The global cannabidiol market is driven by increasing awareness about health benefits of CBD and its legalization in various countries for medical applications. CBD is a non-intoxicating compound found in cannabis plants, used for relieving pain and reducing anxiety and inflammation. It is used in treatment of various medical conditions like epilepsy, multiple sclerosis, Parkinson's disease, chronic pain etc. It is available in different forms like tinctures, capsules, topicals and vaping liquids.
The global Cannabidiol Market is estimated to be valued at US$ 323.23 Mn and is expected to exhibit a CAGR of 4.0% over the forecast period, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The global CBD market is primarily driven by increasing adoption of CBD for medical uses owing to its excellent therapeutic properties. According to World Health Organization (WHO), CBD is effective in treatment of various medical conditions like epilepsy, inflammation, anxiety and improving sleep. Secondly, legalization of cannabis-based products containing CBD in major countries is also fueling market growth. In 2018, United States passed the Farm Bill legalizing CBD derived from hemp. In European Union, countries like UK, Italy, Germany have relaxed regulations regarding cannabis. The key players are focusing on research development activities to develop advanced formulations and extend application scope of CBD across various therapeutic areas. However, complexity in distribution sale owing to legal regulations in some countries acts as a major restraint.
SWOT Analysis
Strength: The cannabidiol market offers various health benefits such as reduced anxiety, pain relief, and improved sleep. Cannabidiol has anti-inflammatory properties which helps treat chronic conditions. Growing awareness about the medical uses of cannabidiol is driving more people to use cannabidiol products.
Weakness: Unclear regulations in many countries pose challenges for the cannabidiol market's growth. Long term health effects of using cannabidiol products are still unknown which limits their adoption. High costs associated with cannabidiol products restricts their use among low income groups.
Opportunity: If regulations become more lenient, the cannabidiol market can expand into new regions. Innovation in product forms can address accessibility issues and appeal to newer customer segments. As research on cannabidiol progresses, discovery of additional health benefits will increase the scope for medical use.
Threats: Strict regulations in major markets continue to hamper the cannabidiol market's expansion. Introduction of low cost alternatives and development of new treatment methods can reduce dependence on cannabidiol over time. Public perception around usage of cannabinoid extracts for medical purposes remains mixed in various countries.
Key Takeaways
The global cannabidiol market is expected to witness high growth over the forecast period of 2023-2030. Key factors driving this growth are rising incidence of chronic conditions, extensive research proving cannabidiol's therapeutic benefits and growing adoption among the elderly population.
Regional analysis
The North America region holds the highest share in the global cannabidiol market and is expected to continue its dominance over the forecast period. Increased awareness, easy availability of cannabidiol products across retail channels and growing prevalence of lifestyle diseases are major factors contributing to the large market size of North America. Europe follows North America in terms of cannabidiol market share and is witnessing steady growth with supportive research initiatives exploring therapeutic uses of cannabidiol.
Key players:
Key players operating in the cannabidiol market are ENDOCA, Cannoid, LLC, Medical Marijuana, Inc., Folium Biosciences, Elixinol, NuLeaf Naturals, LLC, Isodiol International, Inc.,Pharmahemp d.o.o. They are focussing on enhancing their product portfolios through strategic collaborations for research and development of new therapeutic applications of cannabidiol. Partnerships with
