Rising demand from the healthcare sector to cure chronic and neurogenerative disorders is driving market growth. The increasing count of population suffering from bipolar disorder, Alzheimer and multiple sclerosis is further boosting the cannabidiol demand. In addition to this, the growing popularity owing to wellness ingredients is spurring market growth. The rising number of players owing to more relaxed legislation on the usage of cannabidiol in sports nutrition, medicines, cosmetics, and pet care products has triggered market growth. In relation to this, the approval of cannabidiol as the first oral drug by the FDA for a rare and severe form of epilepsy is again boosting the market growth.
The latest report by Value Market Research expects the Global Cannabidiol Market to reach USD 28.7 BN by 2030. It was valued at USD 7.9 BN in 2022. The report foresees a 33% CAGR from 2023 to 2030.
PHARMACEUTICAL GRADE DOMINATED THE PRODUCT SEGMENT
In 2022, pharmaceutical grade emerged as the leading product segment by accounting major share. The use of cannabidiol-based medicines for curing bipolar disorder, epilepsy, Alzheimer and other neurological disorders is driving its demand. Also, the rising application of cannabidiol in oils, powders, supplements, & high concentration extracts to cure other aliments is again boosting the market growth.
BY APPLICATION, FIBROMYALGIA LED THE SEGMENT
Fibromyalgia has dominated the application segment in 2018 owing to the rising count of patients suffering from physical or emotional trauma, physiological stress, and surgery are driving the segment growth. Along with this, lack of exercise, a sedentary lifestyle, poor diet, and improper sleep cycles are some of the prominent factors driving the segment's growth.
NORTH AMERICA HELD THE LARGEST MARKET SHARE
North America dominated the regional market in 2022. The growing geriatric population followed by rising in patients with neurogenerative, musculoskeletal, and other ailments are driving the demand for cannabidiol-based drugs. Also, the rise in the cultivation of marijuana plants, a result of liberal policies on the sale of cannabidiol is again pushing the regional market growth uphill.
KEY PLAYERS OF THE MARKET
Aurora Cannabis, Canopy Growth Corporation, CBD American Shaman, CV Sciences (CV Sciences, Inc.), Elixinol, Folium Biosciences, Gaia Botanicals (Gaia Botanicals LLC), IRIE CBD, Isodiol (Isodiol International Inc), NuLeaf Naturals (NuLeaf Naturals, LLC.) and PharmaHemp (Pharmahemp d.o.o.) are some of the major players of cannabidiol market.
As per this study the Global Cannabidiol Market was valued USD 7.9 BN (by revenue) in 2022 and is anticipated to reach USD 28.7 BN by 2030 with a CAGR of 17.5%.
Cannabidiol (CBD) is a phytocannabinoid compound extracted from cannabin sativa plant or marijuana. Cannabidiol is anti-inflammatory, anti-oxidant, analgesic compound that act as neuro and immunoprotector in various medical conditions. CBD is used in potential treatment to cure epilepsy, fibromyalgia, chronic polyarthritis, and Neurogenerative conditions such as Parkinson's disease, multiple sclerosis and others.
Market Dynamics
Rising prevalence of Neurogenerative disorders such as dystonia, Alzheimer diseases, multiple sclerosis and others is driving the demand of CBD for medicinal purpose. Growing popularity owing to wellness ingredient is pushing the market growth. Approval of cannabidiol as a first oral drug by FDA for rare and severe form of epilepsy is again boosting the market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of cannabidiol.
Market Segmentation
The broad cannabidiol market has been sub-grouped into product and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Source Type
By Sales Type
- B2B (Pharmaceuticals, Wellness)
- B2C (Hospital Pharmacies, Online, Retail Stores, Medical, Personal Use)
By End-use
- Medical (Chronic Pain, Mental Disorders, Cancer, Others)
- Personal Use
- Pharmaceuticals
- Wellness (Food & Beverages, Personal Care & Cosmetics, Nutraceuticals, Others)
Regional Analysis
Furthermore, the report comprises of the geographical segmentation, which mainly focuses on current and forecast demand for cannabidiol in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Cannabidiol Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the Cannabidiol market includes ENDOCA, Cannoid LLC, Medical Marijuana Inc., Folium Biosciences, Elixinol, NuLeaf Naturals LLC, Isodiol International Inc., Pharmahemp d.o.o.. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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