Global Cannabidiol (CBD) Market |
Posted: October 4, 2021 |
The global Cannabidiol (CBD) Market was valued at USD 395.2 Million in 2019 and is projected to reach USD 3,420.4 Million by 2027, expanding around a CAGR of 30.4% during the forecast period. Cannabidiol (CBD) is a naturally occurring chemical compound found in cannabis plants and accounts for 40% of plant extract. It is immiscible in water but miscible in organic solvents such as hexane or pentane. It is a colorless crystalline solid at room temperature and can be cyclized to Tetrahydrocannabinol (THC) under acidic conditions. CBD-based products such as oils, gums, supplements, and high concentration extracts are used for the treatment of many ailments such as anxiety, cognition, disturbed sleep, diabetes, and pain. Market Dynamics Rising use of cannabis in several products due to increasing consumer preference for CBD products is fueling the growth of the market. Approval of pharmaceutical CBD products for several cancer patients to manage pain is driving market growth. Increasing usage of CBD in medical applications, skin care products, beverages, and supplements is anticipated to propel market growth. The growth of the market can be attributed to the substantial R&D and investments in the pharmaceutical industry. In term of consumption, market share of North America is growing due to the rise in use of CBD for medical purposes such as pain management. Moreover, legalization of CBD has eliminated the need for prescription. This, in turn, is expected to fuel market growth. Market players are creating their online selling platforms for the sale of products, which is boosting the sale of CBD, thus catapulting the market growth. Segmental OutlookOn the basis of product type, the global Cannabidiol (CBD) Market is segmented as isolate, full spectrum, and broad spectrum. Isolate segment is anticipated to expand at a CAGR of around 30.5% during the forecast period as it produces cleaner and healthier oil as compared to alcohol extraction. Full spectrum segment is estimated to hold approximately 33.1% share of the market in 2020 as contains a complete range of cannabinoid and terpene profiles and provides high level of effectiveness. The broad spectrum segment is estimated to hold around 28.9% share of the market in 2021 offer a full range of cannabinoid profiles as it does not contain THC.
Based on source, the market is divided into hemp, marijuana. Hemp account for the major share as hemp derived CBD is obtained from industrial hemp plants, which are harvested for their seeds and fibers. CBD extracted from marijuana is consumed for its intoxicating properties. Correct products for consumers' needs can be found by experimenting with both by changing levels of THC and CBD. Anxiety is a type of feeling people experience when confronted with a threat, danger, or under stress. People feel upset, nervous, and tense when anxious. Anxiety disorders can be caused by various factors such as genetics, brain chemistry, and personality issues. Furthermore, anxiety can be a consequence of life experiences such as job loss, relationship failure, serious disease, major accident, or the death of a loved one. According to the Anxiety and Depression Association of America (ADAA), anxiety affects 40 million adults in the US aged 18 and above, or 18.1% of the population every year. Research has shown consumption of CBD oil by people with anxiety can significantly help to reduce the disorder. Traditional options for treating anxiety include prescription drugs, which can result in several major side effects; hence, people with anxiety can be treated with CBD oil. Fibromyalgia
Regional OutlookIn terms of regions, the market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is a promising region for the market. The region constituted approximately 50% share of the market in 2020. The market in the region is projected to expand at a CAGR around 29% during the forecast period as there is increase in demand for Cannabidiol (CBD) in Asia Pacific, increasing focus of players in development of Cannabidiol (CBD), rise in government initiatives are some of the factors expected to boost the market growth on the region.
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