Market Analysis
The global CBD market is anticipated to touch USD 22,07,162.54 million at a 125.58% CAGR between 2016-2026, states the latest Market Research Future (MRFR) report. The term CBD is popping up in almost every product right from hummus, face cream, to the morning latte. Cannabidiol or CBD, simply put, is a chemical compound extracted from cannabis plants. This is a naturally occurring substance that is used in products such as edibles and oils for imparting a feeling both of calm and relaxation. As opposed to THC (tetrahydrocannabinol), this is not psychoactive.
CBD is extremely beneficial for different conditions, such as helping sexual dysfunction, improving cardiovascular health, reducing acne, moisturizing skin, soothing inflammation, calming anxiety, among others. Though CBD beverages and edibles have gained a lot of popularity, the most effective and the most widely used methods to take CBD include CBD oil tinctures, CBD capsules, vaping, and topical CBD such as balms and creams. With CBD turning increasingly mainstream, today, it is readily available in most health food stores and pharmacies.
The CBD market is witnessing increasing demand due to several factors such as its increasing use during drug withdrawal and cancer cases, the different benefits that CBD products offer, such as contains anti-inflammatory properties, treat epilepsy and mental health disorders, and protection from Alzheimer’s. Additional factors propelling the growth of the CBD market include rapid technological advancements, rising investments in R&D activities, increasing usage in medical applications, increasing investments made by consumers on cannabis products, and the adoption of different cannabis products.
On the flip side, strict rules related to the utilization of CBD is likely to impede the CBD market growth during the forecast period.
Market Segmentation
The global CBD market has been segmented in terms of product, application, form, source, route of administration, and end user.
By form, the CBD market has been segmented into solid and liquid. The liquid segment is again segmented into tincture, e-liquid, CBD oil, cream, and others. The solid segment is again segmented into CBD wax, softgel/capsule, CBD crystals, hash, and others.
By product, the CBD market is segmented into food-grade, therapeutic grade, and others. Among these, the therapeutic grade segment will dominate the market during the forecast period.
By application, the CBD market is segmented into fibromyalgia, protein bars, diabetes, neurogenerative disorder, energy drinks, and others. Among these, fibromyalgia will have the maximum share in the market during the forecast period.
By end user, the CBD market has been segmented into healthcare, food & beverage, and others.
By source, the CBD market has been segmented into inorganic and organic.
Regional Analysis
The global CBD market is geographically distributed across the following key regions- Europe, the Asia Pacific, Latin America, the Middle East and Africa, and North America. Among these, North America will have the lion’s share in the market during the forecast period. Various factors propelling the growth of the CBD market in the region include the presence of popular cannabis giants in the region, increasing awareness regarding the perks of taking cannabis, increasing legalization of CBD for medical and recreational purposes, easy accessibility of cannabis-based products on online platforms, and increasing consumption of products that are cannabis-based.
In the Asia Pacific region, the CBD market will have healthy growth during the forecast period for the region’s economic conditions that are taking the CBD market to new heights.
In Europe, the CBD market will grow at the fastest pace during the forecast period for the changing legislative framework.
In the MEA, the CBD market will have stable growth during the forecast period.
Key Players
The CBD market comprises a host of key players which includes Medical Marijuana, Inc., Elixinol Global Limited, ENDOCA, Canopy Growth Corporation, Green Roads of Florida, Folium Biosciences, CBD Health Solutions, LLC, Aphria Inc., Isodiol International Inc, Freedom Leaf, Inc, CV Sciences, Inc, and LLC. Key players have incorporated specific strategies to create a footprint in the market, such as product innovations, mergers, acquisitions, recent developments, joint ventures, collaborations, partnerships, and more.
NOTE : Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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