CBD Market Growth, Size and Trends Analysis by Product (Food Grade and Therapeutic Grade), Form (Solid and Liquid), Route of Administration (Tincture, Capsules, Inhalation (Smoke or Vapor), Aerosol Spray), End User (Food & Beverage, Healthcare), Source (Organic-Inorganic), Application (Neurogenerative Disorder, Fibromyalgia, Diabetes, Protein Bars, Energy Drinks), and Region (North America, Europe, Asia Pacific, ROW) – Global Forecast till 2026
According to the reports by MRFR, the CBD Market was valued at USD 3,088.51 million in 2018 and is projected to acquire a market size of USD 2,207,162.54 million during the forecasted timeframe from 2019-2026 while growing at 125.58%.
Cannabidiol (CBD) is a non-addictive and safe substance found in the cannabis plant. After tetrahydrocannabinol (THC), CBD holds the second position in the cannabinoid found in cannabis. It offers substantial benefits such as seizure-suppressant, anti-anxiety, anti-inflammatory, and analgesic properties.
The rising financial support by various government & private organizations and growing research & development funding is the primary aspect of boosting the CBD market’s growth. Additionally, the legalization of CBD in various regions and the rising occurrence of chronic diseases and allied complications are projected to accelerate the CBD market growth over the review timeframe. However, the stringent government policies and harmful effects linked with cannabis will impede the market growth.
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The global CBD market is divided into various segments based on source, form, end-user, route of administration, product, application, and region.
The CBD market is divided into inhalation (smoke or vapor), tincture, and capsules.
Based on form, the CBD market is divided into liquid and solid.
By source, the market is split into inorganic and organic.
Based on product, the global market is bifurcated into therapeutic grade and food grade.
The CBD market is divided into two major end-users, including healthcare and food & beverage.
By application, the CBD market is divided into energy drinks, protein bars, diabetes, fibromyalgia, and neurogenerative disorder.
The global CBD market is studied across five major regions: North America, Europe, South America, Asia-Pacific, Middle East, and Africa.
The North American region is leading the global CBD market, primarily driven by the growing consumption of cannabis-based products. The regional market is anticipated to record a CAGR of 2.5%.
The European regional market for CBD is anticipated to hold the second position in the global market owing to the increasing awareness regarding clinical applications of cannabis among people. CBD is legal and is allowed to be marketed openly in several European countries. Thus, such approvals from regulatory authorities in the region are likely to boost the CBD market in the region. Additionally, certain positive restrictions are projected to fuel market growth. Thus, the implementation of such initiatives by several governing authorities enables the CBD market to grow in the region.
The Asia-Pacific region holds the third position in the global CBD market. The legalization of CBD-based products in some parts of the region is the major factor driving the growth of the CBD market in the region. The rising extraction of hemp across China is playing a salient role in developing the regional market. Cannabis-based products are intolerable in Asia-Pacific region. But because of the rising cases of epilepsy, cannabis-based products are recommended by physicians. Australia mostly centers on the medical use of cannabis products. The imposed guidelines in the country regarding the use of CBD products are likely to propel market growth over the forecast timeframe.
The Middle East and African region are anticipated to experience limited growth over the review timeframe due to the illegal use of marijuana, adverse effects of cannabis, and stringent government policies. Also, the trick laws being imposed in several countries in the region are likely to have an adverse impact on the regional market’s growth.
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The leading players in the global CBD market focus on new strategies such as product development, mergers, acquisitions, and partnerships. The list of prominent leaders in the global CBD market include companies such as Elixinol Global Limited, Medical Marijuana, Inc., Isodiol International Inc, CBD Health Solutions, LLC, Freedom Leaf, Inc, Aphria Inc., Canopy Growth Corporation, CV Sciences, Inc, ENDOCA, Green Roads of Florida, LLC, Folium Biosciences, and several others.
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