Report ID: 10149142 |
Published Date: 21 Oct 2022 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
"By the end of 2021, the global cannabidiol market is anticipated to be worth ~USD 3 billion, and it is expected to expand at a compound annual growth rate (CAGR) of ~22% from 2022 to 2030. Due to its therapeutic properties, the health demand for cannabidiol (CBD) is healthy, which is the main factor driving market growth. In addition, due to government approval, more and more products are accepted and used are the main factors that are expected to promote the infusion of CBD into product production.
Among all cannabinoids, cannabidiol is the most widely used treatment cause due to its lack of psychoactive effects. Cannabidiol oil is used in many medical applications, such as treating anxiety and depression, relieving stress, preventing diabetes, relieving pain, relieving cancer symptoms and inflammation. Due to the increasing use of CBD-based products to treat diseases, the global cannabidiol market is expected to grow at a profitable rate during the forecast period.
Due to higher profit margins on these products, commercial retailers are now focusing on selling cannabis-based products. Many health and wellness retailers offer CBD-based products, such as Rite Aid, CVS Health, and Walgreens Boots Alliance. In addition, CVS Health decided to provide CBD topical medicines in its 800 stores, and Walgreens Boots Alliance sells topical medicines containing CBD at its 1,500 stores in the United States. Consumer behavior in almost every industry:
As the response to COVID-19 has increased, retail stores have closed. Due to the closure of transportation and manufacturing in major raw material producing countries such as China and India, the market began to experience supply shortages. In addition, due to the interruption of the supply chain in the United States, the supply of other raw materials is restricted, which is disrupting the manufacturing of CBD products, which in turn disrupts the supply chain of healthy CBD products for consumers.
SOURCE TYPE INFORMATION:
The cannabis segment dominates the market, accounting for the largest revenue share in 2020 at 60%. The increasing acceptance of refined CBD products, coupled with the increasing legalization of hemp and hemp product derivatives in various medical applications, is driving growth in this segment. In addition, the high efficacy of cannabidiol extracted from hemp is a key factor for a large part of the market. Due to increased demand in the pharmaceutical sector and increased consumer health awareness, cannabidiol from cannabis is expected to experience rapid growth.
The increase in consumer disposable income and the legalization of medical marijuana are expected to have a positive impact on the demand for cannabidiol in the pharmaceutical industry. Oils, tinctures, concentrates, capsules, topical solutions (such as slaves, lip balm, lotions), and foods (such as baked goods, coffee, chocolate, chewing gum, and candy) are some of the CBD products that are in great demand.
Due to its anti-inflammatory, anti-aging and antioxidant properties, the content of CBD from hemp is increasing rapidly. Various industries such as pharmaceuticals, personal care and cosmetics, nutraceuticals, and food and beverages are developing CBD-derived products for health and wellness purposes. Therefore, the above factors will be the reason for the fastest growth of this market segment during the forecast period.
DISTRIBUTION CHANNEL INSIGHTS:
The business-to-business (B2B) market segment dominates the market, accounting for the largest revenue share in 2020 at 60%. The market segment is expected to expand at a profitable rate during the forecast period. This can be attributed to the increase in the number of bulk or wholesale CBD oil suppliers and the increase in demand for CBD oil as a raw material.
Similarly, after the legalization of CBD products in many countries, due to the expansion of consumer groups, the supply channels of these products have increased significantly. Among them, the hospital pharmacy segment will account for an important share of revenue in 2020. As more and more companies cooperate with Retail pharmacies establish exclusive partnerships to increase their visibility and create independent entities for customers to purchase CBD products. In addition, the CBD market is expected to provide important opportunities for market participants due to increased storage activities in pharmacies, exclusive partnerships with retail pharmacies, and an increase in the number of patients choosing CBD treatment.
END USE INSIGHT:
The pharmaceutical sector dominates the cannabidiol (CBD) market and will have the largest revenue share in 2020 at 44%. The sector is expected to grow at a profitable rate during the forecast period. Most of this is due to factors such as the increasing number of ongoing trials investigating the effects of CBD on certain health conditions, which are expected to drive demand in the coming years. In addition, many companies buy CBD oil in bulk and produce CBD-infused products.
These products are used by a large number of consumers as a substitute for pain and stress management. Therefore, it is said that most of these products are in the growth stage of the market. The pharmaceutical sector is expected to witness the fastest growth rate during the forecast period. This rapid and gradual shift of cannabidiol from herbal preparations to prescription drugs is expected to drive market growth. In addition, increasing awareness of the medical benefits of cannabidiol (including its therapeutic properties) is expected to drive demand for the product in the pharmaceutical industry.
REGIONAL INFORMATION:
In 2020, North America will dominate the market with a revenue share of 35%, and will continue to maintain its leading position in the market. The presence of health-conscious people in the region, increasing acceptance of CBD-based products, the presence of major manufacturers, and the passage of the U.S. Farm Bill in 2020 are some of the main factors driving the region’s growth. As we all know, North America is the fastest growing region for cannabis and its products (including cannabidiol). It has the most CBD companies and loose laws on the use of CBD products.
In the Asia-Pacific region, due to the installation of cannabis production plants, especially in China, the market is expected to experience the fastest growth during the forecast period. China is the largest cannabis growing country in Asia, producing nearly half of the world;s cannabis. Approximately 90% of the country;s products are exported to the United States, Germany, the United Kingdom, the Netherlands and Japan, and hemp has been grown in three provinces for the extraction of cannabidiol. The newly discovered government policies to support the industry, lower production costs of cannabidiol, and unique large-scale manufacturing experience and infrastructure are expected to bring intense challenges to cannabis companies supplying low-cost CBD from the United States, Canada, and the European Union. Competition.
MAJOR COMPANIES AND MARKET SHARE PROSPECTS :
Products on the market provide users with the health benefits of cannabidiol without being poisoned. Therefore, they quickly made progress. In addition, competition in the global market is fierce as the company focuses on increasing product supply, entering new markets and winning new consumers. Due to the large number of participants, the market is highly fragmented. Several companies are launching innovative products and expanding their business in different regions to maintain their position in the market. In addition, the company is establishing multiple partnerships to expand its distribution network and expand its consumer base.
As the adoption of CBD-infused products continues to increase globally, this competition is expected to intensify during the forecast period. Some of the major players in the cannabidiol market include: ENDOCANNabinoid, LLC Medical Marijuana, Inc. Folium Biosciences Elixinol NuLeaf Naturals, LLCIsodiol International, Inc. Pharmahemp d.o.o.Ca.
MARKET SEGMENTS COVERED BY THE REPORT:
This report forecasts revenue growth at the global, regional, and country levels, and analyzes the latest industry trends in each sub-segment from 2022-2030. For the purpose of this research, Kenneth Research has subdivided the global cannabidiol market based on source type, distribution channel, end use, and region: Source Type Outlook (Revenue, USD Million, 2022-2030) HempMarijuana Distribution Channel Outlook (Revenue, millions of dollars, 2022-2030) U.S. dollars,2022-2030) B2BB2CH hospital pharmacy online retail store end-use outlook (income, millions of dollars, 2022-2030) medical chronic pain, mental disorders, cancer, other personal use of medicines, health foods and Beverages, personal care and cosmetics, nutrition and health products, others. "
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Report ID: 10149142 |
Published Date: 21 Oct 2022 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
