Cannabidiol (CBD) Market Growth Predicted at 35.7% Through 2027: GMI
Major cannabidiol market players include Aurora Cannabis, Canopy Growth Corporation, Cronos Group, CV Sciences, Inc., Medterra and Tilray.
According to the latest report "Cannabidiol (CBD) Market by Product (Oil, Tinctures, Suppository, Transdermal Patches, Isolates, Tablet, Capsules, Vape Oil, Creams And Roll-On), Application (Anxiety/Stress, Sleep/Insomnia, Chronic Pain, Migraine, Skin Care, Seizures, Joint Pain & Inflammation, Neurological Conditions), Route of Administration (Oral, Topical, Inhalation, Transdermal Patches, Rectal, Sublingual), Source (Marijuana, Hemp), Distribution Channel (Online, Offline), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights Inc., the market valuation of cannabidiol will cross $108.8 billion by 2027. Increasing regulatory support alongside significant adoption is prominently driving the market growth.
The global market is anticipated to be in its nascent stage where consumers are keen to understand the benefits and side effects of employing cannabidiol as a treatment alternative. With the increasing awareness, the market is predicted to upsurge in the coming years. Optimistic regulatory stance of governments across regions further boosts the confidence of consumers as well as suppliers to venture in the marketplace. However, as a significant proportion of the users are noted to be new to CBD consumption, the market is expected to experience consumer hesitation in the short term, while witnessing representing a healthy growth rate over the long-term forecast period. As authorities are noted to fasten the approval processes, the market represents an opportunistic potential in the coming years. However, counterfeit products and substandard quality products are some of the concerns that can potentially limit the industry growth.
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The creams and roll-on segment in the CBD market are slated to showcase a 35.8% growth rate by 2027 due to an increasing interest from the cosmetic applications of cannabidiol. From a medicinal point of view, CBD is studied to show anti-inflammatory characteristics that further propel the demand for creams and roll-on. CBD is also noted to remain highly effective against dry skin, complementing the segment growth.
The cannabidiol market for anxiety/stress applications accounted for nearly USD 1.5 billion in 2020. The rising occurrence of mental disorders such as depression and anxiety/stress compel healthcare practitioners to resort to CBD-based medications. According to the World Health Organization, approximately 4.5% of Europe's population is affected by depression. Such high prevalence rates are poised to create significant demand during the forecast period.
The oral segment captured 45% of the CBD market share in 2020. The oral route of administration is highly preferred, as it offers a gradual relief to pain and other disorders. With several manufacturers relying on the oral route of administration for product development, the segment is also noted to be highly driven by the supply side and is projected to remain prevalent throughout the forecast period.
The marijuana segment is estimated to reach USD 30.1 billion by 2027 owing to its legal status across certain countries and regions. With relatively higher THC content, the compound is highly efficient against medical disorders such as Alzheimer's disease and Parkinson's disease, among others.
The online distribution channel in the cannabidiol market held 46% of revenue share in 2020. Online channels offer numerous advantages over its offline counterparts such as on-time delivery while also ensuring adequate inventory. Online distribution channels also minimize the operational costs associated with maintaining physical stores. The segment is expected to show a higher growth rate as more consumers get accustomed to the online sales model.
Australia is one of the key countries in the Asia Pacific cannabidiol market while accounting for nearly a quarter of the revenue share during the forecast timeline. With a liberal stance of the regulating authorities, medicinal and cosmetic use of CBD products are permitted in the country, as the geriatric population in the country is noted to increase, the demand for CBD-based products is anticipated to increase in tandem with it. Additionally, as the regulatory scenarios experience amendments and awareness surrounding the potential benefits of cannabidiol-based products increases, the market is set to register an exponential growth over the forecast period.
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Few notable players operating in the market include Aurora Cannabis, Canopy Growth Corporation, Cronos Group, CV Sciences, Inc., Medterra and Tilray among others. Industry leaders are adopting numerous strategies to strengthen market position.
Table of Contents (ToC) of the report:
Chapter 3 Cannabidiol (CBD) Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By application
3.4.3 By route of administration
3.4.4 By source
3.4.5 By distribution channel
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Porter's analysis
3.8 Competitive landscape, 2020
3.9 PESTEL analysis
Browse Complete Table of Contents (ToC) at
https://www.gminsights.com/toc/detail/cannabidiol-cbd-market
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Original Source: Cannabidiol Market Revenue to Cross USD 108.8B by 2027: Global Market Insights Inc.
