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.
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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.
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.
