MRFR (Market Research Future) expects the CBD Market to capture a valuation of USD 2,207,162.54 million by 2027. The market’s growth rate is expected to be 125.58% from 2020 to 2027 (analysis period).
Key Boosters and Challenges
Cannabidiol, a major compound that is sourced from marijuana as well as hemp plants, has a number of medicinal applications. Cannabidiol is quite effective in treating several disorders including neurological pain, chronic pain, sleep disorder, anxiety, as well as stress and nausea. Therefore, it has gained widespread popularity worldwide and will continue to witness huge demand in the years to come. Given its healing attributes, their use in health and wellness applications is significantly high, which has been favorable for the business. Additionally, surging acceptance of products having CBD backed by rising government approval will also foster the production and use of the product in the ensuing years.
People are growing aware of cannabidiol's several therapeutic benefits, influencing them to opt for these products without focusing on their cost. Since these have a higher profit margin, retailers are increasingly selling a variety of cannabis-based products. Majority of health wellness retail outlets now offer CBD-based products, including CVS Health, Walgreens Boots Alliance, and Rite Aid. At present, CVS Health is offering CBD topicals in more than 700 stores while Walgreens Boots Alliance sells CBD-laden topicals in over 1600 stores across the United States.
Companies are forging partnerships and also introducing new and improved products to strengthen their distribution networks while boosting consumer bases. Demand for CBD in the food and beverage industry has risen exponentially, and sensing the opportunity, various brands are introducing new drinks to attract a higher number of consumers. For instance, in April 2021, PepsiCo introduced a new drink called Rockstar Energy + Hemp, which made its debut in Germany. This launch marks the company’s foray in the CBD category. The drink contains hemp seed extracts along with guarana, ginseng, caffeine, B vitamins, taurine, and sugar.
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The CBD (Cannabidiol) industry has been considered for application, end user, forms, product, routes of administration, and source.
The application-wise segments listed are energy drinks, diabetes, protein bars, neurodegenerative disorder, and fibromyalgia.
The end-users profiled in the market study are food beverage as well as healthcare.
CBD generally comes in two forms, namely liquid and solid.
Major products listed in the report are therapeutic grade and food grade.
The routes of administration are organic and inorganic.
Source-wise, the market caters to capsules, tincture, inhalation (smoke or vapor), aerosol spray, product (food grade as well as therapeutic grade) and more.
The American market is in the lead, thanks to the substantial demand and use of cannabis-based products. Reports confirm that close to 24.2 million Americans that are over 12 years of age use cannabis as well as related items for a variety of reasons. Extensive pool of health-conscious consumers, presence of renowned manufacturers, and the passing of the U.S. Farm Bill in 2020 have all translated into booming sales of CBD products in the region.
Europe has the second biggest share in the global industry, primarily owing to the high awareness level among the mass and the expanding application range of cannabis in the food industry. CBD has been legalized in the region and is therefore, openly sold in various countries. The Food and Forestry, the Bulgarian Food Safety Agency and Ministry of Agriculture have given the ‘free certificate of sale’ to CBD products. These approvals by the regulatory entities in the region are bound to boost the market size in the years to come.
The Asia Pacific market is concentrated in India, China, and Japan and is currently the third highest gainer. The recent legalization of CBD (Hemp) in China and the Public Security Bureau and Yunnan provincial government giving green signal to the first-ever industrial hemp plant extraction factory in the country has done wonders for the market.
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Major firms in the market for CBD are Freedom Leaf, Inc, Medical Marijuana, Inc., ENDOCA, Aphria Inc., CV Sciences, Inc, Canopy Growth Corporation, Green Roads of Florida, LLC, Elixinol Global Limited, Isodiol International Inc, Folium Biosciences, CBD Health Solutions, LLC, and more.
The companies are primarily focused on carrying out strategical moves such as new launches, business expansion, acquisition, and agreements to bolster their footprints across the globe.
Canopy Animal Health, a segment of Canopy Growth Corporation, which is a world-renowned cannabis company, has launched its latest range of CBD products under the name SurityPro for dogs. Canopy Animal Health has created this latest generation of veterinary CBD products that elevates dogs’ calmness, bolsters their joint flexibility, facilitate healthy aging, and improve the overall mental and physical well-being.
PAO Group Inc. is planning to introduce a new range of CBD Nutraceutical products in 2021. PAOG is currently working on developing the CBD pharmaceutical product, which will be available under the name RespRx, and can be used for treating Chronic Obstructive Pulmonary Disorder.