Cannabidiol Market Size to Reach $47.22 Billion at a CAGR of 21.3% by 2030
Cannabidiol Market is projected to attain a value of USD 47.22 Billion by 2028 at a CAGR of 21.3% during the forecast period, 2022–2028.
The Global Cannabidiol Market is valued at USD 4.9 Billion in 2021 and is projected to attain a value of USD 47.22 Billion by 2028 at a CAGR of 21.3% during the forecast period, 2022–2028. Hemp is the most popular source of cannabidiol for extraction since it naturally contains a large amount of cannabidiol (CBD), a chemical compound found in the cannabis sativa plant. Cannabidiol is derived from hemp rather than cannabis because of hemp's naturally high CBD content.
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Tetrahydrocannabinol (THC), the extracted psychoactive counterpart of the same plant, is frequently confused with the drug. It offers numerous benefits for managing anxiety, avoiding seizures, reducing inflammation, and minimising pain. Since the cosmetics, food, and pharmaceutical industries utilise it more regularly, the market is changing quickly. The market has tremendous development potential as more individuals become aware of the product's benefits. It offers a number of benefits in the control of seizures and anxiety.
Due to its medicinal properties, CBD is increasingly in demand for health and wellness-related reasons, which is the main driver impacting the market. The increased acceptance and consumption of products due to regulatory approvals is a crucial factor projected to raise the production of items infused with CBD. Customers search for nutrient-rich, creative, and healthful packaged foods to reach their fitness goals and avoid issues like inflammation and discomfort. The producers are introducing products enhanced with cutting-edge ingredients, including CBD oil. Cannabidiol, a legal and non-psychoactive component of cannabis, has overtaken a number of industries, including those in food, health products, pharmaceuticals, and cosmetics.
Top Companies in Cannabidiol Market:
- Folium Biosciences
- Aphria Inc.
- Isodiol International Inc
- Canopy Growth Corporation Inc
- Medical Marijuana, Inc.
- Green Roads of Florida
- Freedom Leaf, Inc
- ENDOCA LLC
- CBD Health Solutions LLC
- CV Sciences
- Elixinol Global Limited
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Cannabidiol Market Dynamics
- Market Drivers:
Cannabidiol-containing products are swiftly gaining popularity in society. Pet supplies, cosmetics, and health and beauty products are a few examples. The shift in consumer views regarding cannabis-derived products and the wide range of applications for cannabidiol products are the main drivers of the increase in popularity. Since cannabis has been legal in many countries, the demand for tinctures, lotions, skincare items, capsules, vaping equipment, transdermal patches, and other personal care goods has swiftly risen. These items have grown in popularity due to their many uses, including potential therapeutic advantages and their ability to calm animals. Important cannabis-related companies and governments of numerous countries are sponsoring R&D activities. Many scientific studies have found that CBD is an effective treatment for a number of neurological diseases, including epilepsy.
Customers search for nutrient-rich, creative, and healthful eating options to reach their fitness goals and avoid issues like inflammation and discomfort. The producers are introducing products enhanced with cutting-edge ingredients, including CBD oil. The search for CBD to add to food and other products is receiving more attention from the makers. As a result, during the forecast period, the growth of the CBD industry globally would profit from consumer dependence on goods.
- Market Restraints:
Customers in developed economies, especially those in Asia and the Middle East, are not as accepting CBD-based goods as consumers in Western economies. Because it is widely used by consumers for recreational purposes, there is a misperception that the product has psychoactive effects that limit its success on the market. Most consumers are unaware of the features, services, and products that are beneficial in a variety of ways.
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What is Cannabidiol Market?
The size of the world's cannabidiol industry, estimated at USD 5.18 billion in 2021, is anticipated to rise at a CAGR of 16.8% from 2022 to 2030. Because hemp naturally contains a lot of cannabidiol (CBD), a chemical molecule found in the cannabis sativa plant, hemp is the most common source of cannabidiol for extraction purposes. In addition to treating anxiety and seizures, it also lessens discomfort. The primary factor influencing the market is the increased demand for CBD for health and wellness purposes because to its therapeutic characteristics. A significant element that is anticipated to increase the manufacture of CBD-infused goods is the increased acceptance and use of products due to regulatory approvals.
More and more skincare products that treat acne and wrinkles contain cannabidiol oil. For instance, Sephora recently added a line of CBD-infused beauty products to its retail locations. Similarly, Ulta Beauty plans to introduce a range of products based on cannabidiol. Also, a number of new businesses are entering the market for cosmetics containing cannabidiol. For instance, the German market for the Aphria cannabidiol-based cosmetics line was opened in 2019. Aphria is a Canadian producer and distributor of medical and recreational cannabis.
Cannabidiol Market Challenges:
It is commonly recognised that cannabidiol can treat many conditions, including anxiety, epilepsy, neurological issues, nausea brought on by cancer, chronic pain, and more. Despite being effective for various medical conditions, investigations and research by several organisations have demonstrated that CBD-based medications can also have side effects.
Consumers frequently report experiencing dry mouth, tiredness, low blood pressure, and lightheadedness as some side effects. The blood thinner Coumadin, known to be increased by CBD, can interact with other medications and have unfavourable side effects. These elements might prevent CBD from being used therapeutically in the future.
The unpredictability of the amount and quality of CBD in products like CBD oil is also a cause for concern. High CBD oil concentrations can also have negative health consequences on users. In certain situations, high CBD oil consumption may also raise liver enzymes, a sign of inflammatory liver disease. The body uses the enzyme cytochrome P450 (CYP450) to degrade various medicines. CYP450 can be blocked by CBD oil. Combining CBD oil with certain medications may cause them to have a larger effect than necessary or stop working altogether.
Furthermore, given that many herbs have the potential to interact with regularly prescribed drugs, dietary supplements containing CBD and a combination of herbal substances might not be safe for everyone. These side effects can differ from person to person because what may be considered minor side effects to some people may be very dangerous to others. This could provide a problem for the expanding market for CBD products worldwide.
Cannabidiol Market Opportunities:
Manufacturers invest a lot of money in research and development to create new CBD-based goods in response to the market's growing need for novel and refined products. Some CBD products in high demand include oils, tinctures, concentrates, capsules, topical treatments like creams, lip balms, lotions, and consumables like baked goods, coffee, chocolates, gum, and sweets.
With more trials being conducted to examine the effects of CBD on specific health issues due to rising demand, there will likely be more opportunities for demand growth in the years to come. Furthermore, many businesses create CBD-infused goods and buy CBD oils in bulk. Rite Aid, CVS Health, and Walgreens Boots Alliance are just some health and wellness merchants selling CBD-based goods.
Also, following the approval of cannabis products and the easing of laws, businesses are spending a lot of money developing new goods and modernising raw material production, enabling them to reduce costs while still satisfying the market's soaring demand. The introduction of new products, increased R&D efforts, and numerous tactical choices made by leading producers in the market will present attractive growth prospects for the global CBD market.
- January 2022: Four distinct over-the-counter (OTC) medications designed to target the origins of minor pain and aches were introduced by CV Sciences, Inc. as part of the launch of their +PlusCBD pain relieving topicals. With the debut of this product, the firm hopes to increase the number of +PlusCBD products it offers.
- June 2021: For about USD 60 million, The Valens Corporation completed the purchase of Green Roads. The acquisition provides The Valens Company with a well-established network of Green Roads that allows it access to the U.S. CBD market.
Cannabidiol Market Regional Analysis:
One of the biggest markets for items made using marijuana or hemp and cannabidiol in North America, especially the US. This can be largely due to the Farm Bill's arrival in 2018, making almost all CBD-based products legal for cosmetic and therapeutic purposes. The legislation made all U.S. states legal for cannabidiol products containing less than 0.3% THC. Also, it expanded market demand in the nation and redefined hemp and items made from hemp.
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