PALM BEACH – Due to its healing properties, the demand for cannabidiol (CBD) for health and wellness purposes is high, which is the major factor driving the market growth. In addition, the rising acceptance and use of products due to government approvals is a major factor expected to boost production for CBD-infused products. Cannabidiol derived from hemp is anticipated to witness rapid growth owing to increasing demand from the pharmaceutical sector and rising awareness among consumers regarding health.
Increasing consumer disposable income along with the legalization of medicinal cannabis is anticipated to have a positive impact on the demand for cannabidiol in the pharmaceutical sector. Oils, tinctures, concentrate, capsules, topical solutions such as slaves, lip balms, lotions, and edibles such as baked goods, coffee, chocolates, gums, and candies are some of the CBD products which are in high demand.
According to reports from Grand View Research the global cannabidiol; market size is expected to reach USD 13.4 billion by 2028, and is expected to expand at a CAGR of 21.2% from 2021 to 2028. The report said: “Increasing awareness about the health benefits of cannabidiol (CBD), changing consumer opinion, and attitude toward CBD products are some of the key factors driving the demand for these products. Furthermore, increasing demand for cannabidiol from various end-user industries such as food and beverage, personal care and cosmetics, and pharmaceuticals is expected to trigger market growth.”
Active Companies active today in the cannabis related markets include: Discover Wellness Solutions Inc. (CSE: WLNS), HempFusion Wellness Inc. (TSX: CBD.U) (OTCQX: CBDHF), Canopy Growth Corporation, (TSX: WEED) (NASDAQ: CGC), Aphria Inc. (TSX: APHA) (NASDAQ: APHA), Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF).
The Grand View Research report continued with: “In 2020, the hemp segment accounted for the largest revenue share valued at USD 1.7 billion, 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.
Increasing awareness of cannabidiol’s therapeutic benefits has influenced a buyer to buy cannabidiol products, regardless of their cost. As these have a greater profit margin, commercial retailers are now focusing on selling cannabis-based products. Numerous health and wellness retailers are offering CBD-based products, such as Rite Aid, CVS Health, and Walgreens Boots Alliance. In addition, CVS Health decides to offer CBD topicals all over its 800 stores and Walgreens Boots Alliance is selling CBD-containing topicals across 1500 of its stores in the U.S.”