The global Cannabidiol (CBD) market size was USD 2.97 Billion in 2020 and is expected to register a revenue CAGR of 22.6% during the forecast period. Increasing government approvals for CBD products, rising adoption of CBD products for medical use, and increasing public awareness about therapeutic benefits of CBD are some key factors expected to continue to drive market revenue growth over the forecast period. Increasing CBD-related research and development activities are also expected to support revenue growth of the CBD market going ahead.
Acknowledgment of the significance and advantages of marijuana as well as various byproducts across the healthcare industry is a major development over the last decade. CBD is one of the most important marijuana elements used by the healthcare industry to provide medical relief for several disorders. Being plant-based and proving to be a natural alternative to numerous conventional medications, acceptance has been rather rapid and spontaneous, and various CBD-based products have begun to gain traction in various countries across the globe. As a result, governments in countries in various regions are legalizing the use of CBD-based medications and related medicinal treatments, which is expected to boost production and sales of CBD products. Cannabidiol is the most widely adopted ingredient for medicinal purposes due to its absence of psychotropic properties. CBD oils are utilized for treatment of various medicinal applications, including depression and anxiety care, reducing stress, alleviating conditions associated with diabetes, as pain medication, cancer symptoms alleviation, and inflammatory issues. Rising awareness about the medicinal properties of CBD and the various advantages is prompting an increasing number of individuals to explore outcomes and relief. Regardless price, retail stores are focusing intently on marketing cannabis-based products since these products offers higher profitability. However, taboo related to marijuana and society in some countries and misconceptions regarding potential psychedelic effects are restraining the potential of a more patients and individuals opting for CBD-base products.
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Market Dynamics:
Driver: Increasing government approvals for CBD products
Increasing government legalization for CBD products has emerged from rapid development of cures, medications, as well as other consumer products made from marijuana and its favorable health benefits. United States Food and Drug Administration (FDA) has identified many possible CBD uses and acknowledges the possibility of incorporating it into a range of foods and non-food products. CBD is becoming more widely utilized in food and other necessities, and demand for CBD has been rising in the recent past. Consumers are looking for new and more nutritious food products that are high in nutrient value to help achieve personal fitness objectives and minimize conditions and ailments such as inflammation and pain. Products containing CBD oil are being introduced in the market owing to steady legalization of CBD products by governments, and various industries such as pharmaceuticals, food and beverages, and cosmetics industries have begun to include CBD ingredients in products, which is expected to boost revenue growth of the market to a significant extent going ahead.
Restraint: Misconceptions about CBD products causing psychedelic effects
CBD-based products are becoming increasingly popular among customers in developed countries including the US, Canada, the UK, Russia, and many others, but not so much in developing countries in regions such as Asia Pacific and the Middle East & Africa. Because of its popularity amongst customers for recreational uses, the misconception related to the products having psychedelic effects is limiting consumption of CBD products. In addition, side effects of using CBD products are expected to hamper market growth to a certain extent. CBD products have been found during clinical trials to have some adverse effects, and the severity and type of effects can vary from person to person. CBD oil can also increase liver enzymes, which is a marker of liver inflammation. Individuals having liver problems must take CBD products with professional supervision and with caution, ideally under the supervision of a doctor who would monitor blood liver enzyme levels on a regular basis.
Product Outlook:
Based on product, the global CBD market has been segmented into tinctures, transdermal patches, pills & capsules, isolates, suppository, oil, vape oil, ointment roll on, and others. Oil segment is expected to account for largest revenue share in the global market over the forecast period. CBD oil is widely used globally due to numerous advantages it offers, notably more for pain-related problems. On a global scale, chronic pain has been identified as a substantial medical burden and government regulators have begun the process of considering CBD oil usage and various procedures are in motion currently.
Source Outlook:
Based on source, the global CBD market has been segmented into hemp and marijuana. Marijuana segment is expected to account for largest revenue share in the global market during the forecast period. Rising popularity has been resulting in development and launch of new and more refined products in the market and this is driving demand for increasingly large volume of marijuana to produce CBD. Hemp segment is expected to register significantly robust revenue CAGR over the forecast period due to hemp-derived CBD products having good antioxidant, anti-inflammatory, and anti-ageing effects. Hemp-derived CBD products are being produced for fitness and wellbeing in a wide range of industries, including pharmaceuticals, cosmetics, nutraceuticals, and food and beverages.
Application Outlook:
On the basis of application, the global CBD market is segmented into personal use, medical, food & beverages, cosmetics & personal care, nutraceuticals, and others. Medical segment is expected to account for largest revenue share in the global market during the forecast period. Robust revenue growth is attributed to factors including increasing number of ongoing research initiatives to explore the effects of CBD on specific health problems. In addition, various businesses purchase CBD oils in bulk for production of a variety of CBD consumables. Products include substitutes for medication for pain and stress relief, and the trend is expected to continue over the forecast period.
Distribution Channel Outlook:
Based on distribution channels, the global CBD market is segmented into offline and online. Offline segment is expected to account for largest revenue share during the forecast period due to rapid growth in the number of businesses forming strategic partnerships with retail sector in order to improve presence and create a different entity for consumers to purchase CBD products. In addition, higher level of customer trust in offline purchases as opposed to online platforms is expected to augment growth of this segment going ahead. Furthermore, as the number of counterfeit products are increasing, customers are increasingly preferring offline outlets due to credibility and physical visibility.
Regional Outlook:
Based on regional analysis, CBD market in North America is expected to account for largest revenue share over the forecast period. North America is regarded as the most developed region in terms of usage of marijuana and its derivatives. Countries including the US, Canada, and Mexico are in the process of total relaxation of regulations for CBD products in recent years, resulting in increasing public acceptability. Rising demand across various genders and age groups is expected to continue to support increased consumption of CBD products.
CBD market in Latin America is expected to register robust revenue CAGR over the forecast period. Uruguay was the first country in Latin America to legalize marijuana for recreational purposes. Consumer perceptions are shifting and there is more to marijuana than just getting high, which is driving market growth in the region. Peru, Uruguay, and Colombia have legalized marijuana for medical purposes; whereas the rest of the region has legalized possession of marijuana for recreational usages. All of these factors have been contributing significantly to market growth.
Competitive Landscape:
The global Cannabidiol (CBD) market is very fragmented with a number of key players operating on global and regional levels. Key players are engaged in product development and strategic alliances to expand their respective product portfolios and gain a robust footing in the global market. Major players in the market include Folium Biosciences LLC, Elixinol Wellness Limited, Medterra, CV Sciences, Inc., Aurora Cannabis Inc., Medical Marijuana Inc., Isodiol International Inc., Cannoid, LLC, PharmaHemp d.o.o., and ENDOCA.
Segments Covered in the Report:
This report offers historical data and forecasts revenue growth at a global, regional, and country level, and provides analysis of the market trends in each of the sub-segments from 2020 to 2030. For this study, Reports and Data has segmented the global Cannabidiol (CBD) market based on product, source, application, distribution channel, and region:
Cannabidiol (CBD) Market Report Scope
Segments covered By Product Outlook, Source Outlook, Application Outlook, Distribution Channel Outlook,Regional Outlook
By Product Outlook
Tinctures
Transdermal Patches
Pills & Capsules
Isolates
Suppository
Oil
Vape Oil
Ointment Roll On
Others
By Source Outlook
Hemp
Marijuana
By Application Outlook
Personal Use
Medical
Cancer
Chronic Pain
Mental Disorders
Others
Food & Beverages
Cosmetics & Personal Care
Nutraceuticals
Others
By Distribution Channel Outlook
Offline
Online
Regional scope
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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