CBD (Cannabidiol) Market Overview
Cannabidiol (CBD) is a safe, non-addictive substance that is found in the cannabis plant. Sometimes, it is used as medicine. A new report on the global CBD market, published by Market Research Future (MRFR), highlights that this market could asses an advancement at 125.58% CAGR between 2019 and 2026. In terms of money value, the market can be worth USD 22,07,162.54 Mn by the end of the forecast period.
The key market driver for the global CBD market growth is a range of therapeutic benefits that include analgesic properties, anti-anxiety properties, anti-inflammatory properties, and seizure-suppressant properties. The growing research & development (R&D) along with financial support by different private and government organizations for cannabinoid research, is progressing market growth. Other important market drivers include rising occurrence of chronic ailments, complications related to chronic ailments, and legalization of CBD in many countries, especially European countries. However, adverse effects of cannabis and stringent government policies can restrain market growth.
CBD (Cannabidiol) Market Segmentation
The global CBD market segmentation encompasses application, end-user, form, product, route of administration, and source. MRFR’s take on the market surveys various facets of the market in-depth.
The application-based segmentation of this market covers diabetes, energy drinks, fibromyalgia, neurogenerative disorder, and protein bars. In the context of end-users, the market has been segmented into food & beverage, healthcare, and others. Based on the product, the market has been segmented into food grade, therapeutic grade, and others. Observing the source, the market has been segmented into organic and inorganic.
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Regarding form, the market has been segmented into solid and liquid. The solid form has been sub-segmented into capsule/softgel, CBD crystals, CBD wax, hash, and others. The liquid form has been sub-segmented into CBD oil, cream, e-liquid, tincture, and others.
As per the route of administration the market has been segmented into aerosol spray, capsules, inhalation (smoke or vapor), and tincture. During the forecast period, the capsule segment can grow at 128.37% CAGR. Consumers can use CBD capsule without experiencing the taste of CBD.
CBD (Cannabidiol) Market Regional Segmentation
A geographical outlining of the global CBD market covers The Americas (North America & South America), Europe, Asia Pacific, and the Middle East & Africa (MEA).
The Americas region dominates the global market as North America alone is strong enough to dominate it, whereas Latin America joins the market segment as a bonus. Due to technological advancement, availability of advanced medical facilities, and presence of key market players, North America is a bigger market segment compared to Latin America. Other factors forwarding the market growth in this region are increasing consumption of cannabis-based products, rising demand for cannabis, medicinal use of cannabis being legal in 28 states of the USA. All the major market players in this region are based in USA and Canada.
Europe is the second-largest regional market due to the rising awareness about clinical applications of cannabis. In Bulgaria, despite certain restrictions, the sales of CBD products are legal. In Czech Republic, use of medical cannabis is limited to 180 grams of dry matter per month. Marijuana and cannabis laws are different many European countries. For example, earlier Germany used to import cannabis but later, domestic production was allowed by the government. Canipa Holdings in Romania can also boost market growth. In terms of strong economies, France and UK also hold the potential of being important regional markets someday.
The Asia Pacific region is the third-largest regional market as China has legalized the cultivation of CBD (Hemp) and extraction for the derived product. Although China exports these products, domestic sales are not allowed. The entry of Chinese companies in the CBD market spells great potential for expansion and growth. In most countries of Asia Pacific region, the use of cannabis-based products is allowed only in the increasing cases of epilepsy. Australia focuses on the medical use of cannabis products, but the use is not unrestricted. In terms of strong economies, India and Japan hold the potential of being powerful markets someday.
The MEA region is expected to see a restricted growth during the forecast period, due to adverse effects associated with cannabis, stringent government policies, and the illegal use of marijuana. In the Middle East, some Arab countries are imposing trick laws over the use and handling of cannabis-related products. Thus, the scope of market growth during the forecast period is limited.
CBD (Cannabidiol) Market Key Players
Big players in the global CBD market include Aphria Inc. (Canada), Canopy Growth Corporation (Canada), CBD Health Solutions LLC (USA), CV Sciences Inc. (USA), Endoca (The Netherlands), Elixinol Global Limited (Australia), Freedom Leaf Inc. (USA), Folium Biosciences (USA), Green Roads of Florida LLC (USA), Isodiol International Inc. (Canada), and Medical Marijuana Inc. (USA).
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CBD (Cannabidiol) Industry News
The Slovak government has introduced a draft law that deletes CBD from the list of psychotropic substances. Thus, CBD is now a non-regulated substance in Slovakia. 23 AUG 2019