(USA, NY, New York City) According to the MRFR reports, the global CBD market will likely exhibit a healthy CAGR of 125.58% during the review timeframe. The Size is expected to go from USD 3,088.51 million in 2018 to over USD 2,207,162.54 million by the end of 2027.
Owing to the lack of psychoactive effects, CBD that is cannabidiol, has become the most broadly used among all other cannabinoids. CBD has several medical usages, such as reducing anxiety, cancer symptoms, pain, stress and diabetes, depression, and inflammation. The global CBD market has witnessed a record-worthy growth over recent times. The extensive usage is driving the growth of the market for CBD in ailment purposes, adequate aid from varied private organizations and government bodies, the surge in the research and development activities, the increase in chronic diseases and complications, and legalization of Marijuana in several countries. However, the stringent government policies and misconceptions and adverse effects of cannabis are likely to restrict the growth of the CBD market over the review timeframe.
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The global CBD market has an intensely competitive landscape. The list of leading players in the CBD market includes Folium Biosciences, Elixinol Global Limited, Aphria Inc., Medical Marijuana, Inc., Isodiol International Inc, CBD Health Solutions, Green Roads of Florida, ENDOCA LLC, Canopy Growth Corporation Inc, Freedom Leaf, Inc LLC, CV Sciences, and several others.
The global CBD market is fragmented into numerous segments based on the route of administration, form, source, end-user, application, product, and region.
Based on form, the CBD market is divided into liquid and solid.
The global CBD market is divided into inhalation (smoke or vapor), aerosol spray, tincture, and capsules by route of administration.
The market is divided into therapeutic grade and food grade based on product.
By application, the CBD market is split into energy drinks, neurogenerative disorders, protein bars, fibromyalgia, and diabetes.
The CBD market is divided into food & beverage and healthcare based on end-user.
Based on the source, the market is divided into inorganic and organic.
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Europe, APAC or Asia Pacific, MEA or Middle East and Africa and the Americas are the primary markets for veterinary CBD products.
Leading the worldwide market for veterinary CBD, America benefits from the legislative acceptance of marijuana combined with the well-developed infrastructure that favors new industries. The American market will continue to lead, in view of the perceived healthy effects of CBD among pet owners, reinvigorated basic CPG segments and increasing legalization efforts, especially in the United States.
Europe is home an extensive animal health industry that is primarily focused on pet health, which should benefit the veterinary CBD market in the following years. Frequent research activities backed by large-scale funding will turn the European market into one of the strongest contenders in the years ahead. High availability of a variety of vet CBD goods on online portals with no prescription-based issues have boosted the sales in the region. The popularity of e-commerce channels in the region has risen exponentially, as these sell items at discounted prices. Increased penetration of electronic devices like smartphones along with the rising internet usage also seem to be favoring the e-commerce platform in the region, which should further bolster the sales.
Asia Pacific boasts of massive numbers of livestock as well as pets and is known for significant production of hemp. The region also has a history of use of medicinal marijuana, and therefore exhibits promise for aggressive growth in the coming years, further bolstered by the growing awareness about the benefits of the product. Consequently, the APAC market will be thriving at a phenomenal rate in the ensuing years.
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