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Cannabidiol (CBD) Market Size
- Report ID: GMI4541
- Published Date: Apr 2022
- Report Format: PDF
Cannabidiol Market Size
Cannabidiol Market size accounted for USD 12.8 billion in 2021 and is estimated to grow with 21.7% CAGR between 2022 and 2028. Rising awareness of health benefits of cannabidiol (CBD) and its effectiveness in pain management & various other treatments is propelling the CBD industry growth.
Also, cannabis has been used to treat pain since far back and more recently various studies have stated that certain components of cannabis including CBD are responsible for pain-reliving effects. For instance, according to a study from the Michigan University, in 2021, out of 878 patients with fibromyalgia, 72% patients were reported using CBD to manage their pain. Therefore, CBD helped to decrease their pain as compared to other drug therapies. Thus, widespread use of CBD products along with changing consumer opinion has increased the adoption of CBD products, thereby propelling the market statistics.
Cannabidiol (CBD) is a chemical compound obtained from marijuana and hemp plants and is commonly used for medical purposes. Cannabidiol (CBD) is used for treating pain, anxiety, muscle disorder (dystonia), Crohn disease, Parkinson disease and many other medical conditions. Hence, cannabidiol is gaining widespread popularity across regions.
| Report Attribute | Details |
|---|---|
| Base Year: | 2021 |
| Cannabidiol Market Size in 2021: | 12,818.6 Million (USD) |
| Forecast Period: | 2022 to 2028 |
| Forecast Period 2022 to 2028 CAGR: | 21.7% |
| 2028 Value Projection: | 56,259.1 Million (USD) |
| Historical Data for: | 2017 to 2021 |
| No. of Pages: | 290 |
| Tables, Charts & Figures: | 393 |
| Segments covered: | Product, Application, Route of administration, Source, Distribution Channel and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The outbreak of COVID-19 pandemic had significantly impacted the cannabidiol market. The CBD industry witnessed a significant drop in 2020-2021 owing to the disruption of the supply chain, retail access and limitations imposed on the movement of people. This has largely affected the several company’s operations.
Furthermore, the market players revealed that overall CBD sales went down during the pandemic but gradually recovered due to the rise demand for CBD supplements and vitamins. A sluggish growth was observed in CBD supplements industry as retail shop owners started other distribution medium such as home deliveries and curbside pickup for the sale of the product.
Frequently Asked Questions (FAQ) :
Cannabidiol Market Scope
