Cannabidiol Market to hit USD 56.2 Billion by 2028, Says Global Market Insights Inc.

Selbyville, Delaware – The cannabidiol market value is projected to cross USD 56.2 billion by 2028, according to a new research report by Global Market Insights Inc. Increasing utility of cannabidiol in the pharmaceutical industry is expected to fuel the industry growth.

The global market is noted to be an emerging industry where consumers are keen to understand the benefits and side effects of adopting cannabidiol as a treatment alternative. The increasing awareness of CBD-based products and an alternative to traditional pharmaceutical medicines is propelling the cannabidiol (CBD) market demand. The pharmaceutical industry and various other research organizations are largely studying the benefits of cannabidiol and its by-products. The effective outcomes of CBD has increased its adoption to treat several disorders as it can act as a natural alternative to several other conventional medicines owing to being plant-derived nature.

Creams & roll-on segment is anticipated to witness 21.8% CAGR between 2022 and 2028. This is attributed to a growing application of cannabidiol in the cosmetic industry. Moreover, CBD possesses anti-inflammatory properties and can be useful in treating skin conditions including eczema, acne, and psoriasis, among others. Also, the antioxidant properties help to reduce the appearance of aging signs of skin and sooths the dry skin thereby, enhancing the business landscape.

Some major findings of the cannabidiol market report include:

• Numerous cosmetic applications of cannabidiol products is attributed to growing demand for creams and roll-on segment.
• Rising occurrence of anxiety is noted to significantly increase the demand for CBD products.
• Hemp-derived CBD products is set to drive the market expansion in the forecast timeframe.
• Online distribution channel is predicted to witness considerable CAGR during the analysis timeframe owing to wide variety of product availability for purchase.

Cannabidiol market from sleep/insomnia segment surpassed USD 1.1 billion in 2021. CBD is the main cannabinoid that interacts with the endocannabinoid system enabling the body to maintain stability, state of balance and homeostasis. Usage of CBD reduces mental health disorders such as post-traumatic stress, anxiety and depression while offering better sleep. Moreover, CBD also has the potential to reduce the symptoms of rapid eye movement and sleep behavior disorder. The aforementioned factors are estimated to foster the market progression.

Browse key industry insights spread across 290 pages with 373 market data tables & 20 figures & charts from the report, “Cannabidiol (CBD) Market Forecasts By Product (Oil, Tinctures, Suppository, Transdermal Patches, Isolates, Tablet, Capsules, Vape oil, Creams & Roll-on, CBD Inhalers), Application (Anxiety/Stress, Sleep/Insomnia, Chronic Pain, Migraines, Skin Care, Seizures, Joint Pain & Inflammation, Neurological Conditions), Route of Administration (Oral, Topical, Inhalation, Transdermal Patches, Rectal, Sublingual), Source (Marijuana, Hemp), Distribution Channel (Online, Offline {Hospital Pharmacy, Retail Stores}), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:

Cannabidiol market from oral segment accounted for 52.2% revenue share in 2021. The oral route of administration is more commonly preferred as it offers effective and gradual relief to pain and other disorders. Oral route for the administration of cannabidiol is approved by the Food and Drug Administration (FDA) in the treatment of Lennox-Gastaut and Dravet syndromes and tuberous sclerosis complex. Various key players are focusing to develop medications through the oral route of administration. Furthermore, a relatively higher rate of adoption for oral route of administration for CBD products is observed.

Hemp segment is set to reach USD 40.5 billion by 2028. The segment witnesses a significant demand owing to its legal status across certain countries and regions. Hemp contains a relatively higher proportion of CBD and less THC as compared to marijuana enabling the manufacturers to opt for least potential legal ramifications. Most of the CBD base products sold in the U.S. are obtained from low-THC hemp varieties of cannabis. Hence, the demand for hemp-derived CBD products is likely to boost the cannabidiol market outlook.

Asia Pacific cannabidiol market is anticipated to progress at 23.9% CAGR during the forecast timeframe. The liberal stance of the regulating authorities, medicinal and cosmetic use of CBD products is legalized in various countries is driving the industry outlook in the Asia Pacific region. The increasing legalization of cannabidiol have boosted its use in several products that offers manufacturers lucrative opportunity to operate in the market. Moreover, the increasing awareness of benefits associated to cannabidiol, and regulatory scenarios experience amendments is expected to spur the regional market share.

Few prominent key players operating in the cannabidiol industry include Aurora Cannabis, Canopy Growth Corporation, Cronos Group, CV Sciences, Inc., Medterra and Tilray among others. Industry players are focusing on various strategies such as acquisitions, business expansion and novel product launches to consolidate their market presence.

(This information is primarily sourced from Global Market Insights Inc.  Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).