The global cannabidiol market is driven by increasing awareness about health benefits of CBD and its legalization in various countries for medical applications. CBD is a non-intoxicating compound found in cannabis plants, used for relieving pain and reducing anxiety and inflammation. It is used in treatment of various medical conditions like epilepsy, multiple sclerosis, Parkinson's disease, chronic pain etc. It is available in different forms like tinctures, capsules, topicals and vaping liquids.
The global Cannabidiol Market is estimated to be valued at US$ 323.23 Mn and is expected to exhibit a CAGR of 4.0% over the forecast period, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The global CBD market is primarily driven by increasing adoption of CBD for medical uses owing to its excellent therapeutic properties. According to World Health Organization (WHO), CBD is effective in treatment of various medical conditions like epilepsy, inflammation, anxiety and improving sleep. Secondly, legalization of cannabis-based products containing CBD in major countries is also fueling market growth. In 2018, United States passed the Farm Bill legalizing CBD derived from hemp. In European Union, countries like UK, Italy, Germany have relaxed regulations regarding cannabis. The key players are focusing on research & development activities to develop advanced formulations and extend application scope of CBD across various therapeutic areas. However, complexity in distribution & sale owing to legal regulations in some countries acts as a major restraint.
SWOT Analysis
Strength: The cannabidiol market offers various health benefits such as reduced anxiety, pain relief, and improved sleep. Cannabidiol has anti-inflammatory properties which helps treat chronic conditions. Growing awareness about the medical uses of cannabidiol is driving more people to use cannabidiol products.
Weakness: Unclear regulations in many countries pose challenges for the cannabidiol market's growth. Long term health effects of using cannabidiol products are still unknown which limits their adoption. High costs associated with cannabidiol products restricts their use among low income groups.
Opportunity: If regulations become more lenient, the cannabidiol market can expand into new regions. Innovation in product forms can address accessibility issues and appeal to newer customer segments. As research on cannabidiol progresses, discovery of additional health benefits will increase the scope for medical use.
Threats: Strict regulations in major markets continue to hamper the cannabidiol market's expansion. Introduction of low cost alternatives and development of new treatment methods can reduce dependence on cannabidiol over time. Public perception around usage of cannabinoid extracts for medical purposes remains mixed in various countries.
Key Takeaways
The global cannabidiol market is expected to witness high growth over the forecast period of 2023-2030. Key factors driving this growth are rising incidence of chronic conditions, extensive research proving cannabidiol's therapeutic benefits and growing adoption among the elderly population.
Regional analysis
The North America region holds the highest share in the global cannabidiol market and is expected to continue its dominance over the forecast period. Increased awareness, easy availability of cannabidiol products across retail channels and growing prevalence of lifestyle diseases are major factors contributing to the large market size of North America. Europe follows North America in terms of cannabidiol market share and is witnessing steady growth with supportive research initiatives exploring therapeutic uses of cannabidiol.
Key players:
Key players operating in the cannabidiol market are ENDOCA, Cannoid, LLC, Medical Marijuana, Inc., Folium Biosciences, Elixinol, NuLeaf Naturals, LLC, Isodiol International, Inc.,Pharmahemp d.o.o. They are focussing on enhancing their product portfolios through strategic collaborations for research and development of new therapeutic applications of cannabidiol. Partnerships with
Cannabidiol (CBD) is a natural botanical concentrate that is high in the compound CBD.
Of the more than 85 cannabinoids so far identified in the cannabis plant, CBD is the second most common after tetrahydrocannabinol (THC).And in our report, the Cannabidiol (CBD) product refers in particular to Cannabidiol (CBD) Oil.Download FREE Sample of this Report @ https://www.grandresearchstore.com/report-sample/global-cannabidiol-2019-2024-301Cannabidiol (CBD) is a natural botanical concentrate that is high in the compound CBD.
Of the more than 85 cannabinoids so far identified in the cannabis plant, CBD is the second most common after tetrahydrocannabinol (THC).Presently, the production of Cannabidiol Oil (CBD Oil) is mainly concentrated in Europe and North America.
Many producer of Cannabidiol Oil (CBD Oil) in the industry have formed an integrated industry chain, from the industrial hemp to downstream industries.
Most of them can provide various finished products of Cannabidiol Oil (CBD Oil) to customers directly.According to this study, over the next five years the Cannabidiol (CBD) market will register a 34.7% CAGR in terms of revenue, the global market size will reach US$ 1316.4 million by 2024, from US$ 296.4 million in 2019.
In particular, this report presents the global market share (sales and revenue) of key companies in Cannabidiol (CBD) business, shared in Chapter 3.This report presents a comprehensive overview, market shares, and growth opportunities of Cannabidiol (CBD) market by product type, application, key manufacturers and key regions and countries.This study considers the Cannabidiol (CBD) value and volume generated from the sales of the following segments:Segmentation by product type: breakdown data from 2014 to 2019, in Section 2.3; and forecast to 2024 in section 11.7.Hemp-derived TypeMarijuana-derived TypeSegmentation by application: breakdown data from 2014 to 2019, in Section 2.4; and forecast to 2024 in section 11.8.Pharmaceuticals IndustryFood IndustryCosmetics IndustryOtherThis report also splits the market by region: Breakdown data in Chapter 4, 5, 6, 7 and 8.AmericasUnited StatesCanadaMexicoBrazilAPACChinaJapanKoreaSoutheast AsiaIndiaAustraliaEuropeGermanyFranceUKItalyRussiaSpainMiddle East & AfricaEgyptSouth AfricaIsraelTurkeyGCC CountriesThe report also presents the market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market.
