Cannabidiol (CBD) Market

Market Synopsis:

Global Cannabidiol (CBD) Market is valued at USD 4.9 Billion in 2021 and is projected to attain a value of USD 47.22 Billion by 2028 at a CAGR of 21.3% during the forecast period, 2022–2028. The demand for Cannabidiol (CBD) for health and wellness purposes is strong due to its therapeutic characteristics, which is a major factor driving market growth. Furthermore, increased product acceptance and use as a result of regulatory approvals is likely to promote Cannabidiol (CBD) -infused product production. Cannabidiol (CBD) is the most extensively used Cannabidiol (CBD) for therapeutic purposes due to its absence of psychoactive effects. Cannabidiol (CBD) oil is utilised in a variety of medical applications, including anxiety and depression treatment, stress reduction, diabetes prevention, pain relief, cancer symptom relief, and inflammation relief. The global Cannabidiol (CBD) market is expected to develop at a lucrative rate over the forecast period, owing to the increased acceptance of Cannabidiol (CBD) -based products to treat diseases.

COVID-19's increased prevalence is expected to have an impact on market growth over the projection period. The COVID-19 dilemma has had a significant and immediate impact on the healthcare industry. Because of the unexpected impact on the supply chain and the limits imposed on manufacturing and supply operations during the early stages of the coronavirus pandemic, most companies suffered a minor loss in the first few quarters. COVID-19, on the other hand, has raised demand for therapeutics, especially Cannabidiol (CBD) , and some important players have seen favourable sales growth as a result of the increased demand.

Large Scale Adoption of Cannabidiol Products as Alternative to Conventional Medicine

Due to the rising prevalence of cancer, an increasing number of individuals are undergoing chemotherapy and experiencing nausea. Muscle disorders have also increased in recent years as a result of countless people around the world adopting a sedentary lifestyle. Cannabidiol (CBD) medications have been shown to be useful against symptoms, and they are becoming increasingly popular among patients. Furthermore, Cannabidiol (CBD) products are subjected to several scientific trials involving the treatment of a variety of illnesses, including neuropathic pain, among others. As a result, while conventional medicine exists to treat such disorders, worries about its adverse effects have paved the door for Cannabidiol (CBD) products to enter the market. Furthermore, regulatory agencies such as the FDA have given it commercial approval due to its shown therapeutic effects.

Limited Approval from the Authorities

Despite the fact that the legal structure is known to promote market demand, various loopholes limit the Cannabidiol (CBD) market's potential growth across sectors. For example, while Cannabidiol (CBD) products are approved for medical and cosmetic use across the globe, regulatory authorities have resisted Cannabidiol (CBD) acceptance as a food and beverage additive. While some states, like as Texas, allow the consumption of hemp-derived Cannabidiol (CBD) -infused foods and beverages, federal authorization is limited, causing bottlenecks in the supply chain.

Market Segmentation:

The Global Cannabidiol (CBD) Market can be segmented by Source Type, into Hemp and Marijuana. Based on Distribution Channel, Online and Offline. Based on End-Use, Medical, Personal Use, Pharmaceuticals and Wellness. Based on Region, the Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

North America to Continue Dominating the Cannabidiol (CBD) Market

North America dominated the market in 2020 and will continue to do so in the future. Some of the primary causes fuelling the region's growth include the existence of a significant population of health-conscious individuals, increased adoption of -based products, the presence of big manufacturers, and the passage of the United States Farm Bill in 2020. North America is widely regarded as the most progressive region in terms of and its derivatives, such as . It boasts the most CBD firms and the most permissive rules regulating the use of CBD products.

Key Players:

Some of the players are Aurora Cannabis, Canopy Growth Corporation, Cronos Group, CV Sciences, Inc., Medterra, and Tilray.

Cannabidiol (CBD) Market is segmented as follows:

Cannabidiol (CBD) Market is tabulated as follows: