The Global Cannabidiol Market, by Product (Oil, Tinctures, Suppository, Transdermal patches, Vape Oil, Isolates, Creams and Roll-on, Capsules, Tablet, and Others), by Source Type (Hemp and Marijuana), by Application (Medical (Chronic Pain, Mental Disorders, Cancer, Others), Personal Use, Pharmaceuticals, and Wellness (Food & Beverages, Personal Care & Cosmetics, Nutraceuticals Others)), by Distribution Channel (Hospital Pharmacies, Online Stores, and Retail Stores), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 3665.5 Million in 2021, and is projected to exhibit a CAGR of 47.3% during the forecast period (2021 – 2028)
The increasing incidences of chronic diseases such as cancer, diabetes, and others are driving the global cannabidiol market growth. According to the World Health Organization (WHO), 2.5% of the world's population uses cannabis in different forms each year, ultimately increasing the demand for CBD. In addition, the National Center for Biotechnology Information (NCBI) stated that 62% of the world's population uses CBD oil to treat various health disorders. The increase in complications of cancer and other chronic diseases is driving market demand.
Global Cannabidiol Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has negatively affected various industries globally. The players operating in the global cannabidiol devices market are facing major challenges on various fronts due to the COVID-19 pandemic. The impact of COVID-19 has led to disruption in production processes, due to strict quarantine measures taken across the globe, there is a stagnation in the supply of products, including CBD products. In addition, most of the retail stores are currently closed due to the pandemic. Hence, the marketplace may face a slowdown amidst the pandemic, however, it can gain momentum in the coming years, due to the increase in demand for CBD-based products in the coming years. The pandemic has also resulted in a decline in CBD oil sales in the first half of 2020 due to the shutdown of manufacturing units and distribution channels due to the lockdown implemented by various nations. Key players have seen major challenges during these tough times. However, rising number of people with anxiety disorders elevates the demand for cannabidiol in major countries which in turn is expected to drive the market growth.
Browse 44 Market Data Tables and 42 Figures spread through 184 Pages and in-depth TOC on “Global Cannabidiol Market”- Forecast to 2028, Global Cannabidiol Market, by Product (Oil, Tinctures, Suppository, Transdermal Patches, Vape Oil, Isolates, Creams and Roll-on, Capsules, Tablet, and Others), by Source Type (Hemp and Marijuana), by Application (Medical (Chronic Pain, Mental Disorders, Cancer, Others), Personal Use, Pharmaceuticals, and Wellness (Food & Beverages, Personal Care & Cosmetics, Nutraceuticals Others)), by Distribution Channel (Hospital Pharmacies, Online Stores, and Retail Stores), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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The key players operating in the market are focusing on formulating new product offerings infused with CBD oil to provide the consumers with easy access. For instance, in February 2020, Colgate acquired Hello Product, LLC and launched a series of CBD oral care brands. The company aims to provide consumers with a series of efficient products to improve their daily life.
Key Takeaways of the Global Cannabidiol Market:
- The global cannabidiol market is expected to exhibit a CAGR of 47.3% during the forecast period, owing to the increasing product approvals and launches. For instance, in June 2019, Pure CBD Factory announced the availability of “Hemp CBD Oil Tinctures”, available in three sizes as well as in the form of a topical cream used to help to ease pain. All products are organically produced and are NonGMO certified. This groundbreaking release aims to meet the growing global demand for CBD oil.
- Among product, the oil segment will offer lucrative growth to the market in the forecast period. CBD oil is largely consumed across all regions owing to its extensive benefits, particularly for pain related disorders.
- Among source type, the hemp segment dominated the market in 2020, with a revenue of US$ 1,700 Million owing to the rising awareness regarding the health benefits of products infused with cannabidiol derived from marijuana. On the other hand, hemp-derived CBD is expected to witness the fastest CAGR over the forecast period, owing to the increasing legalization of hemp in various countries.
- Major players operating in the global cannabidiol market include Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Maricann, Inc. (Wayland Group Corporation), Tilray, GW Pharmaceuticals, plc, ABcann Medicinals, Inc., Organigram Holding, Inc., Tikun Olam, The Cronos Group, ENDOCA, Isodiol International, Inc., MEDICAL MARIJUANA, INC., Cannoid, LLC, Elixinol, Folium Biosciences, NuLeaf Naturals, LLC, and Pharmahemp d.o.o.
