The ‘Global Cannabidiol Market Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the cannabidiol market, assessing the market on the basis of its segments like source, end use, distribution channels, and major regions.
Cannabidiol Market Share, Size, Price, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 19.40%
The cannabidiol market is growing rapidly, supported by the rising approvals of the use of cannabis sativa in various countries. Approval by various governments is a major factor responsible for the improvement of acceptance rate, demand rate, and consumption rate of cannabidiol globally. After the legalisation of cannabis sativa, the demand for items such as oils, capsules, vaping devices, tinctures, body lotions, and transdermal patches, among others, is likely to witness an increased sales which is in turn expected to invigorate the cannabidiol market in the forecast period.
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Additionally, the rising awareness regarding cannabidiol and the health benefits associated with it, such as offsetting depression and anxiety, relieving pain, reducing post-traumatic stress disorder, protection against neurological disease, treating opioid addictions, alleviating amyotrophic lateral sclerosis, and easing diabetic complications, among others, are heightening the demand for cannabidiol in the healthcare sector.
The cosmetics sector is generating the demand for cannabidiol to manufacture high-quality skincare products which are further used to treat wrinkles and acne. Various new companies are establishing themselves all across the globe for the marketing of the cannabidiol-infused cosmetic products. The anti-inflammatory property offered by cannabidiol helps reduce redness, combat breakouts, decrease irritation, and slow down aging signs, which is escalating its demand among the beauty conscious population.
Industry Definition and Major Segments
Cannabidiol, also known as cannabis sativa, refers to a non-addictive active ingredient extracted from marijuana or hemp plant. It acts as an analgesic, muscle relaxant, antipsychotic, anticonvulsant, and an anxiolytic. Cannabidiol is known to stimulate endoplasmic reticulum (ER) stress and also helps the generation of reactive oxygen species (ROS).
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Based on source, the market is bifurcated into:
• Marijuana
• Hemp
On the basis of end use, the market is segmented into:
• Pharmaceuticals
• Nutraceuticals
• Medical
• Personal Care and Cosmetics
• Food and Beverage
• Others
Based on distribution channels, the market is divided into:
• B2B
• B2C
On the basis of region, the market is classified into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
The key trends in the cannabidiol market include the rising investments by market key players to enhance its accessibility to effectively cater to the demands of end users. Manufacturers are focussing on developing new products that function more effectively and pose less impact on the environment. This factor is expected to increase the demand for cannabidiol in the forecast period, benefitting the market.
Demand for healthy food products is rising rapidly across the globe driven by the growing number of health-conscious consumers. Nutrient rich food products are likely to witness a heightened demand among athletes and fitness enthusiasts which in turn is likely to increasing the incorporation of cannabidiol in the forecast period.
North America accounted for a decent share in the cannabidiol market because of the increasing health conscious population, induced by the rising prevalence of obesity across countries such as the United States. Presence of a leading market players across well-established economies in North America is further enhancing the growth of the market. Meanwhile, the Europe market for cannabidiol is expected to grow significantly in the coming future owing to the rising sales of downstream cannabidiol products such as lotions, creams, vapes, and gummies, among others.
Key Market Players
The major players in the global cannabidiol market report are Charlotte’s Web, Inc., Medical Marijuana, Inc., CV Sciences, Inc., Endoca BV, Gaia Herbs, Inc., Your CBD Store, Medterra CBD, LLC, Anthology Brands, The CBDistillery, and NuLeaf Naturals, LLC, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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