Cannabidiol (CBD) Market Size
Cannabidiol (CBD) market was valued at USD 3129.40 million in 2021. It is forecasted to reach USD million by 2031, growing at a CAGR of 20.60% during the forecast period (2024-2031).
Cannabidiol is the chemical extracted from the cannabis plants such as hemp and marijuana. It has several health benefits such as alleviating cancer-related symptoms, treating skin disease, helping to reduce blood pressure and reducing inflammation & pain. Cannabidiol has over 80 chemicals, in the cannabis Sativa plant while delta-9-tetrahydrocannabinol (THC) is the major active ingredient in cannabidiol. Since cannabidiol has been studied as effective for making new drugs for several diseases to provide treatments. Cannabidiol can only be included in "cosmetic" products and only if it contains less than 0.3% THC. Cannabidiol derived products are mostly used for seizure disorder anxiety, pain, a muscle disorder called dystonia, Parkinson disease, Crohn disease, and many other conditions.
As per DataM Intelligence, Cannabidiol (CBD) Market study analysis offers an in-depth outlook on the market containing quantitative and qualitative data. It gives an outlook and forecast of the global market based on market segmentation. It also provides global Cannabidiol (CBD) Market size, and growth, along with the latest trends, opportunities, and forecast till 2029 for the global market with esteem to major countries such as the United States, Canada, Brazil, Germany, Italy, Spain, United Kingdom, Russia, European countries, United Arab Emirates, Saudi Arabia, South Africa, Japan, China, India, South Korea, Australia, and rest of the countries over the globe.
Among all regions, the North American region is expected to hold the largest share of the global market over the forecast period. Cannabidiol (CBD) Market in the United States and Canada produces the utmost share. Whereas the European Cannabidiol (CBD) Market is projected to continue its presence globally during the period of 2024-2031.
Cannabidiol (CBD) Market Summary
| Metrics | Details |
| CAGR | 20.60% |
| Segments Covered | By Type, By Source, By Grade, By Application, By Distributional Channels, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Regions Analyzed | North America, Latin America, Europe, Middle East, Africa, Asia Pacific, and the Rest of the world. |
| Major Companies Covered | Abbott Laboratories, EKF Diagnostics Holdings plc, BioMérieux SA, Atlas Medical, Quidel Corporation, BIOSYNEX SA, Prestige Brands Holdings, Swiss Precision Diagnostics (SPD) GmbH, Piramal Enterprises, NG BIOTECH SAS, and among the major companies listed in the final report. |
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Cannabidiol (CBD) Market Dynamics
Global cannabidiol is driven by rising demand for several medical applications such as stress relief, diabetes prevention, and alleviation of cancer symptoms mitigation of pain, treatment of anxiety and depression, and acne reduction.
Rising prevalence of cancer, anxiety and depression disorder with the surge in the global geriatric population
The market is driven by the rising demand prevalence of cancer, anxiety and depression disorder with the surge in the global geriatric population. According to the World Health Organization in 2022, cancer causes leading deaths in worldwide and it’s around 10 million deaths. It created a massive demand for CBD to alleviate the symptoms of cancer disease and provide suitable treatment with the help of CBD based drugs and medicines.
Rising prevalence of chronic diseases such as diabetes, Parkinson's, anxiety etc with the surge in the geriatric population
Increase in the adoption of cannabidiol for treatment of chronic ailments such as diabetes, Parkinson's diseases as well as and anxiety disorder. According to the International Diabetes Federation in 2021, approximately 537 million people between the ages of 20-79 years are suffering from diabetes globally and is projected to increase to 783 million by 2045. It created a massive demand for medicines made from CBD to cure and prevent the prevalence of diabetes.
Rising FDA approval for the medicines based on CBD for providing treatment for various diseases
Rising FDA approvals with growing permission for the cultivation of CBD for medicinal use by several governments may create a huge opportunity for the CBD market. For instance, on 31st July 2020, the U.S. Food and Drug Administration has approved an oral solution called Epidiolex for the treatment of seizures associated with tuberous sclerosis complex (TSC) in patients.
Strict rules and regulations with several FDA and government approvals regarding the sale of the CBD based products
The global CBD market is hampered by the strict rules and regulations with FDA authority for the sale of CBD based products. For instance, on 26th May 2022, the United States FDA has warned4 companies for illegally selling various products intended for use in animals’ food. Violations include adding CBD to human, animal foods, unapproved new human and animal drugs, selling CBD products as dietary supplements.
Cannabidiol (CBD) Market Segmentation Analysis
The global cannabidiol market is segmented based on types, source, grade, application, distribution channel and region.
The isolated segment accounted for the largest share of the global Cannabidiols market in 2021
In terms of type, the global cannabidiol market is bifurcated into isolate, full-spectrum, broad-spectrum and others. Among these, the isolate cannabidiol segment has the highest market share in 2021, this is primarily due to its demand for boosting the immune system, fighting against inflammation, preventing vomiting, recovering the nervous system etc. Several leading players are launching isolated CBD based products to boost the immune system during the covid-19 pandemic. For instance, on 20th May 2020, Medterra the leading CBD brand launched its new immune system boosting drops to support a healthy immune system, creating the optimum wellness product.
Similarly, the full spectrum and broad-spectrum segments have the highest market share in 2021, this is due to rising the adoption of CBD for manufacturing cosmetics and personal care products.
Rising prevalence of the elepsy with the surge in FDA approval for marijuana-based products for providing treatment
Rising prevalence of elepsy disorder with the surge in the use of marijuana for manufacturing of pharmaceutical drugs to provide the treatment. Several leading players are launching the marijuana-based product for providing elepsy treatment due to the rising number of elepsy cases around the globe. According to the World Health Organization in 2022, globally the elepsy cases increased to around 50 million due to which it becomes the most common neurological disease. It created a massive demand for the marijuana segment for providing specific treatment.
Rising product launch, merger and acquisition activities for the development of CBD based products
Based on the grade, the global cannabidiol market is divided into therapeutic grade, clinical-grade and food grade. Among this therapeutic-grade segment has the highest market share in 2021, owing to rising launching and collaboration activities for the development of therapeutic grade CBD contained products.
For instance, on 8th Oct 2020, Marijuana Company of America Inc. has entered into a collaboration and mutual strategic investment with Cannabis Global, Inc for developing hempSMART products. Further on 23rd Sept 2019, the European Union has approved a medicinal cannabis product aimed at patients with two rare forms of childhood epilepsy. Similarly, the clinical grade and food grade segment has the highest share in 2019, this is due to the rising adoption of CBD based products for the manufacturing of food-grade items.
Rising research and development for the development of the pharmaceutical products
Depending on the application, the global cannabidiol market is divided into pharmaceutical, food & beverages, personal care & cosmetics and others. Among these, the pharmaceutical segment has the highest market share in 2021, due to rising R&D spending for the development and launching of CBD based drugs and medicines. For instance, on 6th July 2020, United States consumers have spent around US$3 billion on CBD Products in 2020. Further pharmaceutical market spending reached around US$ 1,430 billion in 2020.
Retail pharmacies are expected to dominate the global cannabidiol market during the forecast period.
Based on distribution channels, the global cannabidiol is divided into retail pharmacies, hospital pharmacies, online stores and others. Among these, retail pharmacies have the highest market share in 2021, this is due to the increasing opening of retail outlets in several countries, for instance in India on 14th June 2019, Medlife has opened 750 retail pharmacies stores in 2020.
Similarly, hospital pharmacies, online stores segments are also growing at a faster pace owing to the rising demand for the trend of online pharmaceutical drug delivery platforms due to the Covid-19 pandemic all over the world. For instance, on 14th Aug 2020, Amazon launched an online pharmacy in India to facilitate medicines to Indian consumers.
Global Cannabidiol (CBD) Market Geographical Share
North America region holds the largest market share global Cannabidiol market
North America region is dominating the global cannabidiol market accounted for the largest market share in 2021, due to the presence of the leading healthcare companies and rising approval for CBD based products with the presence of permission for the cultivation of the marijuana and hemp plants which contribute to creating a high demand for CBD market in this region followed by Europe. For instance, as per the Frontier Organization report, in the United States, consumer spending on legal cannabis cultivation exceeded around US$18 billion with increased by 25% in 2020.
It created a massive demand for the CBD market in this region for the manufacturing, development of CBD based products. As per the United States Department of Agriculture, the total value of United States hemp production is 712 million USD. As per the U.S. Department of Agriculture (USDA) in Canada, the aggregate 225,000 acres of land has the cultivation of hemp. Similarly, the Asia-Pacific region is the fastest-growing region for the growth of the CBD based product owing to the presence of a huge population and growing demand for medicines for chronic disorder treatment.
Cannabidiol (CBD) Market Companies and Competitive Landscape
The Cannabidiol market is moderately competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include ENDOCA, Cannoid LLC, Isodiol International Inc., Elixinol, Aurora Cannabis Inc., Pharmahemp d.o.o, Medical Marijuana Inc., Folium Biosciences, NuLeaf Naturals LLC, Aphria Inc., Canopy Growth Corp and others.
The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the cannabidiol market globally. For instance, on 23rd March 2020, Mota Ventures Corp launched CBD line pure herbal product which contains CBD, and vitamins B3, B12, and C with zinc.
Rising demand for FDA approvals with the surge in several government approvals for CBD based products. For instance, in October 2019, the Health Ministry of Canada has introduced new regulations to legalize the sale of cannabis-based edibles, beverages, topicals and extracts products. It created a massive demand for the cannabidiol market in this region.
Elixinol
Overview: Elixinol, founded in 2014 with the U.S. office based in Westminster, Colorado, United States. Elixinol is the global leading manufacturer of CBD based products with expertise from extraction, processing, growing to formulate products. The Company has a diversified product portfolio in healthcare which includes supplements, health, alternative medicine, wellness, organic, health and wellness, sales, marketing, science, contracts, CBD, and hemp.
Product Portfolio: The company has a diverse product portfolio of cannabidiol including:
CBD Oils: CBD oil is 100% hemp extract blended with MCT coconut oil and other complementary ingredients to boost delivery and efficacy. CBD oil has a wide range of offerings which includes both full-spectrum and broad-spectrum oils, liposomal oil, as well as USDA certified organic hemp extract. All CBD oils provided by the company are vegan, gluten-free with zero harsh solvents or toxic chemicals.
CBD Capsules: CBD capsules, made with high-potency, non-GMO organic hemp. CBD based capsules are used for the treatment of inflammation and antioxidant support and to provide body comfort from stress. All capsules are 100% vegan, cruelty-free and free of synthetic colours and fragrances.
CBD Topicals: CBD topicals, made with 100% organic hemp, are cruelty-free, 100% plant-based, non-GMO and vegan. It contains skin-loving ingredients such as capsaicin, copaiba and essential oils to enhance skin health. CBD gels and balms are great for all skin types and perfect for or providing more localized comfort.
Key Development: In 23rd Jan 2019, Elixinol Hemp CBD Brand launched in New Zealand for offering comprehensive benefits of a wide range of cannabidiol (CBD) products to the NZ public on a prescription basis.
COVID-19 Impact on Cannabidiol (CBD) Market
The global cannabidiol market has received immense impetus from the COVID-19 pandemic, as stakeholders are increasingly searching for newer approaches towards diagnosing and curing patients affected by several chronic ailments such as diabetes, cancer, etc. Increasing research and development is being undertaken by several pharmaceutical and biotechnology companies. Thus, rising demand for clinical research is expected to generate several opportunities for the Cannabidiol products manufacturer, hence, expected to boost the market growth over the forecast period.
