Global Cannabidiol (CBD) Market Scope

Global Cannabidiol (CBD) Market Size, Forecast, and Trend Highlights Over 2022 - 2031

The global cannabidiol (CBD) market is estimated to garner a revenue of USD ~USD 48 billion by the end of 2031 by growing at a CAGR of ~21% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 5 billion in the year 2021. Cannabidiol is a plant-based chemical compound found in the cannabis Sativa plant and extracted from cannabis or hemp, which is used effectively in the treatment of seizures, Crohn's disease, Parkinson's disease, Dystonia, and more. So, the prevalence of these health conditions is the primary factor leading to the growth of the cannabidiol (CBD) market size. It has been observed that out of more than 64 million people suffering from active epilepsy globally, up to 31% experience generalized seizures, and about 21% experience non-epileptic seizures.

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Similarly, it has been estimated that globally over 8 million individuals and several million suffer from Parkinson's disease and Crohn's disease respectively. Thus, the high number of people seeking treatment for these health conditions can lead to CBD industry growth.

Global Cannabidiol (CBD) Market: Growth Drivers and Challenges

Growth Drivers

• Wide Prevalence of Anxiety and Depression Worldwide - It has been estimated that globally, more than 250 million adults suffer from anxiety. Of these, more than 60% are female, whereas close to 40% are male. Similarly, up to 6% of adults worldwide suffer from depression. Depression is considered to be a leading reason for disability worldwide and is believed to contribute to the overall global disease burden. As in the case of anxiety, more women than men go through depression all over the world. Additionally, more than 50% of adults who experienced stress reported being depressed, while more than 60% reported being anxious. The effectiveness of CBD in the treatment of anxiety and depression is going to drive the CBD industry's growth.

• Large Presence of People Experiencing Pain – The treatment of pain is another application of CBD. Chronic pain is a primary cause of disease burden and disability globally. It is estimated that in the U.S. alone, high-impact chronic pain restricts more than 80% of patients from working outside the home.

• Rapid Growth of Skin Care in the Cosmetic Industry – Despite the decrease in the overall sales of cosmetics, skincare witnessed some growth as the consumption of these products increased. For instance, more than 20% of women reported having spent more money and time on skin care. Similarly, facial skincare products were used more often by consumers.

• Growing Legal Recognition for Medical Application of Marijuana – Another factor leading to CBD industry growth is the legalization of the recreational and medical use of cannabis. For instance, presently, Canada, Thailand, Uruguay, and the subnational jurisdictions in the U.S., except for Washington D.C., allow commercial marketing of recreational cannabis.

• Large Presence of a Health-Conscious Population – Like in the case of any other medicine-related market, the global cannabidiol (CBD) market is believed to grow as a result of the growing presence of a health-conscious society. For instance, up to 30% of all customers in the U.S. and Europe’s groceries are observed to be health conscious.

Challenges

• General Disruption in the Manufacturing and Supply of CBD Products During Covid-19

• High Cost of Products Made of Cannabidiol

• Long Delay in Legalizing the Use of CBD in Some Parts of the World

The global cannabidiol (CBD) market is segmented and analyzed for demand and supply by source into marijuana and hemp. Between these, marijuana is anticipated to hold the largest market size by the end of 2031. The large number of world nations legalizing the use of medical marijuana is the major factor leading to the growth of this segment in the forecast period. In more than 30 countries the medical use of marijuana with and without strict guidelines is allowed. Mostly marijuana is used as cannabis-derived pharmaceutical. It has been estimated that more than 65% of doctors favor the use of medical marijuana, while ~86% of American adults approve of the use of marijuana for medical purposes. The marijuana segment in the global cannabidiol (CBD) market is estimated to grow also due to its effectiveness in relieving symptoms related to Alzheimer’s disease, HIV/AIDs, Crohn’s disease, epilepsy, and more.

Global Cannabidiol (CBD) Market Regional Synopsis

Regionally, the global cannabidiol (CBD) market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these, the market in the North American region is projected to hold the largest market share by the end of 2031. The main reason for the growth of the cannabidiol (CBD) market in the area is the leading position the United States holds among the wealthiest countries with the greatest disposable income per capita. North America has also witnessed some groundbreaking movements in the legalization of the medical use of cannabis. For instance, Canada is the first industrial country globally to pass legislation to allow the purchase of marijuana by adults. Another reason for the growth of the cannabidiol market is the prevalence of health conditions that require the medical administration of cannabis. For instance, anxiety affects more than 35 million adults in the U.S., thus becoming the most common mental disorder among the adult population.

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Market Segmentation

Our in-depth analysis of the global cannabidiol (CBD) market includes the following segments:

Key Companies Dominating the Global Cannabidiol (CBD) Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global cannabidiol (CBD) market that are included in our report are Endoca, Cannoid, LLC, Medical Marijuana, Inc., Folium Biosciences, Elixinol, Aurora Cannabis Inc., Medterra CBD, CV Sciences, Inc., PharmaHemp, NuLeaf Naturals, LLC, and others.

Global Cannabidiol (CBD) Market: Latest Developments

• January, 2022: CV Sciences, Inc. – announced a significant distribution agreement with GNC enabling consumers in 770 GNC locations to purchase top-selling ingestible products of CV Sciences under the brand PlusCBD.

• March, 2021: FOLIUM BIOSCIENCES – announced submitting a new food application to the Food Standards Agency (FSA), in the United Kingdom (U.K.) for validation of the company’s hemp-derived 0.0% THC broad-spectrum CBD oil.

Key Reasons to Buy Our Report

• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessments for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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