|Fastest Growing Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The Cannabidiol (CBD) Market is projected to register a CAGR of 10% during the forecast period (2022-2027).
Amidst COVID-19, the Cannabidiol (CBD) Market is expected to grow due to the rising chronic diseases such as neurodegenerative disease cases among the people. During the COVID-19 pandemic, the mental state of the individuals was greatly affected, and consequently, most of the persons were suffering from anxiety and stress. As per the study in 2021, ‘The global prevalence and burden of depressive and anxiety disorders in 204 countries and territories in 2020 published that there were an estimated 75.2 million people additional dealing with anxiety disorders in 2020. The cases increased by 25.6% in 2020 compared to 2019. In Conclusion, COVID-19 has provided lucrative opportunities to Cannabidiol market players to address the global burden of such increasing anxiety disorders, thereby propelling the growth of the market.
The increasing incidence of chronic disorders such as neurodegenerative disorders, diabetes, etc., and the effectiveness of CBD products in treating the same is the major driving factor for the growth of the market. For instance, in the Journal of Clinical Neurology in 2021, Epilepsy is the third most common neurological disorder after stroke and dementia, affecting approximately 70 million patients worldwide. Additionally, the World Health Organization (WHO), in 2021, more than 55 million people live with dementia worldwide, and nearly 10 million new cases every year. Alzheimer’s disease is the most common form of dementia and may contribute to 60-70% of the cases. In the article published by The Lancet journal in 2022, it is estimated that the number of people with dementia will increase from 57.4 million cases globally in 2019 to 152.8 million cases in 2050. Additionally, the article published in 2020 titled ‘From Cannabis sativa to Cannabidiol: Promising Therapeutic Candidate for the Treatment of Neurodegenerative Diseases’ stated that CBD could be a potential pharmacological tool for the treatment of neurodegenerative disorders; its excellent safety and tolerability profile in clinical studies renders it a promising therapeutic agent. Thus, the increasing cases of chronic disorders and the effectiveness of CBD products in the treatment of such chronic disorders boost the growth of the market in the forecast period.
Scope of the Report
As per the scope of this report, Cannabidiol (CBD) is a chemical compound obtained from marijuana and hemp plants and is commonly used for medical purposes. The Cannabidiol (CBD) Market is segmented by Source (Hemp and Marijuana), Application (Anxiety/ Stress, Neurological Conditions, Skin Care, and Others), and Geography ( North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The Market report also covers the estimated market sizes and trends of 17 countries across major regions globally. The report offers values (in USD million) for the above segments.
Key Market Trends
The Hemp Segment is Expected to Hold a Major Market Share in the Cannabidiol (CBD) Market.
The sudden outbreak of COVID-19 has increased the demand for Cannabidiol (CBD) Market due to the increased neurodegenerative disorders such as stress and anxiety are expected to propel the growth of the market.
The Hemp source is expected to dominate the studied market during the forecast period. The rising adoption of refined CBD products, along with the increasing approval of hemp-derived products for medicinal products for various medical applications, is driving the growth of this segment. In 2020, Food and Drug Administration (FDA) published that the agency approved one cannabis-derived drug product named ‘Epidolex’ and three synthetic cannabis-related drug products named ‘Marinol(Dronabinol), Syndros (dronabinol), and Cesamet (nabilone). Additionally, the increasing hemp-derived CBD product launches to meet the growing demand for the treatment of various neuro disorders is also expected to propel the growth of this segment. For instance, In June 2019, Pure CBD factory announced the launch of new Hemp CBD oil tincture and one Hemp Topical cream. Thus the increasing Cannabis-derived drugs and innovative CBD product launches are expected to boost the studied segment in the forecast period.
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North America is Expected to Hold a Significant Share in the Market and is expected to do the Same in the Forecast Period.
The United States is likely to command the global market due to the high incidence of chronic disorders coupled with the rising demand for effective therapeutic products. Owing to the increase in the research and development activities in the biopharma sector in the United States region, the Cannabidiol (CBD) Market market is expected to grow in this region. For instance, according to the Anxiety and Depression Disorders Association of America (ADAA), in 2020, anxiety disorders affected 40 million Americans aged 18 and above each year. Additionally, in 2021, the Centers for Disease Control and Prevention published that 37.3 million people have diabetes which is 11.3% of the United States population. The same source also mentioned that there are approximately 8.5 million people in the United States are undiagnosed with diabetes. Thus the increasing incidence of such chronic disorders and related complications increased the demand for the CBD market, thereby increasing the growth of the market in this region. Moreover, the presence of major market players and advanced technologies for product development is expected to mark this region with dominating share. Additionally, an increase in research and development activities and the presence of favorable healthcare infrastructure are fueling the growth of the overall regional market to a large extent.
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The Cannabidiol (CBD) Market Market is fragmented and competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are ENDOCA, Cannoid, LLC, MEDICAL Marijuana, Inc, Folium Biosciences, Elixinol, Nuleaf Naturals LLC, Isodol International, Inc, Pharmahemp, Aurora Cannabis, Tilray, GE pharmaceuticals plc, ABcann Medicals, Inc (Conviron) and others.
In April 2022, Hemp Bombs announced the launch of its newest offering Delts-9 THC Gummies which are available at selective retail locations and on online platforms.
In April 2022, Puration, Inc and PAO group Inc confirmed the two companies are working together on a new line of CBD nutraceuticals under PURA’s Farmersville hemp brand name for USD 40 billion women’s health market.
In December 2021, Cibdol announced the launch of its exclusive CBD oil 2.0 range. The upgraded formula harnesses the synergy of multiple hemp extracts to work alongside CBD.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing prevalence of Chronic diseases and related complications
4.2.2 Increasing awareness among the consumers regarding health
4.3 Market Restraints
4.3.1 Strict regulation on the Cannabidiol products
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Source
5.2 By Application
5.2.1 Anxiety/ Stress
5.2.2 Neurological Conditions
5.2.3 Skin Care
5.3.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
5.3.5 South America
18.104.22.168 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.2 Cannoid, LLC
6.1.3 Medical Marijuana, Inc
6.1.4 Folium Biosciences
6.1.6 Nuleaf Naturals LLC
6.1.7 Isodol International, Inc
6.1.8 Pharmahemp D.o.o
6.1.9 Aurora Cannabis
6.1.11 GW Pharmaceuticals plc
6.1.12 Abcann Medicinals, Inc (Conviron)
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global (Cannabidiol) CBD Market market is studied from 2019 - 2027.
What is the growth rate of Global (Cannabidiol) CBD Market?
The Global (Cannabidiol) CBD Market is growing at a CAGR of 10% over the next 5 years.
Which region has highest growth rate in Global (Cannabidiol) CBD Market?
North America is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global (Cannabidiol) CBD Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in Global (Cannabidiol) CBD Market?
ENDOCA, Cannoid LLC, Medical Marijuana, Inc, Folium Biosciences , Elixinol are the major companies operating in Global (Cannabidiol) CBD Market.