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$23.2+ Billion Worldwide Cannabidiol Industry to 2031 - Rising Acceptance and Use of CBD Products Due to Government Approvals Drives Growth

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Global Cannabidiol Market

Global Cannabidiol Market
Global Cannabidiol Market

Dublin, Jan. 06, 2023 (GLOBE NEWSWIRE) -- The "Cannabidiol Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the global cannabidiol market.

The global cannabidiol market is expected to grow from $5.03 billion in 2021 to $6.77 billion in 2022 at a compound annual growth rate (CAGR) of 34.4%. The cannabidiol market is expected to grow to $23.24 billion in 2026 at a CAGR of 36.1%.

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Major players in the cannabidiol market are ENDOCA, Cannoid LLC, Medical Marijuana Inc., Folium Biosciences, Elixinol, NuLeaf Naturals LLC, Isodiol International Inc, Pharmahemp, Canopy Growth Corporation, CV Sciences Inc, Cronos Group, CBD American Shaman LLC, Aphria Inc, Maricann Inc, Tilray Brands Inc., OrganiGram Holdings Inc., and CannTrust Holdings.

The cannabidiol market consists of sales of cannabidiol products by entities (organizations, sole traders, and partnerships) is defined as a chemical compound found in hemp or marijuana. Cannabidiol or CBD is derived from the Cannabis Sativa plant that is also known as hemp or cannabis. Cannabidiol is used to treat epilepsy, anxiety, dystonia, pain, Parkinson's disease, Crohn's disease, and various other health problems. Its other applications include coffee products, skincare products, and pet treats.

The main product types of cannabidiol are oil, tinctures, suppository, transdermal patches, vape oil, isolates, creams and roll-on, capsules, tablets, and other products. CBD oil is created by extracting CBD from cannabis plants and diluting it with a carrier oil such as coconut or hemp seed oil.

The source of these is marijuana and hemp used as CBD oil and supplements. The applications of these are medical, personal use, pharmaceuticals, and wellness and can be distributed across various channels such as hospital pharmacies, retail pharmacies, online stores, and other distribution channels.

North America was the largest region in the cannabidiol market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cannabidiol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The rising acceptance and use of CBD products due to government approvals are expected to propel the growth of the cannabidiol market. CBD products are derived from the Cannabis Sativa and are used in developing various consumer products and therapies. The governments of various countries understood the potential utility of cannabidiol for various medical conditions.

Hence, with a focus on protecting public health, the governments are also taking certain steps for improving the efficiency of regulatory pathways for the lawful marketing of the products made using cannabidiol, thereby promoting the growth of the cannabidiol market.

For instance, in January 2022, the Therapeutic Goods Administration, an Australia-based medicine and therapeutic regulatory agency approved around 210,000 SAS Category B applications for unapproved medicinal cannabis products. Therefore, the rising acceptance and use of CBD products due to government approvals are driving the growth of the cannabidiol market.

Product innovations are a key trend gaining popularity in the cannabidiol market. Product innovation helps in bringing change in a monotonous market. It helps companies create an edge over others and acquire more customers by launching new products.

For instance, in December 2021, Cibdol, a Netherlands-based CBD and wellness company, launched its exclusive CBD Oil 2.0 range. It contains greater levels of essential compounds such as CBC, CBG, CBN, CBDa along with high purity CBD. A few drops of the new revolutionary CBD oil formula combat the physical and mental challenges related to modern living through managing the conditions linked to appetite, mood, pain, and sleep.

In August 2021, Village Farms International Inc, Canada- based greenhouse produce company acquired Balanced Health Botanicals for an amount of $75 million. With this acquisition, Village Farms International Inc aims at strengthening its position in the US retail CBD market. Balanced Health Botanicals is a US-based producer of high-quality health and wellness products that owns and operates various brands in the hemp-derived CBD market.

The countries covered in the cannabidiol market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

Report Attribute

Details

No. of Pages

175

Forecast Period

2022 - 2026

Estimated Market Value (USD) in 2022

$6.77 billion

Forecasted Market Value (USD) by 2026

$23.24 billion

Compound Annual Growth Rate

36.1%

Regions Covered

Global

Key Topics Covered:

1. Executive Summary

2. Cannabidiol Market Characteristics

3. Cannabidiol Market Trends And Strategies

4. Impact Of COVID-19 On Cannabidiol

5. Cannabidiol Market Size And Growth
5.1. Global Cannabidiol Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Cannabidiol Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Cannabidiol Market Segmentation
6.1. Global Cannabidiol Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

  • Oil

  • Tinctures

  • Suppository

  • Transdermal Patches

  • Vape Oil

  • Isolates

  • Creams And Roll-On

  • Capsules

  • Tablet

  • Other Products

6.2. Global Cannabidiol Market, Segmentation By Source, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

  • Marijuana

  • Hemp

6.3. Global Cannabidiol Market, Segmentation By Treatment, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

  • CBD Oil

  • Supplements

6.4. Global Cannabidiol Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

  • Medical

  • Personal Use

  • Pharmaceuticals

  • Wellness

6.5. Global Cannabidiol Market, Segmentation By Distribution Channel, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

  • Hospital Pharmacies

  • Retail Pharmacies

  • Online Stores

  • Other Distribution Channels

7. Cannabidiol Market Regional And Country Analysis
7.1. Global Cannabidiol Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Cannabidiol Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/j7te3i

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