WASHINGTON, Feb. 08, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Cannabidiol (CBD) Market finds that increasing awareness of cannabidiol's therapeutic benefits is expediting market growth. Primarily driven by increasing demand for cannabidiol (CBD) for health and wellness purposes is high, the total Global Cannabidiol (CBD) Market is estimated to reach USD 47.22 Billion by 2028, up from USD 4.9 Billion in 2021, at a compound annual growth rate (CAGR) of 21.3%.
Furthermore, rising acceptance and use of CBD products due to government approvals to augment the growth of the Global Cannabidiol (CBD) Market, states Vantage Market Research, in a report, titled “Cannabidiol (CBD) Market by Source (Hemp, Marijuana), by Distribution Channel (Online, Offline), by End-Use (Medical, Personal Use, Pharmaceuticals, Wellness), by Region (North America, Latin America, Europe, Asia Pacific) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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List of Prominent Players in the Cannabidiol (CBD) Market:
- Aurora Cannabis
- Canopy Growth Corporation
- Cronos Group
- CV Sciences, Inc.
- Medterra
- Tilray
Market Dynamics:
Growing Applications of CBD in Skincare Industry to Fuel Global Cannabidiol (CBD) Market
CBD oil is increasingly used for the manufacturing of skincare products to treat acne and wrinkles. For instance, Sephora had launched a special range of CBD skincare products in its stores. Similarly, Ulta Beauty is planning to offer a special range of CBD based products. In addition to this, a number of new companies are entering the CBD infused beauty products market. For instance, in 2019, Aphria, Canada based Cannabis Company, introduced its first-ever CBD-based cosmetics line in Germany.
Additionally, the investment from governments and major players in R&D sector is increasing. Cannabidiol (CBD) has witnessed to be an effective treatment for epilepsy in several clinical trials. For instance, Epidiolex, produced by GW Pharmaceuticals, has shown positive results in Phase III trials in the U.K. for Dravet and Lennox-Gastaut syndromes, both are treatment-resistant seizure disorders.
Echo Pharmaceuticals developed Arvisol, an oral tablet containing pure CBD, for the treatment of several neurological disorders, including schizophrenia and epilepsy. Arvisol is still undergoing Phase I clinical trials. Zynerba Pharmaceuticals is developing a CBD- based gel, named Zygel. The product is designed for treating Fragile X syndrome, adult seizures, and encephalopathies. Currently, the formulation is in open-label Phase II testing for Fragile X syndrome.
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Increasing Demand for CBD Hemp Oil via Ecommerce Platform to Stimulate Market Growth
CBD is being legalized in more regions, which is grabbing attention from e-commerce platforms in North America and Europe. Global trend leaning towards shopping for pet food products, nutritional products, cosmetic products, and medicinal products on e-commerce websites and platforms are some of the significant factors for providing an impetus to the demand for CBD oil products. Closedown of offline stores against the backdrop of COVID-19 has turned regular offline consumers towards online stores, aiding the increasing demand for CBD oil and products on e-commerce platforms. The rise in demand for cosmetic and nutritional products with CBD oil/tincture/powder has been experienced 25% more traffic and a substantial on e-commerce websites across Asia-Pacific and North America. CBD oil/tincture/powder and product sale through e-commerce bring forth a number of opportunities for manufacturers to enhance their revenues and, subsequently, profit margins.
COVID-19 Impact Analysis:
The Cannabidiol (CBD) market’s situation wasn’t quite good during all quarters in 2020 in terms of demand and supply. Raw material suppliers, manufacturers, and distributors underestimated the underlying demand for Cannabidiol (CBD) products. Lack of clear guidance and regulatory uncertainty from the FDA and other worldwide agencies dealing with CBD regulations are some of the factors that impacted the CBD market negatively.
Since the start of Q1 2020, the overall hemp industry has been facing tremendous pressure economically. Fall of prices has engendered a situation of economic distress and doubts within the overall CBD products industry. Starting from raw material supply to final distribution channel, entire value and supply chain for CBD products are experiencing disruptions. In the COVID-19 situation, along with lack of equipment, lack of human capital has hit the cannabis supply hard, resulting in a sudden drop in Cannabis supply. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The Report on Cannabidiol (CBD) Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Dominates the Global Cannabidiol (CBD) Market
North America has dominated the global Cannabidiol (CBD) market in 2021 and is likely to continue the same trend during the forecast period. The market growth in the region is attributed to factors such as, increasing adoption of these technologies and rising investment in Research and Development (R&D) activities across the region. Also, increasing application if the Cannabidiol (CBD) products is also anticipated to fuel the market growth over the forecast period.
Asia Pacific is likely to witness the fastest growth in the CBD market during the forecast period. According to Chinese law, exclusively Chinese companies are allowed to grow, cultivate, and sell hemp in China. With growing companies investing in Chinese hemp, the Chinese government is supporting more planting of hemp, which has ultimately increased acreage, making China a leader in Hemp cultivation, benefitting other Asian countries, including Japan and South Korea. According to Mazakali, an investment firm in San Francisco, the world’s largest CBD extraction facility was opened in 2016 in China, which was the first step towards establishing a comprehensive Cannabis and hemp supply chain.
Browse market data Tables and Figures spread through 173 Pages and in-depth TOC on "Cannabidiol (CBD) Market by Source (Hemp, Marijuana), by Distribution Channel (Online, Offline), by End-Use (Medical, Personal Use, Pharmaceuticals, Wellness), by Region (North America, Latin America, Europe, Asia Pacific) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/cannabidiol-cbd-market-245396
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Cannabidiol (CBD)Market?
- How will the Cannabidiol (CBD) Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Cannabidiol (CBD) Market?
- What is the Cannabidiol (CBD) market drivers and restrictions?
- What will be the CAGR and size of the Cannabidiol (CBD) Market throughout the forecast period?
Recent Developments:
June 2021: - Vertical Wellness, the US-based cannabidiol company, announced an agreement to merge with Canada-based company CanaFarma Hemp Products Corp., which offers multiple hemp-related products and services. This merger will help Vertical Wellness transform into a public entity with a combined worth of $50 million.
This market titled “Cannabidiol (CBD) Market” will cover exclusive information in terms of Geographic Segmentation, Regional Analysis, Forecast, and Quantitative Date – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 4.9 Billion |
| Projected Market Size in 2028 | USD 47.22 Billion |
| CAGR Growth Rate | CAGR of 21.3% From 2022 - 2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Source: - Hemp, Marijuana Distribution Channel: - Online, Offline End-Use: - Medical, Personal Use, Pharmaceuticals, Wellness |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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