massive revenues in this period. Covid 19 Impact on CBD market is the one of the positive impact sector on global industry
CBD Market Dynamics
Growing research and development activities and financial support by various private and government organizations for cannabinoid research- There are many private and government organizations supporting the research and development for cannabinoids for medical purposes. Cannabis has numerous medicinal properties by which it can cure various diseases. According to the National Institute of Drug Abuse, May 2018 publication, in 2017, the National Institute of Health (NIH) supported 330 projects and spent USD 140 million on cannabinoid research and development. During this investment, USD 36 million was spent on 70 projects to examine the therapeutic properties of cannabis, and USD 15 million was spent on 26 projects centered on cannabinoid (CBD). Even in 2016, NIH spent USD 21 million studying the therapeutic properties of cannabinoids. Singapore, known for the world's most stringent drug laws, is also funding research projects on medical treatments containing synthetically derived compounds of the cannabis plant. In 2017, the government-run National Research Foundation launched a program to research the therapeutic potential of cannabinoids.
Segmentation
On the basis of form, the global cannabidiol market is segmented into solid and liquid.
In the solid form of CBD, the report covers CBD crystals, CBD wax, capsule/softgel, hash, and others. The liquid form of CBD includes CBD oil, tincture, cream, e-liquid, and others.
CBD crystals are a pure form of CBD isolates. CBD crystals are produced by heating CBD rich extract and then continuous cooling and separating it. CBD crystals are generally used to manufacture CBD infused edibles and creams. CBD wax is solidified or crystalized full spectrum form of CBD. CBD wax is a highly concentrated form of CBD and especially used for pain relief. CBD capsules are similar in comparison to capsules as they are surrounded by an outer shell, usually gelatin. CBD soft gelatin capsule is a translucent golden shade standard capsule that is filled with hemp oil and sometimes olive oil as filler.
CBD oil is one of the most popular and widely available forms of CBD. It is specifically used for medical purposes as it provides fast and effective results. There are a wide variety of flavors of full spectrum CBD oils available in the market. CBD tinctures are made from high strains of hemp, with 60-70% of alcohol. CBD tinctures are primarily used to relieve anxiety and ease the pain. CBD infused e-liquid are used as a fluid in electronic cigarettes and vaporizers.
CBD Market Key Players
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.
The players operating in the global CBD market are focusing on product launches, along with expanding their global footprints by entering untapped markets.
CBD Market Regional Analysis
The Americas dominate the global CBD market, owing to the increasing consumption of cannabis-based products. According to the World Health Organization (WHO), the consumption of marijuana has an annual prevalence rate of nearly 2.5% of the global population, i.e., approximately 147 million individuals. It is also reported that approximately 22.2 million Americans of 12 years of age and older use cannabis and related products for various reasons.
Europe holds the second largest market share due to the rising awareness about clinical applications of cannabis. CBD is legal and can be openly marketed in certain European countries, for instance, the Ministry of Agriculture, Food and Forestry, and the Bulgarian Food Safety Agency issued the ‘free certificate of sale’ for the CBD products. Thus, such approvals and consideration by the regulatory agencies in Europe are driving the CBD market growth in the region. In spite of the approvals and considerations, there are positive restrictions associated with the use of the products. For instance, in 2013, medical cannabis was legalized in the Czech Republic, but it was limited to 180 grams of dry matter per month. In Europe, marijuana and cannabis laws differ from country to country. Previously, Germany was importing medical cannabis from other countries, but in 2017, Germany passed a law to expand access to medical cannabis and to allow domestic production. Increasing participation of various companies such as Medical Marijuana Inc., as a scope of development, announced the formation of Canipa Holdings in Romania, European Union. The effect of such initiatives by the companies is facilitating the growth of the CBD market in the European region.
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The Asia-Pacific region is classified into China, India, Japan, and Rest of Asia-Pacific. It holds the third largest position in the CBD market. Recently, China has legalized the cultivation of CBD (Hemp) and extraction for the derived product. The products are exported and not sold in China. Yunnan provincial government and Public Security Bureau approved the first industrial hemp plant extraction factory in China. It is the largest country in terms of area, population, businesses, and others. The entry of Chinese companies in the CBD market has created a great potential for expansion and growth. In Asia-Pacific, cannabis-based products are completely unacceptable. But due to the increasing cases of epilepsy, cannabis-based products are prescribed by some physicians. For instance, a recent Australian nationwide survey of 976 people with epilepsy indicated that 13% of the parents were using illicit cannabis extracts to manage their child’s seizures. Australia mainly focuses on the medical use of cannabis products. Australian regulatory agencies are operating on providing a guideline for the use of the CBD products. This is expected to help in the growth of the CBD market in Australia.
The Middle East and Africa is expected to witness a restricted growth due to stringent government policies, adverse effects associated with cannabis, and the illegal use of marijuana. In the Middle East, few of the Arab countries are imposing trick laws over the use and handling of cannabis-related products. Thus, the CBD market in these regions has limited scope for growth during the forecast period.
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