Dublin – In 2021, the global CBD market was valued at US$4.20 billion. The market is projected to reach US$12.64 billion by 2026.The growing regulatory approvals is a major driver of the market. The CBD market is expected to grow at a CAGR of 25.53% during the forecast period of 2022-2026.
Market Segmentation Analysis:
- By Product: The report identifies eleven segments on the basis of product: Oil, Tinctures, Capsules, Cream and roll on, Isolates, Transdermal Patches, Suppository, CBD Inhalers, Vape oil, Tablet and Others.
- By Source: The report includes bifurcation of the market into two segments on the basis of source: marijuana and hemp.
- By End User: On the basis of end user, the market is divded into two segments: medical and other end users.
- By Distribution Channel: The report includes bifurcation of the market into two segments on the basis of distribution channel: online and offline
- By Region
Global CBD Market Dynamics:
- Growth Drivers: The market has been growing over the past few years, due to factors such as increasing millennial population, rising government approvals, growing application of CBD in skincare industry, increasing prevalence of chronic pain, etc. The versatile cannabis compound is well-known among millennials, and its future seems promising. Millennials are approximately twice as likely as adults in general to have tried foods and beverages that contain both CBD and THC. The advantages of CBD for mental wellbeing, which include alleviating symptoms of depression, lowering anxiety, and improving sleep, are particularly attractive to millennials, the generation credited for normalising discourse about mental health.
- Challenges: However, the market has been confronted with some challenges specifically, availability of duplicate and synthetic products, lack of awareness among consumers, etc. Availability of duplicate and synthetic products has become a serious problem to the consumer and sellers.
- Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as rising online sales of cannabidiol (CBD), use of blockchain technology, rising demand for natural products, expanding research areas, rising demand for ingestible products, etc. Due to the convenience and heavy discounts provided by the online platforms people are shifting towards e-commerce. Online platforms also widen the reach of the manufacturers and enable them to sell CBD products even to those customers who were not aware about the CBD based products.
Key players of the global CBD market are:
- Canopy Growth Corporation
- Elixinol Wellness Limited
- Jazz Pharmaceuticals PLC
- High Tide Inc. (NuLeaf Natural LLC)
- CV Sciences Inc.
- Tilray Brand Inc.
- Medical Marijuana, Inc.
- Aurora Pharmaceutical, Inc.
- Isodiol International Inc.
- CBD American Shaman
Key Topics Covered:
1. Executive Summary
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
7. Competitive Landscape
(This information is primarily sourced from Research and Markets. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).