Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Cannabidiol market.
Trusted Business Insights presents an updated and Latest Study on Cannabidiol Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Cannabidiol market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Industry Insights, Market Size, CAGR, High-Level Analysis: Cannabidiol Market
The global cannabidiol market was valued at USD 4.6 billion in 2018 and is anticipated to witness a lucrative CAGR of 22.2% over the forecast period. The demand for cannabidiol (CBD) for medical and wellness purposes is high due to its healing properties, which is the key factor driving the growth of the market. Moreover, growing product adoption and utilization owing to government approvals is a major factor anticipated to drive the demand for cannabidiol infused products.
Out of all cannabinoids, cannabidiol is most commonly used for medical purposes due to the absence of psychoactive effects. CBD oil is used in several medical applications such as treatment of anxiety and depression, stress relief, diabetes prevention, mitigation of pain, alleviation of cancer symptoms, and acne reduction. The global CBD market is anticipated to grow at a lucrative rate over the forecast period owing to growing adoption of CBD-based products for treating various medical conditions.
Cannabidiol is one of the main cannabinoids extracted from the hemp or from marijuana, which is primarily found in the Cannabis Sativa plant. In the past couple of years, the use of cannabidiol is legal in several countries across the globe for industrial applications such as personal care and cosmetics, pharmaceuticals, and food and beverages as it was found to be safe for human consumption when consumed in the prescribed proportion.
Cannabidiol has become the latest consumer trend, which is a resultant of increasing number of social media influencers promoting the benefits of cannabis, marketing initiatives by the industry participants, and growing application areas. Subsequently increasing product options such as skincare, cosmetics, haircare, intimate lubricants, pharmaceuticals, gummies, pills, infused beverages, and other products are also driving the market for cannabidiol.
Increasing awareness about the therapeutic benefits of cannabidiol has influenced people to buy CBD based products, irrespective of their cost. Mainstream retailers are now focusing on selling CBD-based products, as these have a higher profit margin. Various health and wellness retailers such as CVS Health, Rite Aid, and Walgreens Boots Alliance have decided to sell CBD-based products. Moreover, CVS Health is planning to sell CBD topicals through its 800 stores, and Walgreens Boots Alliance is planning to sell CBD containing topicals in 1500 of its stores in the U.S.
On the other hand, the presence of stringent regulations and the high cost of CBD products are some of the major factors restraining the growth of the market for cannabidiol. Moreover, the absence of legalization programs in several Asian and African countries is another key factor impeding the growth of the CBD market.
Type Insights of Cannabidiol Market
Based on source type, the marijuana-derived CBD segment accounted for the largest revenue share in 2018 valued at USD 3.9 billion, owing to the increasing adoption of refined cannabidiol products coupled with the growing legalization of medical marijuana. Furthermore, the high efficacy of marijuana-derived CBD is one of the pivotal factors for the segments large share.
Marijuana-derived CBD products are available in dispensaries as well as government-approved pharmacies and stores. These products include oils, tincture, concentrates, capsules, and topical solutions such as slaves, lip balms, and lotions. It also includes edibles such as baked goods, coffees, chocolates, gums, and candies. The rising adoption of CBD-infused products derived from marijuana for medical and wellness purposes is another major factor projected to foster the growth of this segment over the forecast period.
Hemp-derived CBD finds its application in various sectors such as pharmaceuticals, personal care and cosmetics, nutraceuticals, and food and beverages. The demand for CBD-infused personal care and cosmetics products is rising owing to its anti-inflammatory, anti-aging, and antioxidant properties. Numerous skincare and cosmetic brands are involved in the production of hemp-derived CBD products. Therefore, the abovementioned factors will be responsible for the fastest growth rate of this segment over the forecast period.
Distribution Channel Insights
Based on the distribution channel, the cannabidiol market is segmented into Business to Consumer (B2C) and Business to Business (B2B). The B2C segment comprises of hospital pharmacies, retail pharmacies, and online stores. The B2C segment accounted for the largest revenue share in 2018 and is expected to grow at a lucrative rate over the forecast period. The ease of availability of these products to the consumers is one of the key factors driving the growth of this segment. Moreover, increased adoption of CBD oil and tinctures for personal and medical applications available through pharmacies, retail stores, and online stores is expected to increase the growth of this segment over the forecast period.
In the B2C segment, hospital pharmacies dominated the market in 2018 owing to the higher consumption of cannabidiol-infused medicines in hospital pharmacies. Moreover, the legalization of cannabidiol infused pharmaceuticals for various medical conditions has influenced the demand for these products, which, in turn, has supported the growth of the hospital pharmacies segment.
The medical segment dominated the market in 2018, with a revenue share of 44.5%, and is expected to grow at a lucrative growth rate over the forecast period. The large share has attributed to factors such as rising use of CBD for medical conditions such as epilepsy, schizophrenia, chronic pain, sleep disorders, and symptoms of multiple sclerosis. Moreover, people suffering from chronic pain are now opting for CBD-based products to manage associated conditions, which is expected to fuel market growth over the forecast period.
The pharmaceutical segment is anticipated to witness the highest growth rate over the forecast period. Companies manufacturing CBD infused pharmaceuticals for treating various medical conditions such as epilepsy and multiple sclerosis (MS) symptoms, are anticipated to boost the growth of this segment. Furthermore, major players such as Charlottes Web; GW Pharmaceuticals plc; Isodiol International Inc.; and CannaHealth, are using cannabidiol for manufacturing softgel capsules and tinctures are also influencing the growth of this segment.
Regional Insights of Cannabidiol Market
In 2018, North America accounted for the largest market share and will continue to retain its leading position in the market. The increasing legalization of medical cannabis in independent states of the U.S., the liberalism of government regulations regarding the same, and an overall increase in the acceptance of cannabidiol for pharmaceutical, wellness, and personal use are some of the major factors driving the growth of the region. Furthermore, the implementation of the Farm Bill in the U.S., allowing hemp-derived CBD is also supporting the growth of the market in the region. Moreover, Canada has legalized the production and sale of both CBD and THC potent marijuana for medical purposes. Therefore, the availability of CBD based products in the country is also supporting the growth of the market in the region.
The Asia Pacific market is anticipated to witness the fastest growth over the forecast period owing to the setup of hemp manufacturing plants, especially in China. China is the largest hemp cultivator in Asia and cultivates nearly half of the worlds hemp production. The country also exports nearly 90% of its products to the U.S., Germany, U.K., Netherlands, and Japan. Moreover, players in end-use industries such as personal care and cosmetics are targeting the emerging economies to improve their profitability and sales. Therefore, the growing focus of cannabidiol based product manufacturers in Asia Pacific countries and the growing legalization of cannabis for medical purposes in these countries are some of the major factors driving the growth of the market.
Market Share Insights of Cannabidiol Market
Some of the players operating in the market are ENDOCA; Isodiol International, Inc.; Medical Marijuana, Inc.; Cannoid, LLC; Elixinol; Folium Biosciences; NuLeaf Naturals, LLC; Pharmahemp d.o.o. Product launches, distribution partnerships, and acquisitions are some of the key strategies opted by the key market players to increase their share.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Cannabidiol Market Research Report
This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global cannabidiol market report on the basis of source type, distribution channel, end use, and region:
Source Type Outlook (Revenue, USD Million, 2019 – 2030)
Distribution Channel Outlook (Revenue, USD Million, 2019 – 2030)
- Hospital Pharmacies
- Retail Stores
End-use Outlook (Revenue, USD Million, 2019 – 2030)
- Chronic Pain
- Mental Disorders
- Food & Beverages
- Personal Care & Cosmetics
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