(MENAFN- iCrowdNewsWire) Rising awareness about the therapeutic benefits of cannabidiol and growing medical uses of CBD are the major market growth drivers
The global cannabidiol (CBD) market size is expected to reach USD 15.15 billion in 2028 and register a revenue CAGR of 22.6% over the forecast period, according to the latest report by Reports and Data. The most important factors driving market revenue growth are rising awareness about the medicinal uses of CBD and increasing government approvals for cannabidiol use in numerous consumer products. Increasing research & development activities related CBD, increasing incorporation of CBD in a wide range of food and beverage products, rising health consciousness among consumers, and growing demand for cannabis in the pharmaceutical and cosmetics & personal care industries are other major factors expected to support market growth during the forecast period.
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The global Cannabidiol (CBD) market is expected to register significant growth throughout the forecast period. The pharmaceutical & healthcare sector has register significant revenue growth over the recent past. Technological advancements in the healthcare and medical sector, availability of latest tools and techniques, increasing investments in the healthcare sector and improving healthcare infrastructure are key factors boosting market growth. In addition, rising funds by several public and private sectors, high adoption of POC diagnosis and home care settings, is further fueling market growth.
The current pandemic has been very challenging for all industries including the healthcare and pharma sector. Shortage of medicines, vaccines and others healthcare facilities is expected to open lucrative growth opportunities for market players in going ahead.
Competitive Landscape:
The report offers detailed information about recent activities by market players, their market position, financial status, global standing, services and product portfolio along with license agreement. These key players are adopting various strategies such as partnerships, collaborations, merger and acquisitions, and joint ventures to gain robust footing in the market. These players are also investing in research and development activities to come up with enhanced materials and products.
Some Key Highlights from the Report:
Based on product type, the oils segment is expected to hold the largest revenue share in the global cannabidiol (CBD) market over the forecast period, primarily owing to growing demand for CBD-based oils due to numerous advantages, most notably, pain relief. CBD-infused oils are known to relieve pain, inflammation, stress, and mental problems such as depression and anxiety. Increasing prevalence of chronic pain, mostly among the geriatric population, and growing preference for CBD oils over opioids due to minimal or no side-effects are other key factors boosting growth of this segment.
Based on source, the hemp segment accounted for the highest revenue share of around 60% in the global market in 2020. Increasing pharmaceutical uses of cannabidiol, growing consumer awareness of the therapeutic benefits including anti-aging, anti-inflammatory, and antioxidant properties of hemp-derived CBD, legalization of medicinal cannabis, and growing use of CBD in nutraceuticals and cosmeceuticals are major factors propelling the growth of this segment.
The medical segment is expected to dominate other application segments in the market in terms revenue generation over the forecast period. Growth of this segment is majorly attributed to increasing research studies on the medicinal uses of CBD, growing use in pain relief medications, rising awareness about the medical benefits of cannabidiol, and increased spending on CBD pharmaceutical products.
North America was the most dominant regional market in the global cannabidiol (CBD) market in 2020, with the highest revenue share of over 40%. Increasing personal and medical uses of marijuana and its derivatives in the region, growing awareness about the health benefits of cannabis, increasing public acceptance of CBD, and legalization of cannabidiol and its use in various consumer products including food & beverages and nutraceuticals are key factors contributing to the North America revenue growth. Moreover, revenue growth in the regional market is further driven by the presence of leading pharmaceutical retailers – mostly in the U.S., including CVS Health, Walgreens, and Rite Aid – selling a wide array of cannabis-based products.
Leading players in the global cannabidiol (CBD) market include Folium Biosciences LLC, Elixinol Wellness Limited, Medterra, CV Sciences, Inc., Aurora Cannabis Inc., Medical Marijuana Inc., Isodiol International Inc., Cannoid, LLC, PharmaHemp CBD Izdelki, and ENDOCA.
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For the purpose of this report, the 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)
- Tinctures
- Isolates
- Pills & Capsules
- Oils
- Vape Oil
- Ointment Roll-on
- Transdermal Patches
- Suppository
- Others
Source Outlook (Revenue, USD Billion; 2018-2028)
Application Outlook (Revenue, USD Billion; 2018-2028)
- Personal Use
- Medical
- Cancer
- Chronic Pain
- Mental Disorders
- Others
- Food & Beverages
- Cosmetics & Personal Care
- Nutraceuticals
- Others
Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)
- Offline Channels
- Online Channels
Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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