Cannabidiol (CBD) Market

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Global Cannabidiol (CBD) Market is valued at USD 4.9 Billion in 2021 and is projected to reach a value of USD 47.22 Billion by 2028 at a CAGR of 21.20% over the forecast period.

The Cannabidiol (CBD) market will experience tremendous expansion as consumer awareness of health and fitness increases. The demand for cannabidiol in this industry is predicted to increase as consumer disposable income rises, and medical marijuana is legalized. Additionally, CBD products treat various issues, including anxiety, stress, sleeplessness, migraines, skin diseases, seizures, joint pain, inflammation, and neurological conditions. The extra advantages CBD provides when treating chronic pain have helped the medication become very popular. The anxiety that CBD products lessen persons with chronic pain face. As a result, the Cannabidiol (CBD) market is being boosted by the rising demand for CBD in treating chronic pain.

With the market's increasing need for creative and refined products, manufacturers are investing heavily in R&D to create new CBD-based products. CBD items in high demand include oils, capsules, tinctures, concentrates, topical solutions such as enslaved people, lotions, lip balms, and consumables like baked foods, chocolates, coffee, gum, and sweets. The increased demand has raised the number of trials to examine the influence of CBD on specific health disorders, which is projected to result in the development of new products, offering Cannabidiol (CBD) market opportunity for the demand to rise in the next years. Moreover, introducing new products increases R&D efforts, and numerous tactical choices made by leading producers in the market will present attractive growth prospects for the global Cannabidiol (CBD) market.

Top Market Trends

· The global Cannabidiol (CBD) market is anticipated to develop throughout the forecast period due to the rising demand for cannabidiol in health and fitness.

· In 2021, the oils segment dominated the market with the highest share of 35%.

· In 2021, the pharmaceutical segment dominated the market.

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· Adopting strategic alliances by major market participants, such as partnerships and acquisitions, is a growth potential for the global market.

Market Segmentation:

The Cannabidiol (CBD) market is segmented based on Product, Route of Administration, Source, Distribution Channel, End Use and Region. Based on the product, the market is further segmented into oil, tinctures, suppository, transdermal Patches, isolates, tablets, capsules, vape oil, creams and roll-ons and CBD inhalers. Based on the route of administration, the market is further segmented into oral, topical, inhalation, transdermal patches, rectal and sublingual. Based on the source, the market is segmented into marijuana and hemp. Based on the distribution channel, the market is segmented as online and offline. Based on end use, the market is segmented into medical, personal use, pharmaceuticals and wellness.

Based on Source:

The Hemp Category Dominated the Market in 2021

The hemp category dominated the cannabidiol (CBD) market in 2021 because of increased crop farming in response to climate conditions. Legalizing the expanding industrial hemp crop is also expected to accelerate market expansion. Because of the increased awareness of the usage of marijuana in medical situations, the marijuana category is expected to account for a large proportion of the market during the forecast period. Government officials support promoting effective pharmaceuticals for treating various health conditions.

Based on End Use:

The Pharmaceutical Category Dominated the Market in 2021

The pharmaceutical category dominated the market in 2021. Over the projected period, the segment is expected to increase profitably. The growing number of current trials to investigate the influence of CBD on certain health issues is expected to stimulate product demand in the future. Furthermore, several businesses buy CBD oils in bulk and make CBD-infused products. A broad consumer base uses these goods as a pain and stress treatment alternative. Most of these products are consequently depicted as being in the market's growth phase. The rapid shift of cannabidiol from natural medicines to prescription medications is expected to drive market expansion.

Based on Regional Analysis:

The North America had the Largest Share in 2021

North America is estimated to hold the market's largest share in 2021. The region's expanding personal and medical use of marijuana and its derivatives, rising public awareness of cannabis' health benefits, rising acceptance of CBD, and legalization of cannabidiol's use in a variety of consumer goods, including food, drink, and nutraceuticals, are all major drivers of the region's revenue growth. Furthermore, top pharmaceutical retailers, especially in the United States, such as CVS Health, Walgreens, and Rite Aid, who sell various cannabis-based goods, further propel revenue growth in the regional market.

Recent Developments:

· In January 2022, four distinct over-the-counter (OTC) treatments developed to target the causes of minor pain and pains were introduced as part of the launch of +PlusCBD pain relief topicals, according to CV Sciences, Inc. This product introduction is anticipated to allow the company to increase the number of +PlusCBD products it offers.

· In June 2021, for well under USD 60 million, The Valens Company completed the purchase of Green Roads. Through a well-established network of Green Roads, the acquisition provides The Valens Company with access to the U.S. CBD market.

· In May 2021, under the Hemp Access and Consumer Safety Act, the U.S. Senate unveiled new legislation. This act requires the establishment of a specific labeling and packaging system for cannabinol goods. Because of this, manufacturers will be allowed to create goods containing cannabidiol using FDA-approved methods and distribute them through various channels.

· In April 2021, manufacturers of cannabidiol and phytoextracts from Switzerland were acquired by K.D. Pharma is a pioneer in lipid technology. With this step, the company will be able to deliver the active pharmaceutical ingredients (APIs) needed to create new cannabinoid-based medicines for the growing market.

Competitive Landscape:

The key players in the Global Cannabidiol (CBD) Market include- Aurora Cannabis, Canopy Growth Corporation, Cronos Group, CV Sciences, Inc., Medterra, and Tilray and others.

Segmentation of the Global Cannabidiol (CBD) Market