The global cannabidiol (CBD) market is estimated to garner a substantial CAGR over the forecast period, i.e., 2021–2029. The growth of the market can be attributed to the medicinal properties of CBD oil, backed by the tremendous ongoing research on benefits of cannabis sativa. CBD oil has various medical uses in curing depression and anxiety, inflammation, and relieving symptoms of cancer. According to a report by the World Health Organization, CBD is proven as an effective treatment for epilepsy, in several clinical trials. Owing to increasing adoption of cannabinoids, especially CBD, in therapeutic and medical science, the market is estimated to grow substantially over the forecast period. Moreover, CBD lacks any kind of psychoactive effects, something very common in other cannabis products, which is estimated to boost the market growth despite the stringent regulations on consumption of cannabis sativa in any other form. Additionally, Increasing R&D activities regarding the advantages and side effects of cannabis, is projected to boost the market growth. CLICK TO DOWNLOAD SAMPLE REPORT
The market is segmented by source into hemp, and marijuana, out of which, the hemp segment is anticipated to hold a significant share in the market during the forecast period owing to its higher plantation across the globe. On the basis of application, the market is segmented into medicinal, research, and personal, out of which the research segment is projected to witness highest CAGR over the forecast period on the back of growing research on effects of cannabis on human nervous system and its other uses. Use of CBD oil as a medicine has not gained popularity among the masses yet, but this segment is expected to gain prominence in the upcoming years.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global cannabidiol (CBD) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to garner largest market share over the forecast period on the back of health-aware population, rising acceptance of cannabis-based products supported by lenient laws, and growing research on the effects of cannabinoids. The market in the Asia Pacific is projected to grow significantly over the forecast period owing to the growing cultivation of hemp and marijuana in the countries, such as, China, backed by the favorable climatic conditions in the region. China is one of the largest producers of hemp and exports more than 85% of the produce to the U.S., Germany, and other countries. However, illegal trade of cannabis sativa in the region, is expected to hinder the regional market growth. The market in Latin America is estimated to witness moderate growth during the forecast period, owing to the increasing cultivation and trade of hemp and marijuana, backed by flexible government regulation in the underdeveloped nations.
The cannabidiol (CBD) market is further classified on the basis of region as follows:
Our in-depth analysis of the global cannabidiol (CBD) market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing awareness regarding the medicinal benefits of CBD oil is one of the major factors driving the market growth.
The market is anticipated to attain a substantial CAGR over the forecast period, i.e., 2021-2029.
Lack of awareness regarding the benefits of CBD oil is one of the major factors estimated to hamper the market growth.
The market in the North America will provide the highest growth opportunities for the market during the forecast period on the back of acceptance of cannabidiol and other cannabis-based products.
The major players in the market Cannoid, LLC, PharmaHemp d.o.o., NuLeaf Naturals, LLC, Folium Biosciences, Medical Marijuana, Inc., CBD American Shaman, LLC, Aurora Cannabis Inc., Canopy Growth Corporation, ENDOCA, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by source, application, and by region.
The research segment is anticipated to hold the largest market size over the forecast period on the back of growing research and development activities regarding the effects of cannabis sativa.
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