Cannabidiol (CBD) Market Revenue Driven by Rising Awareness about the Therapeutic Benefits of Cannabidiol: Reports and Data
Rising social acceptance of cannabidiol, growing medical uses of CBD, increasing popularity of CBD oil are some key factors expected to drive market growth
Reports and Data has published its latest report titled “Cannabidiol (CBD) Market, By Product (Tinctures, Transdermal Patches, Pills & Capsules, Isolates, Suppository, Oil, and Others), By Source (Hemp, Marijuana), By Application (Personal Use, Medical, Food & Beverages, Cosmetics & Personal Care, Nutraceuticals, Others), By Distribution Channel (Offline, Online), and By Region Forecast to 2028”
According to the latest report by Reports and Data, the global cannabidiol (CBD) market size was USD 2.97 Billion in 2020 and is expected to reach USD 15.15 Billion in 2028 and register a revenue CAGR of 22.6% during the forecast period, 2021-2028.
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Drivers, Restraints, and Opportunities
CBD or, Cannabidiol, is the second common active component in cannabis (marijuana). While CBD is an essential component of medical marijuana, it is either extracted directly from the hemp plant, which is a relative of marijuana, or synthesised in a lab. CBD is one of hundreds of ingredients in marijuana, but it does not produce a “high” on its own. The rapid development of treatments, pharmaceuticals, and other consumer products made from marijuana, as well as its beneficial health benefits, has resulted in increased official legalisation for CBD products. Consumers are seeking new and more nutritious food products with high nutrient value to aid in achieving personal fitness goals and reduce ailments like inflammation and pain. This is a major factor drive cannabidiol market revenue growth over the forecast period.
Furthermore, United States Food and Drug Administration (FDA) has recognised a number of potential CBD applications. In December 2015, US FDA relaxed regulatory criteria, allowing researchers to undertake CBD experiments. The Farm Bill of 2018 made hemp legal in the United States, making it nearly hard to keep CBD illegal.
However, side effects of cannabidiol and strict government regulations on use of cannabidiol in products are major factors expected to restrain legal marijuana market revenue growth during the forecast period. Dry mouth, lightheadedness, low blood pressure, and sleepiness are all possible adverse effects of CBD. High doses of Epidiolex, a prescription version of CBD, have also been linked to signs of liver injury.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
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Medical Segment to Lead in Terms of Revenue Share:
Medical segment is expected to account for largest revenue share in the global market over the forecast period due to increasing private investments on research and development activities to explore the health effects of CBD. Moreover, different businesses buy CBD oils in bulk to make a variety of CBD-infused products that helps to reduce pain and provide stress relief. CBD oil are available in tinctures, capsules, food items, oil bases for vaporizers, and beauty products such as lotions or bath bombs.
Hemp Segment to Register Significant Revenue Growth:
Hemp segment is expected to register significant revenue growth over the forecast period as hemp-derived CBD products have anti-inflammatory, high antioxidant, and anti-aging benefits increased legalization of medicinal cannabis and growing disposable income. It is used in a variety of industries for fitness and wellness, nutraceuticals, pharmaceuticals, cosmetics, and food and drinks.
North America to Register Robust Revenue Growth:
North America is expected to register robust revenue growth over the forecast period attributable to increased public acceptance of CBD, growing awareness about the health advantages of cannabis, and legalisation of cannabidiol and its application in various industries such as food and beverages sector and nutraceuticals. Furthermore, the presence of prominent pharmaceutical stores – mostly in the United States, such as Walgreens, CVS Health, and Rite Aid – providing a wide range of cannabis-based goods is driving market revenue growth.
Latin America Accounted for Largest Revenue Share in 2020:
Latin America is expected to account for largest revenue share in the global market in 2020 over the forecast period. Uruguay was Latin America’s first country to legalise marijuana for recreational use. Consumer perceptions are changing, and marijuana is being used for more than just getting high, which is fueling regional market growth. Medical marijuana has been authorised in Uruguay, Peru, and Colombia, while recreational marijuana has been legalised in the rest of the area.
Major Companies in the Market Include:
- Folium Biosciences LLC
- Elixinol Wellness Limited
- CV Sciences, Inc.
- Aurora Cannabis Inc.
- Medical Marijuana Inc.
- Isodiol International Inc.
- Cannoid, LLC
- PharmaHemp CBD Izdelki
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For the purpose of this report, Reports and Data has segmented global cannabidiol (CBD) market is segmented on the basis of product type, source, application, distribution channel, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
- Pills & Capsules
- Vape Oil
- Ointment Roll-on
- Transdermal Patches
Source Outlook (Revenue, USD Billion; 2018-2028)
Application Outlook (Revenue, USD Billion; 2018-2028)
- Personal Use
- Chronic Pain
- Mental Disorders
- Food & Beverages
- Cosmetics & Personal Care
Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)
- Offline Channels
- Online Channels
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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