The global Cannabidiol Market size is expected to reach USD 22.05 billion by 2030, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 16.8% from 2022 to 2030. Increasing awareness regarding the health benefits of cannabidiol (CBD), changing consumer opinion, and the attitude toward CBD products are some of the key factors driving the demand for these products. Cannabidiol is a chemical compound that is found in the cannabis Sativa plant, and is extracted from hemp or cannabis, generally from hemp due to its naturally high CBD content. The cannabis Sativa plant has over 80 chemicals that are identified as cannabinoids. Out of all the chemicals, cannabidiol is most widely used for medical purposes due to its lack of psychoactive effect.
Cannabidiol
oil is used in various medical applications to treat disorders including
anxiety and depression and is also used for stress relief, cancer symptom
relief, inflammation, and diabetes prevention. The recent COVID-19 pandemic has
affected many industries around the world, including the CBD industry. The
impact of COVID-19 has led to disruption in production processes. Due to strict
quarantine measures taken across the globe, there is a stagnation in the supply
of products, including CBD products. In addition, most of the retail stores are
currently closed due to the pandemic. Hence, the marketplace may face a
slowdown amidst the pandemic, however, it can gain momentum in 2021 due to the
increase in demand for CBD-based products in the coming years.
The
global market is expected to develop at a lucrative rate over the forecast
period owing to the increased acceptance of CBD-based products to treat
diseases. There is a growing need for nutrient-rich foods to help people
achieve fitness objectives and avoid problems such as inflammation
and pain. Furthermore, the Center for Food Safety (CFS) assesses companies that
sell CBD-based products based on their manufacturing process, processing
procedures, testing processes, and customer openness. Such government
activities piqued consumer interest, resulting in increased uptake of CBD-based
products.
The
introduction of CBD-infused goods is a priority for major industry players. CBD
oil is a non-psychoactive and legal component of hemp that can be used in a
variety of industries, including food, health products, pharmaceuticals, and
cosmetics. To capture a large revenue share in the CBD market, the industry
players are expected to use organic and inorganic methods such as mergers,
acquisitions, and new product introduction. In June 2021, Vertical Wellness
announced that it has agreed to merge with CanaFarma Hemp Products Corp., a
Canada-based company that offers multiple products and services related to
hemp. After the merger, Vertical Wellness, a U.S.-based cannabidiol company,
would transform into a public entity with a combined worth of USD 50 million.
Related Press
Release@ Cannabidiol
Market Report
Cannabidiol Market Report Highlights
- North
America accounted for the largest revenue share in 2021 and is expected to
maintain its lead over the forecast period. Favorable regulations,
increasing awareness about CBD oil, growing consumer preference, and a
rise in the number of manufacturers are the factors expected to fuel
market growth in the region
- In 2021, the
hemp source type segment is expected to register the fastest CAGR over the
forecast period owing to the rising awareness regarding the health
benefits of products infused with cannabidiol derived from marijuana. The
increasing legalization of hemp in various countries is also a key growth
factor
- The B2B
distribution channel segment accounted for the largest revenue share in
2021 owing to the increasing demand and rising number of businesses using
cannabidiol as raw materials. Growing demand for cannabidiol products in
various sectors such as health and wellness, pharmaceutical, food and
additives, and cosmetics has increased the need for companies to procure
cannabidiol raw material or precursor material for their products in bulk.
Hence, various growth opportunities are emerging in the cannabidiol
wholesale business, which is expected to propel the growth of this segment
- In 2021, the
medical end-use segment accounted for the largest revenue share owing to
the rising use of cannabis derivatives for various medical
conditions
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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