CBD Market Size to Reach USD 2,207.16 Million by 2026 at Significant CAGR of 125.58%, Predicts Market Research Future (MRFR)
Prominent Players in the Global CBD (Cannabidiol) Market are Aphria Inc., Freedom Leaf, Inc, Canopy Growth Corporation, Green Roads of Florida, LLC, Folium Biosciences, CBD Health Solutions, LLC, ENDOCA, CV Sciences, Inc, Medical Marijuana, Inc., Isodiol International Inc, and Elixinol Global Limited.
Pune, India, Feb. 08, 2021 (GLOBE NEWSWIRE) -- Global CBD (Cannabidiol) Market Overview:
The growing research and development and financial support for cannabinoid research, the incidence of chronic diseases and related complications, and the legalization of CBD in different regions by various private and government organizations are expected to affect the global demand cannabidiol (CBD) positively.
Global CBD Market is expected to register a huge CAGR of 125.58% during the forecast period and reach astronomical revenue of 2,207.16 million by 2026, as reported by MRFR. However, to curb the global CBD industry's development, adverse effects associated with cannabis and strict government policies are expected.
The growing research and development and financial support for cannabinoid research, the incidence of chronic diseases and related complications, and the legalization of CBD in different regions by various private and government organizations are expected to affect the global demand cannabidiol (CBD) positively. Cannabis oil has become the new consumer trend due to the number of social media influencers endorsing the advantages of cannabis, awareness campaigns from industry participants, and application areas. Plant-based medicine has experienced significant growth in recent years. The need for minimally formulated and chemical-free drugs has also opened up a lucrative opportunity to increase the market being examined. Thus,
COVID-19 Analysis:
As the COVID-19 spread has ramped up, several stores are closing down. Among some of the largest CBD firms, the industry sees an e-commerce revenue spike. This is a motivating move, as many brands have worked tirelessly to get onto the shelves of mass retailers in the past year. However, those who are better positioned for success in the COVID-19 crisis are those with a robust Direct-to-Consumer strategy. Many small brands depend on selling the bulk of their goods through small or local retailers. The mass shuttering of stores is currently likely to deliver a death blow to many of the market's smaller brands. This could work with many of the more prominent brands, who are better placed to deal with the storm and can endorse a robust plan for e-commerce. If CBD brands can survive the next few months, they can compete in a much less crowded market once the crisis stabilizes.
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Competitive Landscape:
The Key players in the global CBD market are:
Aphria Inc.
Freedom Leaf, Inc.
Canopy Growth Corporation
Green Roads of Florida, LLC
Folium Biosciences
CBD Health Solutions, LLC
ENDOCA, CV Sciences, Inc
Medical Marijuana, Inc.
Isodiol International Inc,
Elixinol Global Limited
In addition to expanding their global footprints by penetrating untapped markets, the global CBD market players are concentrating on product launches.
Segmental Analysis
Based on form, the global cannabidiol market is segmented into solid and liquid. The liquid segment held the largest market share of 51.86% in 2018, with a market value of USD 1,601.62 million, and is projected to register a CAGR of 127.24% during the review period.
Based on product, the global cannabidiol market is segmented into therapeutic grade, food-grade, and others.
Based on application, the global cannabidiol market is segmented into fibromyalgia, energy drinks, diabetes, protein bars, neurogenerative disorder, and others.
Based on end-users, the global cannabidiol market is segmented into food & beverage, healthcare, and others. Due to factors such as increased CBD usage for medical conditions such as epilepsy, sleep disorders, schizophrenia, and multiple sclerosis symptoms, the healthcare sector is expected to gain a large share over the review period. Also, individuals suffering from chronic pain are now opting to treat related CBD-based drug conditions, which are expected to fuel demand growth over the forecast period.
The global cannabidiol market is segmented into inorganic and organic based on source. The organic segment is expected to witness the largest market share over the review period.
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Regional Analysis
As cannabis-based goods are gradually consumed, the Americas dominate the global CBD market. Some of the key factors driving the region's development are the growing legalization of medical cannabis in independent states of the U.S., the liberalization of government legislation surrounding the same, and an overall rise in the acceptance of cannabidiol for medicinal, health, and personal usage. Also, for medicinal purposes, Canada has authorized the cultivation and sale of both CBD and THC potent marijuana. Therefore, the availability in the major economies of CBD-based products also supports the development of the region's industry.
In 2018, the Americas accounted for the largest market share of 78.14% with a market value of USD 2,413.34 million, followed by Europe with a market value of USD 358.19 million in 2018.
Owing to the growing recognition of the therapeutic applications of cannabis, Europe holds the second largest market share. CBD is legal and can be sold freely in some European countries, so the approval and consideration of regulatory agencies in Europe drive the development of the region's CBD industry. There are beneficial restrictions associated with using the goods beyond the permissions and considerations. Increasing involvement in the growth of various firms, such as Medical Marijuana Inc., has announced Canipa Holdings' establishment in Romania, EU. The expansion of the CBD market in the European region is encouraged by companies' influence on such initiatives.
In the CBD industry, APAC holds the third-largest position. China has recently legalized CBD production (Hemp) and the extraction of the derived product. The goods in China are exported and not sold. The entry into the CBD market of Chinese companies has generated excellent expansion and growth potential. Cannabis-based goods are inappropriate in the Asia-Pacific. Yet, certain doctors recommend cannabis-based drugs because of the increasing cases of epilepsy. Australia focuses specifically on the use of cannabis products for medicinal purposes. Australia's regulatory authorities are working to provide guidelines on the use of CBD goods. This is expected to assist in the development of the Australian CBD industry.
The Middle East and Africa are predicted to see limited growth due to strict government policies, cannabis-related adverse effects, and the illicit use of marijuana. Few Arab countries in the Middle East enforce trick laws on the use and handling of cannabis-related goods. Thus, during the forecast period, the CBD market in these regions has limited scope for growth.
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Industry Updates
January 2021: A US-based maker, Nano Hydrate, has unveiled product marketing services leveraging advanced technologies to provide natural healing through branding services of pharmaceutical-grade cannabidiol (CBD). Nano Hydrate aimed to create a collaborative program that would allow them to introduce existing brands to the market for niche CBD products while expanding options for cannabis-infused beverages to the cannabis industry.
January 2021: Next leaf, the most innovative cannabis extractor globally, today reported that the Company had been granted a patent by the United States Patent and Trademark Office for a process that adds to the Company's dynamic and growing U.S. patent portfolio resulting in a solventless cannabis concentrate.
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