Global Cannabidiol Market size to exceed $89 Bn by 2026

Cannabidiol (CBD) Market size is set to exceed USD 89 billion by 2026, according to a new research report by Global Market Insights, Inc.
 

Increase in awareness regarding the benefits of cannabidiol based products will significantly boost the cannabidiol market expansion. Cannabidiol is utilized to treat a wide array of indications such as anxiety, seizures, chronic pain, skin infections, chemotherapy induced nausea and others.

 

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Approval of cannabidiol based medication in North America and Europe to propel the CBD market growth

Approval of cannabidiol based medications in North America and Europe will create lucrative opportunities in the cannabidiol market. There are two approved cannabidiol medications as of now, named Sativex and Epidiolex. These medications are intended for Lennox-Gastaut syndrome & Dravet syndrome and for treating severe spasticity due to multiple sclerosis. Sativex was first approved in 2011 in the UK, whereas Epidiolex is the only CBD based medicine available in the U.S. and was approved by the U.S. FDA in 2018. Such CBD product approvals in North America and Europe will create profitable opportunities in the market, which would further create demand for CBD products, thereby driving the market growth.
 

North America Cannabidiol Market

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Increased adoption of cannabidiol oil will boost the product demand

Increase in adoption of cannabidiol oil products for a variety of ailments such as nausea, anxiety, chronic pain, migraines, neurological disorders and seizures among others will boost the product demand. Additionally, cannabidiol oil can be consumed easily by all age groups without any hassle, which will further aid in augmenting the market growth. Cannabidiol oil can be applied to the skin, can be consumed orally, can be added to food as supplements or can be sprayed sublingually. Thus, owing to such benefits offered by cannabidiol oil, it is expected to supplement the market growth.
 

Browse key industry insights spread across 180 pages with 364 market data tables & 14 figures & charts from the report, “Cannabidiol (CBD) Market Size By Product (Oils, Tinctures, Suppositories, Transdermal Patches, Isolates, Tablets, Capsules, Vape Oils, Creams and Roll-ons), By Application (Anxiety/Stress, Sleep/Insomnia, Chronic Pain, Migraine, Skin Care, Seizures, Joint Pain & Inflammation, Neurological Conditions), By Route of Administration (Oral, Topical, Inhalation, Transdermal Patches, Rectal, Sublingual), By Source (Marijuana, Hemp), By Distribution Channel (Online, Offline {Hospital Pharmacies, Retail Stores}), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020– 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/cannabidiol-cbd-market
 

Growing prevalence of arthritis, fibromyalgia and Lyme disease will spur the demand of cannabidiol products

Cannabidiol market by application is segmented into anxiety/stress, sleep/insomnia, chronic pain, migraine, skin care, seizures, joint pain & inflammation and neurological conditions. Chronic pain held substantial revenue in 2019 and is estimated to witness a 51.2% CAGR during the forecast years. Chronic pain conditions include arthritis, joint problems, headaches, backpain, Lyme disease, nerve damage, muscle strains and repetitive stress injuries. According to WHO, around 20% of the total global population suffers from chronic pain and about 50 million individuals are affected by the same in the U.S. These factors will boost the demand for chronic pain segment and in turn spur the industry growth.
 

The need for faster onset of action of CBD products will spur the demand for sublingual based CBD products

Sublingual route of administration segment held over 12% market share in 2019 and will witness a significant growth over the analysis timeframe. Sublingual route of administration is one of the most preferred routes as it offers faster onset of action. As sublingual route of administration has fast absorption rate, it is preferred in patients suffering from seizures. Thus, due to the aforementioned factors, sublingual route of administration is one of the preferred routes.
 

Marijuana based cannabidiol products deemed to have a sluggish growth

Marijuana source segment accounted for about 29% of the cannabidiol market share in 2019. This is due to the development of products where tetrahydrocannabinol (THC) plays an important role for neurological disorders such as dementia, Alzheimer’s, epilepsy and other movement disorders. However, THC is banned in majority of the countries owing to its psychoactive properties, thus it is expected to have slow growth as compared to hemp during the forecast period.
 

Increased sales of CBD in biggest retail stores in developed economies will drive the market

Based on offline distribution channel, the market is further segmented into hospital pharmacies and retail stores. Offline segment held a major share of above USD 1.5 billion in 2019 owing to the increased sales in retail stores especially in countries such as U.S., Canada, France, Netherlands and others. Few of the top retail stores where CBD based products are sold include Walmart, The Kroger Co., Walgreens and CVS Health Corporation. Also, the cannabidiol derived nutritional supplements are being marketed in food & health stores, that will further boost the CBD market growth during the analysis timeframe.
 

Upsurge in approval for hemp farming in Asia Pacific countries to make a lucrative market for cannabidiol

The Asia Pacific cannabidiol industry was valued at USD 55 million in 2019 and will witness a lucrative growth over the forecast period. The growth can be attributed to the increase in approval for hemp farming in countries such as India and China for industrial, research and export purposes. India legalized the production of hemp in only one state i.e. Uttarakhand in 2018. The production of hemp was only aimed for research and industrial purposes. For instance, Ratan Tata (Tata Group) and Rajan Anandan (Google) invested around USD 0.9 million in a cannabis startup BOHECO (Bombay Hemp Company) based in Mumbai. This company mainly focuses on growing cannabis and to study its medicinal properties for the treatment of breast cancer and epilepsy. Also, China is among the top producers of hemp globally with around USD 900 million worth of cannabis export in 2018. These factors will hugely impact the market growth, creating many opportunities in the Asia Pacific region.
 

Companies focusing on innovative products to expand customer base and operations

Some of the key players in cannabidiol market share include Green Roads, Aurora Cannabis, CV Sciences, Endoca, Medical Marijuana Inc., Isodiol and Folium Biosciences among others. These companies are focusing on various strategies such as partnerships, novel product launches, acquisitions and strategic partnerships to consolidate their market presence. For instance, in December 2019, Tilray announced that it has entered a joint venture of $100 million with beer brewer company named AB InBev for studying CBD & THC beverages. Further, Tilray also announced a discrete deal with Sandoz (Novartis) for producing and distributing medical cannabis-based products. Such partnership will help the company to expand its product portfolio and to gain a strong foothold in the global market, thereby driving the market growth.
 

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